[Funding alert] Medtech startup InnAccel raises $1.5M in pre-Series A round led by Mount Judi Ventures
Bengaluru-based medtech startup InnAccel Technologies Pvt Ltd has raised a pre-Series A funding of $1.5 million led by a venture capital fund Mount Judi Ventures.
The startup’s promoters Siraj Dhanani and A Vijayarajan have also participated and invested in this round.
InnAccel plans to use the funds in commercialising its products in India and other emerging markets. As the company’s products are US FDA and European CE approved, it also plans to introduce them in developed markets like the US and EU to get some initial validations and tractions. The firm is also looking to explore out-licensing or partnership opportunities with large medtech companies.
"MJV, through its connections, provided us in gaining access to a few large hospital chains, and their feedback has helped us in developing new use cases for our products. We believe MJV will be a partner who can help us commercialise in emerging markets and initial introduction in developed markets,” said Siraj Dhanani, CEO of InnAccel.
Before Innaccel, Siraj was a Co-founder of PharmARC, a knowledge process outsourcing (KPO) firm providing business analytics and consulting services to the global pharmaceutical industry. In 2012, PharmARC was acquired by the healthcare consulting firm IQVIA (formerly IMS Health).
Siraj Dhanani, CEO of InnAccel
InnAccel was founded in 2012 as a medtech accelerator supporting startups. But in 2019, it merged operations with its two incubatees, Coeo Labs and Sattva MedTech, to form a single entity with a portfolio of life-saving products addressing unmet medical challenges in emerging markets.
It has a suite of four products currently, which it has started selling in September 2019. It includes VapCare, a US FDA approved automated, secretion management and oral hygiene device that reduces the occurrence of ventilator-associated pneumonia (VAP) and replaces manual nursing procedures.
Another product is SAANS, a portable, neonatal CPAP (continuous positive airway pressure) device designed to provide short-term breathing support for infants suffering from respiratory distress syndrome (RDS).
The startup also launched SAANS PRO, a non-invasive ventilator, developed in response to COVID-19, and can be used with a proprietary Helmet Interface to prevent the spread of the virus, reducing viral load in the surroundings and protecting the medical staff. Its product Fetal Lite helps to monitor mother and fetus post 36 weeks of gestation.
"InnAccel has done an excellent job identifying unmet critical needs in healthcare and coming up with world-class products that have already demonstrated their life-saving potential. We, at Mount Judi Ventures, are excited to be partnering with them in taking these products to markets that have the greatest needs and in helping them come up with better and newer products in the future,” added Sherif Kottapurath, Managing Partner of Mount Judi Ventures.
Aurum Equity Partners acted as the financial advisors for the deal.