[Funding Alert] Medtech startup EzeRx raises Rs 1.75Cr in seed round from clutch of angel investors
EzeRx, the Kolkata-based medtech startup, recently announced it raised a seed round of Rs 1.75 crore led by Odisha-based incubator KIIT-TBI. Other angel investors from US and India, including Sudip Row Chowdhury, Sri Krishna Chakravarty, Manoj Patra, and Shradha Sharma, YourStory Founder and CEO, also participated in the funding round.
With this latest fundraise, EzeRx is valued at Rs 12 crore. Partha Pratim Das Mahapatra, Co-founder and CEO, EzeRx, said, “We will invest the funds towards team building, regulatory compliance, manufacturing facilities, and working capital."
Launched in 2018 by Partha, along with Chaitali Roy and Amit Mandahar, EzeRx provides easy and painless diagnostic solutions for identifying primary health parameters at an early-stage for detecting liver and lungs problems or even nutrition problems like anaemia.
Speaking about the investment with YourStory, CEO of KIIT-TBI Mrutyunjay Suar said that the startup is focussed on building affordable diagnostic devices and integrating the concept of digital health, and the incubator has been supporting EzeRx along the way.
“We, at KIIT-TBI, supported EzeRx with PRAYAS grant of Department of Science and Technology, Government of India, BIG grant, and LEAP funding of BIRAC, GoI, and provided access to prototyping facility, clinical trials, and regulatory compliance,” Mruntyunjay told YourStory.
The startup is involved in developing and manufacturing advanced medical devices, designed for effective management of curative and preventive healthcare.
EzeRx has two main business verticals — first, where it provides non-invasive prescreening and diagnostics devices, and second, it is building teledentistry networks in rural and semi-urban areas. It offers four diagnostic solutions — AJO, OzoRx, OralOScope, and Aarogya.
AJO has been designed to provide non-invasive detection of primary health parameters for kidney, lungs, liver, and heart, while OralOScope is used for detecting oral cancers and pre-cancerous lesions.
“Aarogya is a teledentistry platform for rural and semi-urban places to deliver quality treatment on dental care,” Partha said.
It is in the process of launching a chain of dental clinics by building smart health kiosks for teledentistry. EzeRx is aimed at launching 12 such centres by FY21.
The startup has been incubated at KIIT-TBI (KIIT Technology Business Incubator) since 2019. Before this round, EzeRx had raised its first round of funding of Rs 25 lakh, at the valuation of Rs 8.35 crore, from the INVENT programme.
It had also raised its first grant of Rs 6 lakh from NIDHI Prayas by DST, followed by Rs 48 lakh grant from Biotechnology Industry Research Assistance Council under Department of Biotechnology (DBT-BIRAC).
In fact, EzeRx had received the Aarohan Gold award from Infosys Foundation in 2019 and was awarded Rs 20 lakh. “We are also working with the Indian Oil Corporation for an R&D project, where it is investing Rs 1.25 crore,” the CEO said.
Edited by Suman Singh