[Funding alert] Healthtech startup MedPrime Technologies raises seed round

Healthtech startup MedPrime Technologies, which focuses on providing digital solutions to the microscopy segment of medical diagnostics, has raised a seed funding from Mumbai Angels Network and Social Alpha. 

While the funding amount remains undisclosed as of now, MedPrime Technologies said it will be using the capital to scale up its Cilika product line and make it more profitable. In addition, the funds will also be utilised to develop the AI component for MICALYS. SINE IIT Bombay, RiSo Capital, Lavni Ventures, and Keiretsu Forum also participated in the round.

Nandini Mansinghka, Co-founder and CEO, Mumbai Angels Network said, “Healthtech has become one of the fastest-growing industries with the pandemic underscoring the significance of digital technologies in order to strengthen the infrastructure and manage the strain inflicted on the sector."

"We believe that MedPrime Technologies is on the right path to redefining microscopy-based diagnostics in the country and this funding is a testimony to the stellar work MedPrime has been doing so far and will help them augment their products and expand the business.”

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Co-founded by Samrat, Greeshma Unnikrishnan, Binil Jacob, and Mahesh Kumar Rathor, a team of four biomedical engineering postgraduates from IIT Bombay, MedPrime Technologies addresses the lack of availability of quality pathology services across the country through digitisation and automation of microscopy and enabling tele-pathology through their products. The company said its vision is to enable complete digitisation of microscopy, thereby facilitating telepathology, remote consulting, and automation of diagnostic tests using AI-based image analysis algorithms.

Greeshma Unnikrishnan, COO, MedPrime Technologies added, 

“The ongoing pandemic and the subsequent boom of digital technology adoption and the need for automation in the microscopy diagnostics has become glaringly obvious. MedPrime has been committed to developing best-in-class digital solutions that will bolster the microscopy space in medical diagnostics.”

“With the freshly infused capital, we can enhance our devices, resulting in greater accuracy, and simultaneously reduce the turn-around-time of microscopy-based tests by making a pathologist’s expertise and insights available at any lab in the country, irrespective of its geographical location. We look forward to utilising these funds to enhance our product offering and scale the business,” Greeshma said.

According to Manoj Kumar, Founder and CEO, Social Alpha, "At Social Alpha, we are excited about the future of diagnostic medicine, particularly in the field of digital pathology. Next generation diagnostic tools would include the use of digital and AI-ML tools to create access to high-quality services and help pathologists with an efficient decision support workflow."

"MedPrime’s innovation is a great leap forward in this direction and will extend the value of digital disruption that is already making waves in the diagnostic pathology space."