Mayo Clinic invests in Tata Group-backed cancer care startup Karkinos Healthcare
US-Based Mayo Clinic is picking up a minority stake inHealthcare, an oncology-focused managed healthcare platform, subject to certain conditions.
As a part of the agreement, Mayo Clinic will nominate a member to the Board of Directors of Karkinos. The two companies will partake in the transfer of technical know-how, a statement said.
The startup did not disclose the size of the investment. However, Karkinos said that it will use the funding “for development of healthcare solutions”.
Karkinos has previously raised funding from prominent investors such as Ratan Tata, Venu Srinivasan, Kris Gopalakrishnan, Ronnie Screwvala, Vijay Shekar Sharma, and Bhavish Agarwal among others.
The Tata Group is investing Rs 110 crore in Karkinos while Rakuten Medical, a global clinical-stage biotechnology company, and Reliance Digital Health, a subsidiary of Reliance Industries, hold minority stakes. Venture Capital fund Endiya Partners also has a stake in the startup.
Karkinos Healthcare is an oncology-focused managed health care platform for the early detection and diagnosis of common cancers.
The startup says it uses a distributed cancer care network, working with multiple healthcare institutions and professionals in the ecosystem. It aims to get cancer care closer to the person’s home.
Karkinos works with multiple healthcare institutions and professionals in the oncology ecosystem and is already offering offers its services in Kothamangalam, Chottanikkara, Thodupuzha, and Munnar locations across Ernakulum and Idukki Districts, in Kerala and is planning to ramp up its operations across India.
The startup is also setting up a Cancer Centre in Jawaharlal Nehru Institute of Medical Sciences (JNIMS) premises at Imphal, in partnership with the Government of Manipur.