Cardiotrack Bags Pre-Series A Funding To Expand Offerings To Health, Life Insurance Providers

Uber Diagnostics Pvt Ltd, which runs AI-backed healthcare screening provider Cardiotrack, has raised $2 Mn (INR 16.5 Cr) in a pre-Series A funding round led by Girish Narasimhan (managing director and principal, Corporate Finance Associates Worldwide Inc), with participation from Y S Shashidhar (advisor, Dubai Holdings LLC).

Founded in 2015 by Ashim Roy and Avin Agarwal, Cardiotrack offers healthcare screening technology and services to health and life insurance providers. It provides telemedicine kits, screening technologies and data analytics.

The company plans to use the fresh capital to expand its offerings to more health and life insurance providers.

Earlier, the company raised an angel investment of $1.6 Mn (around INR 13 Cr) from a cohort of UHNIs.

“Our approach to healthcare screening not only enhances convenience for consumers but also enables health and life insurance providers to offer fast, comprehensive and personalised services, besides increased operational efficiency and improving our healthcare data analytics capabilities for faster and more accurate insurance underwriting,” said Agarwal.

“We strongly believe the venture will rightfully cement its place among startups that are reshaping the future of healthcare,” said Narasimhan.

The company competes against the likes of Cura, Perfint Healthcare, Prognosys Medical Systems, Irillic and UnivLabs among others.

India’s healthcare sector has been gaining investors traction for quite sometime now.

For instance, last month, Aarogya Tech raised $1.8 Mn (around INR 15 Cr) in a seed funding round led by Hersha Group owner Hasu P Shah.

Prior to that in January, CureBay raised $7.4 Mn in its Series A funding round from existing investor Elevar Equity and others.

As per the Inc42’s analysis, India’s medtech sector has so far received a total funding of more than $844 Mn.