The funding was led by RVCF India Growth Fund, Unicorn India Ventures and Kotak Investment Advisors Limited
Funds raised in the round to be used for developing technologies for the diagnosis and treatment of chronic diseases, global expansion and FDA approval
The startup said it has successfully scaled up the technology for treating vertigo and dizziness among patients in more than 150 clinics under the brand NeuroEquilibrium
Jaipur-based healthtech startup FutureCure Health has bagged about $4 Mn in Series A funding round led by RVCF India Growth Fund, Unicorn India Ventures, Kotak Investment Advisors Limited and others.
Funds raised in the round would be used for developing technologies for the diagnosis and treatment of chronic diseases such as migraine, dizziness.
Founder Rajneesh Bhandari told Inc42 that the startup is also looking to use the funds to expand globally, starting with Europe, the Middle East and the Southeast Asian countries. With the U.S. FDA approval being another major focus for the startup as it has plans to gradually expand to the U.S. market as well.
Rajneesh Bhandari and Dr Anita Bhandari, a husband-wife engineer-doctor duo, founded FutureCure in 2019 aimed at helping patients with chronic diseases including migraine, dizziness and tinnitus. The startup plans to launch different technologies such as wearable neuromodulation and biofeedback device for such patients.
The startup said it has successfully scaled up the technology for treating vertigo and dizziness among patients in more than 150 clinics under the brand NeuroEquilibrium.
The founders claim to currently have six Indian patents and two U.S. patents for various medical devices.
FutureCure is also set to launch a digital therapeutics app that would help patients with managing lifestyle changes for chronic diseases. The startup claims that the app would help identify the triggers using AI and help manage lifestyle changes. The app would also provide Cognitive Behavioral Therapy (CBT).
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FutureCure’s technology to identify triggers from migraine and provide a treatment to bring down the frequency of the headache is a major breakthrough, according to Anil Joshi, the managing partner at Unicorn India Ventures. “It matches our investment thesis that resulted in us leading the round in the Company,” said Joshi.
Bengaluru-based startups Niramai Health Analytix, HealthifyMe, Mumbai-based Qure.ai, PharmEasy are some of the prominent names in the healthtech sector that are trying to bring in changes using AI, machine learning and Big Data tools.
A Look Into The Healthtech Startup Ecosystem
Gurugram-based healthtech startup Curelink has raised $3.5 Mn in seed funding last week, led by Elevation Capital and Venture Highway. Hyderabad-based healthtech startup ekincare raised $15 Mn in a Series B funding led by HealthQuad and Sabre Partners.
Also, Bengaluru-based healthcare startup MediBuddy announced raising $125 Mn in Series C round from Quadria Capital, Lightrock India in February.
Investors’ focus on healthtech startups has grown in the backdrop of the Covid-19 pandemic. The startups in the healthtech sector received $2.2 Bn in funding across 131 deals in 2021, as per an Inc42 report, while the broader Indian startup ecosystem saw the year 2021 closing with $42 Bn inflows. The healthtech segment also saw four startups–Innovaccer, PharmEasy, Curefit and Pristyn Care joining the unicorn club.
The Inc42 data also showed that healthcare analytics attracted $454 Mn, which is 20.6% of the total $2.2 Bn attracted, followed by fitness and wellness at $422 Mn (19.2%). Medtech received $256 Mn in funding in 2021.
However, a look at the bigger picture shows that the funding that healthtech received is grim in terms of the other broader sectors. Many sectors outshone healthtech in 2021 in terms of funding including ecommerce, which received funding of $10.6 Bn, fintech $8 Bn, and edtech $4.7 Bn.
The Inc42 analysis suggested that the funding that healthtech attracts is perhaps still not in tune with the potential it has.