Bengaluru-based healthtech startup Tricog on Tuesday (March 3) announced that it has raised $10.5 Mn in Series B funding.
The investment has come in from Japan’s UTEC (University of Tokyo Edge Capital); Aflac Ventures, LLC, Japan; TeamFund, USA and Dream Incubator, Japan. Existing investors Inventus Capital and Blume Ventures also participated in this round. Prior to this round, Tricog has raised $7 Mn in funding.
The company said it will use the funds to expand the product line for remote patient monitoring and to establish a strong presence in Asia and Africa, including India, Japan and China. Tricog partnered with Japanese health equipment company Fukuda Electronics to develop an AI-based diagnostic programme for heartbeat patterns. The business has expanded from India to Kenya, Thailand, and Indonesia.
Tricog was founded in 2015 by Dr Charit Bhograj, Dr Zainul Charbiwala, Dr Udayan Dasgupta and Abhinav Gujjar. The company offers virtual cardiology services to remote clinics, powered by ground-breaking AI and medical experts. The company has grown its presence in over 12 countries in Southeast Asia and Africa.
Tricog’s AI-powered platform has been used by over 3 Mn patients globally for wellness, screening and diagnosis of acute as well as chronic heart diseases. Tricog’s Insta ECG platform has been deployed in over 2,500 laboratories, hospitals, clinics and diagnostic centres to help diagnose and manage patients with critical cardiac diseases including heart attacks.
Noriaki Sakamoto, partner and board director, UTEC, Japan said, “As the lead investors of their Series A round in 2018, we were especially impressed with their scientific rigor, exemplary leadership, revenue prospects and commitment to saving lives. We are now proud to lead their Series B as well, and supplement Tricog with Japanese medical device partnerships and R&D collaborations.”
Tricog recently launched the InstaEcho platform for remote echocardiography with a focus on using AI to enable point of care cardiac ultrasound for the diagnosis of heart failure, valvular heart disease and screening for congenital heart disease. The startup is also awaiting USFDA approval for its proprietary DeepRhythm platform for real-time patient monitoring.
Sanjay Nath, managing partner, Blume Ventures, quoted “We’ve seen Tricog’s evolution from an India-based ECG healthcare startup to an integrated, AI-driven full-stack ‘virtual cardiologist’ platform. Most Indian B2B startups have traditionally focused on enterprise/SaaS.”
According to DataLabs by Inc42, there are a total of 4,892 startups in the Indian healthtech space. It also estimates that the total market size of the healthcare industry in India stood at $202 Bn in 2019.