Founded by Subhash Narayana in 2015, Thiruvananthapuram-based Sascan Meditech is healthcare startup that focuses on developing affordable healthcare products and solutions for cancer care
The VC firm had invested INR 2 Cr spread across 2 rounds. The first investment was made in 2020
UIV continues to hold a substantial stake in the company, it said in a statement
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Deep-tech focussed fund Unicorn India Ventures, which is currently raising its third fund of INR 1,000 Cr, has announced a partial exit from neo diagnostics startup Sascan Meditech.
The VC firm had invested INR 2 Cr in Sascan across 2 rounds and the first investment was made in 2020.
The partial exit from Sascan has generated 6X returns for the fund as UIV continues to hold a substantial stake in the company, it said in a statement.
Founded by Subhash Narayana in 2015, Thiruvananthapuram-based Sascan Meditech focuses on developing affordable healthcare products and solutions for cancer care based on Biophotonics and allied technologies. The startup aims to make these products available through sustainable business models and create impact among the population at the base of the pyramid.
Sascan has two distinct products: OralScan, a multimodal image capturing device that uses multi-spectral imaging technology at its core for non-invasive and real-time screening of oral cancer and biopsy guidance and CerviScan, a product developed to replace the conventional digital colposcop.
“The founder, Dr Narayanan, is a seasoned entrepreneur marrying technology and purpose to provide health innovation in an affordable manner for the bottom of the pyramid population. The solutions devised by Dr Narayan would help under-priveleged populations in India and third world countries in early detection of cancer.,” Anil Joshi, managing partner of Unicorn India Ventures, said.
Bhaskar Majumdar and Anil Joshi incorporated UIV in 2015. A year later the duo floated their Operating Fund I, with a fund size of INR 100 Cr. The UIV founders on September 5, 2023, announced the first close of the INR 1,000 Cr Fund III at INR 225 Cr.
UIV ventures boldly invests into Tier II cities, becoming one of the first VCs to invest in founders from locales like Cochin, Trivandrum, Hyderabad, Jaipur, Pune, and Goa.
In terms of sectors, UIV actively invests in areas that are regulated or have the potential for government intervention. Majumdar told Inc42 earlier that only those sectors will grow in the country that are able to win the trust of the government.
Earlier this year, nanotech medical startup Piscium raised INR 6 Cr as a part of its Series A funding round led by Unicorn India Ventures.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.