Healthcare startup Consure Medical has raised an undisclosed amount of funding led by venture capital firm Accel Partners with participation from earlier investors – Indian Angel Network, India Innovation Fund and India Venture Partners.
Founded in 2012 by medical device veterans Nishith Chasmawala and Amit Sharma, San Francisco and Delhi-based Consure Medical is a medical device company focused on developing medical devices for the management of critical care and long-term care patients.
The company will use the funds for penetrating new markets, investing in further product development for the critical care setting and growing customer reach with robust channel partnerships.
It is also looking forward to scaling up commercialisation efforts in key geographies like US, India and Japan. There are more products in the pipeline that the company plans to launch in the next one to three years. With initial focus on patients in ICU’s and general wards, Consure Medical plans to move to enhance care in step-down units, nursing homes and at-home patients.
Founder Nishith Chasmawala said, “Consure Medical competes in the $7 Bn faecal incontinence market with a differentiated product. The elegance of our novel technology is in its simplicity of use and management. We have the unique distinction of being one of the few emerging market medical device companies to have both US FDA clearance and granted patents in all important markets including USPTO.”
Faecal Incontinence is a clinical problem, in care facilities across the globe. Although FI is a benign condition, its clinical complications such as bed sores and cross-infections are often devastating to both patient and the care provider. The identification of this gap led to the strong desire to solve this latent need leading to the formation of Consure Medical.
Consure Medical has developed the FDA 510(k) cleared product, Qora SMK, to help manage faecal incontinence in non-ambulatory patients. Faecal incontinence (FI) is the inability to control bowel movement, leading to the involuntary and untimely release of faeces or flatus. Consure Medical brings together highly motivated and capable team members, clinicians and investors focused on improving care for more than 100 Mn patients worldwide.
Earlier this week, Pune-based Arcatron Mobility raised $100K funding. Other startups in this segment include Portea Medical among others.
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