Jaipur-based healthtech startup NeuroEquilibrium Diagnostics Systems Pvt. Ltd, a super-speciality healthcare chain of vertigo and balance disorders clinics, has raised $250K in Pre-Series A round of funding. The investment is led by Unicorn India Ventures, a Mumbai-based VC with INR 100 Cr fund corpus.
The organisation is looking to raise a further $2 Mn in Series A funding in near future.
Anil Joshi, Managing Partner and founder of Unicorn India Ventures said, “NeuroEquilibrium is solving a unique problem by combining many advancements in tech space for Vertigo and Balance disorder. The installations by NeuroEquilibrium are helping clinics in diagnosing vertigo and balance disorders on a daily basis. The outlook is excellent for NeuroEquilibrium™ and we expect them to continue to remain at the vanguard of health technologies in the coming years and keep bringing innovations in this space.”
NeuroEquilibrium was launched in April 2016 by IIT-Delhi alumni Rajneesh Bhandari, Dr. Anirban Biswas, and Dr. Anita Bhandari. It aims to cater to the gap that exists between the huge number of vertigo, dizziness and balance disorder patients and the lack of targeted treatment in India.
According to an official statement, about 20-40% of the population is affected by dizziness at some time in their life, and with 5% suffering from vertigo in any given year, approximately 60 Mn Indians are affected by this condition.
The goal of NeuroEquilibrium is to transform this domain in the healthcare sector through disruptive cognitive computing, machine learning, high-speed imaging tech through cloud technology. The platform employs a three-pronged strategy to fill the existing gap including collaborating with ENT and neurology specialists across India to set up vertigo and balance disorder clinics; setting up the specialised vertigo diagnostic equipment suite, developed and manufactured indigenously by NeuroEquilibrium™ Diagnostic Systems Pvt Ltd; and providing accurate diagnostic support to the doctor by a panel of ENT specialist, neurologist and psychiatrist via cloud technology.
So far, NeuroEquilibrium has installed state-of-the-art diagnostic equipment in 10 hospitals, including Cyprus and Sir Ganga Ram Hospital in Delhi. It has also applied for three patents for the breakthrough equipment designed and manufactured by it.
As Rajneesh mentioned, “The mission of NeuroEquilibrium™ Diagnostics Systems Pvt. Ltd is to treat 1 Mn patients by 2021 and 5 Mn in the next 10 years through our indigenously developed world-class diagnostic equipment and the 125 specialised vertigo and balance clinics we are setting up across India and beyond.”
As claimed, the company has also received interest from Bangladesh, Nepal, Africa, and CIS countries, owing to the precise diagnosis and rehabilitation through cloud technology, which makes NeuroEquilibrium™ Diagnostics Systems a highly scalable venture across diverse terrain. The company is also developing a virtual reality based rehabilitation module for better patient outcome.
Unicorn India is an early-stage venture fund which supports startups with initial and follow-on investments in the range of $147K – $1.47 Mn (INR 100 Lakh to INR 10 Cr). NeuroEquilibrium is the sixth investment of the Fund. Other startups in the fund’s portfolio include GrabOnRent, Pharmarack, Roder, and VanityCube.
