Bengaluru-based telehealth technology startup, Neurosynaptic Communications has secured an undisclosed amount in Series A round of funding from Indian Angel Network (IAN), healthcare-focussed venture fund Healthquad, and Axilor Ventures.
Post investment, members of Healthquad and IAN will join the board of Neurosynaptic.
The funding will be used for international certifications and to expand business in Africa and Southeast Asia. It will also be divested in scaling its operations in India.
Founded in 2002 by Sameer Subhash Sawarkar and Rajeev Kumar, Neurosynaptic offers proven ehealth and mhealth technology solutions that bring together products, partners, and processes in the healthcare delivery ecosystem. It develops a point-of-care diagnostic device capable of performing dry chemistry tests including biochemistry tests, electrolyte tests, HBA1c, etc.
The company aims to enable access of affordable healthcare in rural and semi urban areas, using its cloud-based telemedicine platform called ReMeDi (Remote Medical Diagnostics). The software claims to provide screening and primary diagnosis by connecting patients with doctors.
It also provides more than 35 diagnostic services including physiology, urine and blood chemistry tests along with medical records. It has served more than 50 Mn people in 2000+ villages across India, as per an official statement.
Commenting on the funding, Sameer Subhash Sawarkar, co-founder and CEO, Neurosynaptic said, “Access to basic healthcare is a daunting challenge in rural India and most of the developing world, and there is a dire need for a solution like ReMeDi which is targetted at the rural population. Not only does ReMeDi connect the entire fragmented ecosystem for last-mile delivery, but it also offers several features like workflow configuration, and the latest sensor & wireless communication technologies. The soon-to-be-launched ReMeDi-NOVA and pay-per-use model with cloud, mobile technologies, UX and analytics, shall revolutionise the last-mile healthcare access.”
Prior to this round, it has reportedly received funding from e-Zest Solutions Ltd. The startup further plans to launch a SaaS-based, pay-per-use telemedicine and mhealth solution.
Talking about the funding, Nagaraja Prakasam, IAN said, “As only 2% doctors are in rural area where 68% of India lives, the medical expenses for them is triple-fold – loss of wages, travel to nearby town, expenses for the person to accompany. Neurosynaptic, with its patented ReMeDi digital health solutions, aims to improve this situation, and has successfully demonstrated scale on the ground. The team has phenomenal talent and we believe they will continue to excel in the industry to be a market leader.”
In October 2015, Neurosynaptic secured the second position in Unitus Seed Fund’s second edition of StartHealth Competition India.
In August 2016, healthcare analytics startup Tricog raised Series A funding from Blume Ventures, Inventus Capital Partners, and others. Earlier this month, Cureinstant, a social health networking website, raised $150K (INR 1 Cr) in Seed funding from Dr. Rameshwar Kumar. Earlier last month, app-based network for doctors, DailyRounds secured an undisclosed amount of funding led by Accel Partners.
Other competitors in the healthtech space include Practo, Curofy, and Portea among others.
