UE LifeSciences has raised over $3 Mn in a funding round led by Aarin Capital, co-founded by Mohandas Pai and Ranjan Pai of Manipal Group. The raised capital will be used to expand trials and set-up manufacturing in India as well as to build distribution networks through public and private primary care providers across India.
Started in 2009, the startup has launched a low-cost device, ‘iBreastExam’ that helps in detecting breast cancer even at early stage for which it has also acquired FDA approval in April 2015.
Priced at as low as INR 100 or $1.50, iBreastExam is a portable handheld scanner that pairs with any smartphone through Bluetooth and scans the results over the screen. It detects abnormality and alert the users.
It is an early indication test like blood pressure monitor, glucometer or pulse oximeter. It can be made available to women in the privacy and comfort of their home. Even HR managers can organize breast health camps in their office premises and governmental health agencies can make early detection accessible to women in rural India, founder Mihir explains.
The startup has decided to first go to market in India targeting the 19 Cr. (190 Mn) women who can benefit from regular breast health checks. It is also in talks with various diagnostics chains, home healthcare providers, NGOs and governmental agencies to bring iBreastExam to women in both urban and rural India. It is also working with PATH, a international nonprofit organization and a leader in global health innovation for women and children.
Additionally, the company is setting up local manufacturing for the product in India in alignment with the “Make in India” push from the Indian government.
Earlier in May, UE LifeScience had raised fund from United Seed Fund as a part of the StartHealth Investment program by Unitus.
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