Thiruvananthapuram-based neo-diagnostics startup Sascan Meditech Pvt. Ltd has recently raised an undisclosed amount of funding from Mumbai-based venture capital firm Unicorn India Ventures.
The recent fund infusion by Unicorn India Ventures follows the first closure of its second fund at $12mn.
SaScan is an innovative neo-diagnostics startup developing integrated hardware and software solutions for medical diagnostics. Founded in 2016, Sascan is currently focusing on bringing OralScan to the market, a handheld, fully automated solution for non-intrusive oral cancer screening. The company is also working on clinical trials for a device to screen for another common type of cancer.
With the new funds, SaScan will explore the possibility of developing its proprietary technology for the diagnosis of other types of epithelial cell carcinomas and pre-cancerous abnormalities with a vision to build a comprehensive diagnostics solutions range for easy, accessible and early cancer detection.
Talking about the investment, Anil Joshi, Managing Partner, Unicorn India Venture, said, “Our commitment to nurturing Indian startups is unwavering and we will keep scouting for innovative ventures as done in fund-I. Having announced our first investment from fund-II simultaneously is a testimony to that. SaScan is building a range of devices and solutions to detect early signs of cancers. Their methodology of making cancer detection less painful and more accurate in pre-diagnosis impressed us to invest in it.”
SaScan was incubated at the TIMed, Sree Chitra Tirunal Institute for Medical Sciences & Technology (SCTIMST), BMT Wing, Poojapura campus, Thiruvananthapuram, Kerala, having its registered office in Bangalore, India. The company is funded by the KBITS, Govt of Karnataka, under the ELEVATE100 program for this project and is supported by KIIT-TBI, Bhubaneswar, TIMed-SCTIMST and Villgro Foundation.
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