UE LifeSciences Inc, a health technology developer, has raised $3 million (Rs 20 crore) in its Series A round of funding led by Aarin Capital, a venture capital firm co-founded by Manipal Group's Ranjan Pai and former Infosys director TV Mohandas Pai (not related).
The company will use the money to expand trials of its newly developed hand-held breast health examination device called 'iBreastExam' in India. It will also look to set up its manufacturing units and build distribution networks through public and private primary care providers across the country, it said.
Unitus Seed Fund, an India-focused early stage investor, also participated in this round.
"We are excited to partner with Aarin Capital and Unitus Seed Fund to bring this product to scale in India and other markets where breast cancer is commonly detected at later stages," Mihir Shah, founder and CEO of UE LifeSciences, said.
An alumni of Drexel University, Shah claims that its device 'iBreastExam' is an early indication test like blood pressure monitor, glucometer or pulse oximeter and help detect suspicious lumps and lesions in the breast at an early stage.
He said the US-based firm is targeting 190 million women in India who can benefit from regular breast health checks.
"iBreastExam brings high quality breast health examination to lakhs of Indian women, who hitherto did not have access to any such kind of diagnostics. This has the potential to save millions of women's lives," Ranjan Pai, who is the managing director and CEO of Manipal Education and Medical Group (MEMG), said.
Aarin Capital puts money in mid-stage startups through the $100 million Aarin Capital Fund I. The firm seeks to invest between $3 million and $10 million in life sciences, technology and internet sector. It has recently put money as part of a $2 million round in local services marketplace Zimmber. It also has positions in EdCast, KleverKid and HomeLane.
"We see UE LifeSciences' iBreastExam device as a disruptive opportunity, given the strong need for primary health check for breast, lack of viable alternatives and lack of highly skilled healthcare resources in India," said Dave Richards, managing partner, Unitus Seed Fund.
Unitus Seed Fund is part of the Unitus Group, a financial services group operating in India and other emerging markets since 2000. It has offices in Bangalore and Seattle (the US). To date, the company has made around 20 investments in India across sectors such as healthcare, education, mobile, e-commerce, retail and agriculture through its $23 million seed fund.