Data-centric healthcare screening technology and services start-up Cardiotrack raised $2 million in Pre-Series-A funding from a slew of investors, led by seasoned angel investor Girish Narasimhan. Previously, the firm had received an angel investment of $1.6 million from a cohort of UHNIs.
The company delivers at-home pathology and radiology screening services. With its presence across 300+ locations in the country, Cardiotrack claims to have provided wide geographical coverage and turn-around time to its health and life insurance customers.
Its screening technologies are the equivalent of a treadmill test, being conducted in the comfort of one's home along with video-based recorded medical examinations, the company claimed in a statement.
Its state-of-the-art medical and IOT grade diagnostics devices, workflow automation and health data digitisation solutions empower health and life insurance providers to offer seamless onboarding experiences while enabling their customers to take control of their health.
Currently, the company serves nine health and life insurance companies, including most of the largest insurers in India, it said.
Despite the funding winter prevailing in the Indian startup ecosystem, investors are showing enthusiasm in the healthcare sector. A report from data research firm Venture Intelligence showed investments by private equity (PE) and venture capital (VC) firms have increased over 15 times to cross Rs 30,000 crore over a 4-year period from Rs 1921 crore in pre-COVID 2019.
The sector has seen some of the biggest investments attracted by hospital chain Manipal Group, which raised $2 billion from the Singapore government-owned fund Temasek Holdings last year.
ICRA's January report anticipates the hospital industry maintaining occupancy levels between 62-64 percent throughout FY23 and FY24. This projection is supported by sustained demand for elective surgeries, a rebound in medical tourism to pre-COVID levels, and ongoing market share growth for organized players.
