Mercatus Capital on Tuesday said it led angel investment in uber Diagnostics in a deal, which saw investments from investors based in Netherlands, the US and Singapore. uber Diagnostics was founded by Ashim Roy, alumni of BITS Pilani and IIT-Delhi, and Avin Agarwal, an engineering graduate from VTU, Bengaluru.
The company is headquartered in Singapore as a privately-held firm. Its research and development centre is located in Bengaluru. The Indian entity is operated as a wholly-owned subsidiary of the Singapore entity.
Roy said the angel round was for $300,000 of which the company has raised $200,000 to date and he had been in talks with several interested investors to raise the remaining $100,000.
The angel round of funding was done at a perming valuation of $1.5 million. The angel round of funding will help finance the operations till March 2015.
The company is planning to raise a more institutional round of funding in early 2016.
"Our target is to raise $2 million. In addition to this, we also have a non-collateral line of credit of $65,000 which may be expanded to $330,000. The line of credit is used mostly to scale up manufacturing," said Roy.
The investment enables uber Diagnostics to complete final tests of Cardiotrack, a diagnostic handheld ECG machine that will help in early detection and treatment of cardiovascular diseases.
Ravi Govindan, chairman and founder of Mercatus Capital, said, “The socio economic costs of cardiovascular disease is staggering and growing exponentially. We are very pleased to be leading a broad-based group of angel investors in enabling the development of the ECG device and Internet of Things (IoT) platform. We believe that uber Diagnostics will disrupt the space for early detection and treatment of cardiovascular disease”.
“By introducing Smart IoT sensors with handheld and mobile devices, the platform will connect patients, caregivers, doctors and specialists,” said Roy.
Cardiotrack will allow general practitioners to undertake comprehensive cardiovascular diagnosis at the clinic, he said, adding specialist support will be provided through cloud-based tele cardiology.