You are here: Home » Companies » Start-ups » News
Business Standard

Mercatus Capital leads angel investment in uber Diagnostics

Company plans to raise another $2 million

BS Reporter  |  Chennai 

Mercatus Capital leads angel investment in uber Diagnostics

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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 09 2015. 00:00 IST