[Funding alert] Bengaluru-based healthcare startup Acculi Labs secures angel funding
Acculi Labs will use the funds to complete necessary steps needed to secure the IP and certification before mass commercialisation of its product, Lyfas.
Bengaluru-based early-stage diagnostic company Acculi Labs said that it has secured undisclosed pre-seed funding from a group of angels and Bengaluru-based consultancy and services firm, Startup Basket.
Acculi Labs will use the funds to complete all the necessary steps needed to secure the IP and certification before mass commercialisation of its product, Lyfas.
Speaking on the investment, Hari Prasath, Co-founder and Chief Business Officer of the Acculi Labs, said,
"We have been not only improving and validating our product over the last two years, but have also done several market exploration and field testing. We have screened more than 10,000 patients so far. We feel happy that our early investors have backed our vision and uncompromising focus on product excellence. We still have a long way to go."
Started in May 2017, Acculi Labs' flagship product, Lyfas enables easy and regular early diagnostics and monitoring for the early-stage asymptomatic patients even in the remotest part of the world and helps them to approach their doctor at an early stage.
Rupam Das, CTO and the CEO of Acculi Labs, said,
"Developing a medical product is very easy in today's time. Lots of tools and technologies are available for free that enables a good coder to easily do a PoC of an idea and quickly go-to-market. What is hard however, is to develop a clinical-grade product that achieves a gold-standard accuracy. The multi-level testing, validation, product iteration, and step by step improvement of the accuracy is a hard and long journey. "
Acculi Labs also received funding under the Idea2PoC scheme under the startup Karnataka policy and was selected as one of the top startups of ELEVATE 2018, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka that aims to provide a comprehensive entrepreneurship platform for startups.
Chandrashekar Kupperi, Founder, ANOVA Corporate Services, who also invested in Acculi Labs, as a part of this round, said,
“We are thrilled to be early backers of such a revolutionary clinical-grade early diagnostic solution. The team’s unique approach to capitalise rapid need for efficient diagnostics solutions, focus on accuracy, business traction, and scientific authenticity has both impressed and excited us significantly. I have no doubt that they will redefine the digital health diagnostics space, perhaps on a global scale”.
According to the startup, the challenge of bringing such a product to the market is - it needs to clear several stages of clinical validation, compliances, and certification which are both time and cost intensive.
The startup has successfully carried out a pilot primary validation in BLK super specialty hospital, Delhi on over 500 patients for some cardiac parameters. Apart from this, Acculi Labs also claims that it has also done several pilots with various renowned public health providers as well as corporate hospitals.
(Update: The article has been updated with the investor's quote.)
(Edited by Saheli Sen Gupta)
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Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.