Tricog Health, a healthtech business with a focus on the heart, announced on Wednesday that it had raised $8.5 million in a funding round known as Series B2 from investors including Omron Health Care and Sony Innovation Fund.
Returning investors The University of Tokyo, Edge Capital, Inventus Partners, and SG Innovate also took part in the round. The Bengaluru-based business has now raised $30 million in total with Series B2 financing.
How the money will be used
“With this round, we are dedicated to extending our footprint in the US healthcare industry” as well as to Asia and Africa. Additionally, our strategic alliances will enable us to serve the needs of heart patients at home for the first time, according to founder and CEO Charit Bhograj.
The TriCare platform from Tricog is a comprehensive tool for managing chronic diseases. After treatment, it allows for remote care of heart disease, utilising medical information from wearables like the Apple Watch and linked devices at home. The business asserts that its platform is helping it to capitalize on a growing $110 billion market potential. By strengthening alliances with public and private healthcare networks, including diagnostic laboratories and hospitals, Tricog Health—which provides heart patients with enterprise clients—seeks to make a cardiac diagnosis and management available and inexpensive.
Founders
The Chief Executive Officer, Dr. Zainul Charbiwala, the Chief Technology Officer, and the Chief Data Scientist, Dr. Udayan Dasgupta, created the business in 2015. Tricog Health presently generates $7 million in yearly recurring revenue and plans to quadruple that amount over the next 18 months, according to Bhograj in an interview with ET.
Over 5,000 catheterization labs, hospitals, clinics, and diagnostic facilities have implemented Tricog’s platform to assist in the diagnosis and management of patients with serious cardiac illnesses, including heart attacks. According to the announcement, the screening has so far identified 500,000 individuals with severe heart problems out of 12 million.
Tech-enabled
According to Bhograj of the firm, which presently collaborates with many state governments, including those of Goa and Karnataka, general physicians may use tools provided by the company to perform the same duties as cardiologists in terms of identifying heart-related issues.
With 57 doctors working for it, the firm is driven by an artificial intelligence engine that aids in the detection of 140 different cardiac conditions. Nursing homes and private clinics are two other types of businesses that Tricog Health collaborates with.
The business received an inflow of $10 million in 2019, which was the most recent time it raised capital. “The fundraising environment has been extremely difficult. We began talking in September 2022 and finished the most recent round just in March. Beyond Tricog Health, the Sony Innovation Fund has also invested in GetVantage, ImpactGuru, MedFin, MedPay, Slice, and WeRize in India.
