Indian medical device startup Dozee has raised $6m in a series A2 funding round, which was led by State Bank of India and joined by existing investors, including Prime Venture Partners and 3one4 Capital. The firm’s flagship product, the Dozee Contactless Vital Signs Measurement System, has been approved by the US Food and Drug Administration and is used in more than 380 hospitals in India. The new funds will be used to expand its global reach, cement its presence in India and enhance its R&D capabilities.
Indian medical device startup Dozee has raised $6 million in a Series A2 funding round, which was joined by its existing investors – Prime Venture Partners, 3one4 Capital, YourNest VC – and new investors, including State Bank of India, J&A Partners Family, and Dinesh Mody Ventures.
The company develops contactless remote patient monitoring and AI-based early warning system solutions. Its US FDA-cleared flagship product Dozee Contactless Vital Signs Measurement System is now being used in over 380 hospitals in India.
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Based on a press release, proceeds from Dozee’s latest funding round will be used to begin its global expansion. It will also be used to further cement its presence across India and build new R&D capabilities.
THE LARGER TREND
Early this year, Dozee received undisclosed funding from British International Investment for its MillionICU initiative, which seeks to upgrade regular hospital beds to step-down ICU beds featuring its RPM technology.
Furthering its reach across India, Dozee recently partnered with Vijaya Hospital, one of the largest hospitals in South India, to install its connected bed platform. In September last year, Andhra Pradesh’s flagship cancer hospital NATCO Cancer Center adopted the same RPM solution.
Meanwhile, Dozee is looking to add an AI-powered ECG patch to its RPM portfolio. It said that the technology will help detect arrhythmias and other early signs of cardiac deterioration, as well as feed live and continuous ECG data via the cloud and provide alerts to doctors.
ON THE RECORD
“Dozee plans to further tap over 2,000 hospitals in more than 100 districts in the next two years to improve the quality of critical care facilities in India. The current Series A2 fundraise is a part of the company’s plan to further its reach to every nook and corner of the country and to begin the era of ‘Made in India’ products in the global market,” CEO and co-founder Mudit Dandwate said in a statement.
Source: MobihealthNews
