We are pleased to announce that Monitra Healthcare, India’s first 247 extended remote cardiac monitoring diagnostic platform has closed its Pre-Series A funding, led by 91Ventures and Lavni Ventures.
Monitra Healthcare raised USD 500K in equity funding led by 91Ventures (syndicate fund led by Pranay Gupta) and Lavni Ventures (Social impact VC fund). The round also saw participation from ACG World (a multinational pharmaceutical company), AWE funds and UHNIs such as Lakshmi Narayanan (Former CEO, Cognizant Technology Solutions), Kishore Ganji (Astir Ventures, USA-based micro VC) and Arvind Ramamurthy (Partner, PwC India). The transaction also saw participation from the existing investor, Indian Angel Network, who invested in the 3rd consecutive round. The investment holds significance in Monitra’s next phase of growth which is likely to enter international geographies, expanding distribution channels across East India and start monitoring every biomarker which transfers to the human skin (brain strokes, oxygen saturation, blood pressure and respiratory rate).
The company has previously received multiple grants from Biotechnology Ignition Grant (BIRAC), USISTEF, BIPP, SPARSH and are backed by Indian Angel Network (IAN) and Nomads (a Belgian VC Fund).
Key Venture acted as the exclusive financial advisor to Monitra Healthcare for this transaction.
Ravi Bhogu, CEO and Co-founder of Monitra, “Monitra Health is currently under the midst of a fast-paced expansion as it plans to accelerate entry into 10 major cities across India, access international markets through regulatory approvals and setting up 24×7 world-class patients monitoring centers in India. This ramp up will be supported by the development of AI to predict the possibility of cardiac disorders at an early stage, increasing the life expectancy of people. With Key Venture having a background in running healthcare transactions, they understood the impending threat of cardiovascular diseases, leading to a successful closure of the round with valuable partners.”
Pranay Gupta, Founder of 91Ventures, “We are glad to be part of Monitra’s journey and feel that the team is best suited to solve the cardiac monitoring challenge. Till recently, the family members of a cardiac patient feel completely helpless once the patient is out of the hospital. Monitra’s system is a big relief and a fundamental need for better Cardiac monitoring. It is great to see such startups now coming out of India.”
Vasu Guruswamy, Co-founder and Partner of Lavni Ventures, “The robust real-time 24×7 heart monitoring solution developed by Monitra Healthcare is differentiated by a AI based screening report that is of high value, saving valuable time for cardiologists across the globe. The affordable and cutting-edge nature of the solution fits Lavni Ventures thesis of supporting deep-tech startups that help address the lower half of the socio economic strata. We look forward to the successful growth of Monitra Healthcare and are excited to participate in creating a positive global impact with their solution.”
Seema Chaturvedi, Managing Partner of AWE Fund, “At AWE Funds, we are delighted to be supporting Monitras phenomenal team and its much needed innovation to improve health outcomes by effective early diagnosis of factors contributing to heart disease and stroke; even as its cost effective scalability makes it a relevant solution for the masses in India.”
Nidhi Saraf, CEO and Founder of Key Venture, ”Monitra offers a differentiated business model to solve the gaps present in preventing life-threatening diseases. Monitra’s management team and their discipline in solving for gaps in monitoring cardiac arrhythmia is the key reason that sets the company apart across the healthcare landscape in India.”
Key Venture is an Investment Bank that helps early and growth-stage companies in mergers and acquisitions and raising capital from institutions (VCs, PEs and corporates), family offices and HNIs.
About Monitra Healthcare Private Limited
Hyderabad based Monitra Health started with a fundamental premise that healthcare monitoring shouldn’t be cumbersome for patients while collecting high-resolution high-quality bio-physiological data in real-time to help with early diagnosis and pre-emptive treatment of medical conditions. Monitra Health’s flagship product, upBeat, is helping physicians better diagnose two most difficult to diagnose problems in clinical cardiology – unexplained fainting and palpitations. upBeat is known in the industry for the most accurate tracings (as accurate tracings lead to accurate diagnosis) and world-class reporting.
Doctors find it difficult to diagnose symptoms leading to cardiovascular diseases (number 1 cause of death globally). Ambulatory monitoring (i.e. out of hospital monitoring at home or office while patients go about doing their daily activities) is challenging because there is a lot of movement unlike in hospitals where there is limited activity. Whenever there is movement there are artifacts. Monitra Health has developed the entire technology stack in India to ensure the most accurate tracings are captured during ambulatory monitoring and a novel workflow resulting in higher diagnostic yield after analyzing enormous amounts of data from tracings. The upBeat platform comprises (i) adhesive band-aid like patch transmitting data in real-time to the cloud, (ii) a big data solution, annotating data in real-time and a comprehensive review layer to correct false positives.
Monitra Health aims to make upBeat the de-facto standard of monitoring patients at home. Their vision for the next 5 years is to acquire and derive clinical insight from any biosignal that can be measured from the surface of the human body, derive insights and shape healthcare delivery. They aim to expand the use of upBeat into markets of stroke monitoring, step-down ICU, high-risk pregnancy, clinical research, diabetes monitoring, new born babies and competitive sports.
How does upBeat work: Link
For more information, please visit www.monitrahealth.com.