MedPrime Technologies, health tech startup raises funds from MA Network

 

Mumbai Angels Network and Social Alpha invest in MedPrime Technologies along with SINE IIT Bombay, RiSo Capital, Lavni Ventures and Keiretsu Forum in seed round.

While the amount remains undisclosed, the freshly infused capital will be used towards scaling up MedPrime’s Cilika product line and make it more profitable along with developing the AI component for MICALYS

Mumbai, August 3, 2021: Mumbai Angels Network announces investment in health tech startup MedPrime Technologies, in a seed round led by Social Alpha. Medprime Technologies focusses on providing digital solutions to the microscopy segment of medical diagnostics. While the funding amount remains undisclosed as of now, MedPrime Technologies will be using the capital to scale up its Cilika product line and make it more profitable. In addition, the funds will also be utilized to develop the AI component for MICALYS. SINE IIT Bombay, RiSo Capital (risocapital.com), Lavni Ventures, and Keiretsu Forum also participated in the round.

Commenting on the funding, Nandini Mansinghka, Co- Founder & CEO - Mumbai Angels Network said, “Health-tech has become one of the fastest-growing industries with the pandemic underscoring the significance of digital technologies in order to strengthen the infrastructure and manage the strain inflicted on the sector. We believe that MedPrime Technologies is on the right path to redefining microscopy-based diagnostics in the country and this funding is a testimony to the stellar work MedPrime has been doing so far and will help them augment their products and expand the business.”

Greeshma Unnikrishnan, COO - MedPrime Technologies said, “The ongoing pandemic and the subsequent boom of digital technology adoption and the need for automation in the microscopy diagnostics has become glaringly obvious. MedPrime has been committed to developing best-in-class digital solutions that will bolster the microscopy space in medical diagnostics. We are delighted to be backed by eminent investors in our journey. Their belief in us and our products will help us revolutionize the field of pathology. With the freshly infused capital, we can enhance our devices, resulting in greater accuracy, and simultaneously reduce the turn-around-time of microscopy-based tests by making a pathologist’s expertise and insights available at any lab in the country, irrespective of its geographical location. We look forward to utilizing these funds to enhance our product offering and scale the business.”

Manoj Kumar, Founder and CEO - Social Alpha, added "At Social Alpha, we are excited about the future of diagnostic medicine, particularly in the field of digital pathology. Next generation diagnostic tools would include the use of digital and AI-ML tools to create access to high-quality services and help pathologists with an efficient decision support workflow. MedPrime’s innovation is a great leap forward in this direction and will extend the value of digital disruption that is already making waves in the diagnostic pathology space."

Co-founded by Samrat, Greeshma Unnikrshnan, Binil Jacob, and Mahesh Kumar Rathor, a team of four Biomedical Engineering Postgraduates from IIT Bombay, MedPrime Technologies addresses the lack of availability of quality pathology services across the country through digitization and automation of microscopy and enabling tele-pathology through their products. The company’s vision is to enable complete digitization of microscopy, thereby facilitating telepathology, remote consulting, and automation of diagnostic tests using AI-based image analysis algorithms.

About Mumbai Angels:     Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India.

MA makes successful exit from DoSelect

 

Mumbai Angels Network makes successful exit from DoSelect, a data-driven skill assessment platform

The startup investment platform was a part of DoSelect’s seed funding round along with 3one4 Capital, Aarin Capital, and Mohit Saxena, Co-Founder, InMobi

Mumbai, July, 27, 2021: Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has successfully exited DoSelect, a collaborative, data-driven skill assessment platform focussing on skilling and hiring. The Bangalore-based company was recently acquired by InfoEdge, India’s premier internet company and the parent company of the country’s largest recruitment portal, Naukri.com. Mumbai Angels Network hadinvested in DoSelect along with 3one4 Capital, Aarin Capital, and Mohit Saxena, Co-Founder, InMobi, as a part of its seed funding round. This marks Mumbai Angels Network’s 13th exit/subsequent round for the current financial year.

Speaking on the exit, Nandini Mansinghka, Co-Founder & CEO - Mumbai Angels Network said, “We are happy to announce that we have made a successful exit from DoSelect following its acquisition by InfoEdge. DoSelect has had a remarkable growth trajectory over the past few years and has redefined how companies hire candidates and reskill/upskill their employees, helping them hire top talent every time and upskill existing employees. We believe that InfoEdge will provide DoSelect with the required support and resources to grow further with deeper integration with Info Edge’s services.”

Co-founded by Iliyas Shirol and Rohit Agrawal in 2015, DoSelect uses data-driven assessment intelligence in the recruitment lifecycle and has built a strong customer base of 150+ customers across enterprises, SMEs, and startups in various sectors. The company has also enabled its customers to make smart ‘people decisions’ by deploying innovative solutions in hiring, upskilling, deployment, onboarding, and employee engagement.   DoSelect’s acquisition by InfoEdge will further strengthen InfoEdge as a leader in the recruitment sector with a focus on tech-based, end-to-end hiring solutions. As part of the InfoEdge ecosystem that also comprises the country’s largest job seeker database, DoSelect will provide an intelligent decision engine to help organizations target relevant applications for various jobs more efficiently.

About Mumbai Angels: Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India.

Automovill, a full-stack mobility start-up raised USD 500k

 

Mumbai Angels Network along with NEDFi and North East Venture Fund, invests over USD 500,000 in full-stack mobility startup Automovill

The burgeoning startup will be directing the funds towards technology adoption, expansion, mid-level hiring, and ramping up the infrastructure of its existing partners and hub networks

Bengaluru, July 20,2021: Automovill, a full-stack mobility start-up has raised USD 500,000 in a bridge round from Mumbai Angels Network, along with its existing investor NEDFi Venture Capital. The round is led by Jay Nagrecha and Sandeep Daga participating through Mumbai Angels Network in the fundraise. Including the current fundraise the start-up has raised a total of 1.2 Mil USD since inception. While a majority of the fresh infusion of capital will be utilized in bolstering technology adoption, expanding its footprint in multiple cities and mid-level hiring to manage the increase in business, Automovill will also be using the funds in ramping up the infrastructure of its existing partner and hub networks.

Speaking on the investment, Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network said, “Mobility is one of the fastest-growing sectors with a dynamic market and it’s important for players in the space to evolve and grow with increased technological adoption and scaling. Automovill has been committed to providing seamless, tech-driven services to its customers and this funding will be a testament to the work Automovill has been doing.”

Mridu Mahendra Das, Founder, Automovill said, “The change in the mobility sector and post covid demand in private vehicles has been a great boost for Automovill; to increase its customer base across the country. With the experienced team and adoption of technology in process automation, quality control and increased retail customer base, Automovill aims to increase its footprints in the B2B and B2B2C segments including auto insurance providers.”

“In the coming decade, we will see formalization of the Automobile servicing industry; I believe Automovill via its platform, technology, and transparency will play a significant role in realizing that change" added Jay Nagrecha, Deal Lead, & Director, General Export Enterprises.

Adding to this Sandeep Daga, Deal Lead said, “Automovill solves an agonizing problem of motor servicing, has a well differentiated offering and is EBITDA positive at a very early stage of its evolution, paving a way for exponential growth in times to come.”

Speaking about Automovill, CMD of NEDFi Venture Capital, Mr PVSLN Murty has said, "Automovill is one of the fasted growing company in our portfolio. NEDFi is pleased to provide continuous support in establishing Automovill as a PAN-India brand in mobility sector. Automovill is one of the rapidly growing startups spinning out of NE region and a great example of entrepreneurial success."

The brand has already served around 100000+ number of orders across 12 cities, witnessing almost double the initially targeted traction. The fresh funds will enable the start-up to further expand its presence sustainably. In line with the current growth rate, Automovill plans to reach a mark of 1.5 Lakhorders  by the end of fiscal.

Spotlight -July Edition

 

View this email in your browser

Pixuate participates at NASSCOM COE Pixuate, a new MA Portfolio company, offers AI based video analytics for small and large enterprises. NASSCOM COE held its 2nd edition of Udyam 4.0 to promote the adoption of technological solutions by MSMEs. Pixuate, amongst 5 other deep tech companies presented their innovative solutions.

Health Horizons plan expansion with new products Health Horizons is a leading processor of hemp seeds. It has processed over 48 tons of hemp seeds and supplied 90% to the industry. It has witnessed 30% growth in its lifestyle and health products sales with a 45% YoY growth in total revenues. It plans to raise funds for the expansion of its lifestyle and health products portfolio. DYT partners with Encubay Do Your Thng (DYT), an MA portfolio company, is a branded content marketplace. It has partnered with Encubay - a global diversity-focussed startup network to roll out its influencer marketing services to startups.  Big Bang Boom Solutions -an iDEX success story Big Bang Boom Solutions, MA Portfolio company, is a defence tech startup focused on creating cutting-edge solutions. Innovation for Defence Excellence (iDEX) is a defence ministry initiative that leverages the startup ecosystem to improve India’s defence preparedness, equipment design and manufacturing capabilities. Big Bang Boom Solutions was a product of the iDEX initiative and is a former winner of its challenges.   Charge Zone to benefit from Gujarat EV policy Charge Zone is an EV charging infrastructure company in the MA portfolio. The Gujarat Government in its policy, gave incentives to EV infrastructure company along with subsidies for buying EV vehicles. This policy will encourage the building of EV infrastructure on highways. Job Openings Leegality Legal Tech platform Product Marketing Manager (2+ years of experience) Apply Now Indi Energ Sodium Ion Battery Tech platform Battery Scientist and Technical Assistants Apply Now Edmingle Ed-tech platform Sales Executive  Apply Now

Instoried AI based deep tech Content Sales Executive Apply Now Agro2o Clean energy tech for growing plants indoor Operations Executive/ Intern Apply Now

Energy storage startup Indi Energy has raised funds from Mumbai Angels Network

 

Mumbai Angels Network invests undisclosed amount in energy storage startup Indi Energy

The company will be using the freshly infused capital to strengthen R&D and scale up its proprietary Sodium-ion battery technology that is made from bio/agricultural waste.

Mumbai, July 14, 2021: Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, has invested in Indi Energy, a forward-looking energy storage startup committed to developing energy storage technologies such as Lithium-ion and Sodium-ion batteries, solid-state batteries, Supercapacitors, etc. as a part of its Seed Round. While the funding amount remains undisclosed, Indi Energy will be utilizing the funds in bolstering its R&D and scaling up its proprietary Sodium-ion battery technology.

Akash Soni, Co-Founder & CEO - Indi Energy said, “Indi Energy is on a mission to develop low-cost, safe, and high-performance Sodium-ion batteries that are manufactured from agricultural waste and biowaste such as paddy straws and natural resources from the earth such as sodium, thereby reducing our dependence on scarce elements such as lithium, cobalt, and nickel which are essential components of Lithium-ion batteries. We are thrilled to have an eminent investor Mumbai Angels Network backing us in our journey. This funding will allow us to bolster infrastructure and scale up our business through the development of our Sodium-ion battery technology.”

Commenting on the investment, Nandini Mansinghka, Co-Founder & CEO- Mumbai Angels Network said, “In today’s world that is almost entirely powered by technology and gadgets, there is increased awareness about climate change and waste generation, and sustainable energy production and waste utilization are the need of the hour. Indi Energy’s commitment to reducing reliance on scarce resources to build its proprietary Sodium-ion battery will be a revolutionary step in the energy storage space. We believe that this funding will be a testimony to the work that the Indi Energy team has been doing and will help them scale up its operations and ramp up infrastructure to drive growth.”

“Self-reliant India in the battery manufacturing segment is Indi Energy’s vision and for this, fortifying the supply chain of raw materials is a crucial factor. To achieve this, Indi Energy is developing all the components of Sodium-ion batteries including anode, cathode, electrolyte, and separator, alongside the battery cell manufacturing process. We are delighted to have a marquee investor like Mumbai Angels Network supporting our vision. This capital infusion will enable us to reach greater heights through strengthening our R&D processes”, added Prof. Yogesh Sharma, Associate Professor, IIT, Roorkee and Head of R&D, Indi Energy.

With an experienced core team of scientists and engineers from IIT, Roorkee, Indi Energy envisions providing indigenously developed, cost-effective, safe, and high-performance battery technology for various applications including solar and wind grid storage, electric scooters and e-rickshaws, SLI batteries, batteries for solar lights, UPS batteries, and inverter batteries, amongst others. The company is currently working on its proprietary Sodium-ion batteries that aim to significantly bring down India’s dependence on imported Lithium-ion batteries and the raw materials required by providing a sustainable alternative at affordable prices.   Furthermore, Indi Energy has made breakthroughs in Sodium-ion batteries with its energy density 3-4 times better than the commercialized lead-acid batteries that are currently available in the market. The company has also filed patents for Sodium-ion batteries, having invented a high-performance Sodium-ion negative electrode material from rice/paddy straw and cattle manure. This is a ground-breaking step that addresses the prevalent issue of burning rice/paddy straw and stubble by converting them into a valuable energy source.   About Mumbai Angels Network:   Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India.