February 16, 2018. Bengaluru. Unitus Seed Fund, India’s leading impact venture fund investing in early-stage startups innovating for the masses, through its StartHealth program and HITLAB, a leading digital health innovation lab, announced the winners of the 2018 HITLAB World Cup: India today. First place went to Medi360, a cloud-based technology enabled telehealth solution. The smartphone system integrates electronic medical records with diagnostic devices and prescription capabilities.
Runners-up included MUrgency – a medical resources aggregator, Mother Diagnostics – a low-cost digital X-ray device, Mimyk Medical Simulations – an immersive medical simulation technology, and Israel-based VOTIS Subdermal Imaging – a non-invasive and inexpensive technology to identify foot pathologies in diabetics. Winners will now be considered for up to USD $500k (~INR 3.5 crore) in grants and equity funding by Unitus Seed Fund and its AmpHealth program.
“Unitus Seed Fund aims to invest Rs. 100 crores into scalable health-tech businesses that also impact the bottom of the pyramid through improved access and/or reduced cost of modern healthcare. Towards this, we are constantly searching for novel solutions for India’s key healthcare challenges. The 2018 HITLAB World Cup: India offered a great platform to bring together the most creative minds in health and technology,” said Milind Shah, Venture Partner at Unitus Seed Fund.
He further said, “Medi360 has been chosen among ~190 startups for its innovative technology, and a business model that are effectively addressing the healthcare needs of India’s low-income population.”
“It was a great experience participating in the HITLAB World Cup as one of the finalists and we are extremely thrilled to be recognized as the winner. This provides further fuel to our motivation in the journey of making a meaningful impact to healthcare in India,” said Kumar Amar Jamdhiar, Cofounder and CEO, Medi360.
The HITLAB World Cup jury comprised global healthcare experts – Milind Shah, Venture Partner at Unitus Seed Fund, Prof. Stan Kachnowski, Chair at HITLAB, Biten Kathrani, Director, R&D & NBD, AMEA at Boston Scientific and Dr. Deepak Agrawal, Professor of Neurosurgery, AIIMS – who reviewed applications from a wide range of innovative companies working in artificial intelligence, telehealth, home health, mobile applications, and biotech devices.
“We are excited to see how these digital start-ups will improve the healthcare system in India. The support that Unitus Seed Fund and HITLAB can provide these impactful organizations as they grow will prove invaluable as they bring innovative, transformational technologies to the people who need them,” said Professor Stan Kachnowski, Chair, HITLAB.
Here is a brief on the winning startup –
Bengaluru-based Medi360 is transforming primary healthcare in underserved areas through an innovative and effective solution. Medi360 has created a cloud-based, end-to- end technology enabled tele-health solution. The Medi360 Hospital / Clinic in a Box is a tablet and smartphone- based system with electronic medical records, integrated with diagnostic devices (Vitals – BP, Temperature, SpO2), ECG, Blood Sugar, Cholesterol, Spirometer, Stethoscope) as well as tele diagnosis and prescription. In addition, Medi360 has built a doctor network and last mile delivery network to provide effective service delivery in underserved areas. Founded in October 2016, Medi360 now has 15 operational units and has serviced more than 18,000 patients.
Since 2015, Unitus Seed Fund’s StartHealth competitions have attracted more than 800 applications. UE LifeSciences, a previous winner, is bringing low-cost breast cancer detection to the masses in India with iBreastExam, an FDA-approved handheld scanning device. The company has since raised Series A investments of USD $4 million.
Past HITLAB World Cup winners have raised over USD $50 million in follow-on investment funding, launching commercially viable products that transform lives.