[Funding alert] Biomedical Start-up Nayam Innovations raises funding

Nayam Innovations Pvt Ltd, an IP-driven, medical device start-up has raised undisclosed amount in funding round from IAN Fund, and Bharat Innovation Fund.

The round also saw participation from Vinod Jain Family office, Sameer Desai—President of Zydus Cadila, and a few angel investors.

The new capital will be used primarily to complete human clinical trials to demonstrate the safety and efficacy of the technology and and set the stage for product launches in India as well as the US, Europe, Singapore, China and Japan.

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The Pune-based Nayam Innovations was founded in 2012 by Dr Julia Ann Kornfield, Dr Surendra Ponrathnam, and Tanuj Gigras, It has developed a new technology platform that allows surgeons to customize intraocular lenses before or after surgery to neutralize refractive errors such as astigmatism, myopia (nearsightedness), and hyperopia (farsightedness).

Tanuj Gigras, Co-Founder, CEO and CTO said, “We are building a technology that will be useful for every cataract patient regardless of their lifestyle and economic status. Much of our population does not have access to the best technology. We want to make state-of-the-art available to the masses. We believe everyone should be able to have access to top quality health care in India regardless of their economic status.”

The startup aims to reduce the manufacturing cost of hydrophobic foldable IOLs to make its technology affordable for every cataract patient.

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Ashwin Raguraman, Co-founder and Partner at Bharat Innovation Fund said, “Nayam Technologies’ innovation sits at the intersection of material science, optics and health and promises to redefine the outcomes of cataract surgery for a patient. If successful, Nayam will transform the way older people across the world experience quality of eyesight. We are delighted to partner with the team at Nayam towards achieving this goal.”

Sudipta Gautam, Managing Partner IAN Fund said, “We see great potential in Nayam’s futuristic technology which combines material science and engineering with innovative manufacturing processes. Tanuj and his team are well on their way to creating a global visual optics company which will have a great impact on society in the years to come”.

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About Nayam Innovations

Cataract is the leading cause of preventable blindness globally. After cataract surgery, majority of patients are dependent on spectacles or LASIK surgery for good vision. Nayam Innovations is developing a novel Intraocular lens to give spectacle free vision to patients. Their business model wrapped around their disruptive technology will benefit every economic section of the society in the developing and developed World.