Healthcare IoT startup Evelabs Technologies has raised an undisclosed amount in its seed funding round from JITO Angel Network and a cohort of individual investors.
Kochi-based Evelabs was founded in 2016 by Sanjai Rajendran, Sruthy Gopal, and Vishnu MS, It provides solutions to improve clinical efficiency, safety and patient experience in hospitals and home care.
“Though it is the most common and effective method of administering medicines, IV therapy is prone to adverse events generated by wrong dosage, especially in resource deficient settings. Dripo, a handy and portable device that constantly monitor the rate of infusion for variations and blocks, helps the hospitals to improve the process of IV medication through digital transformation,” said, Vishnu MS, Founder and CEO of Evelabs.
“Being a medical device company, it was important for us to collaborate with responsible and matured investors who support the relatively long technology development cycle. We thank our lead investor JITO Angel Network and other investors Varghese Maliekel, Jose Pattara, Thomas Maliekel, SomaKumar Kolathur, Karishma Thakkar, Afsal Salu for their confidence in us. We plan to launch other products in the pipeline and this fund raising will help us to scale the sales pan India”, he added.
The startup has developed a connected infusion monitor called Dripo, which helps nurses to easily set up, manage and monitor infusion therapy.
According to Redseer Consulting, the gross business value of India’s e-health industry is poised to reach $9-12 billion by 2025 and $40 billion by 2040.
“The healthtech sector in India is getting more and more interesting with the deployment of deeptech tools such internet of things, artificial intelligence, and machine learning. Although we are sector agnostic, we do believe that supporting healthcare start-ups serves a larger goal of providing Indians with better facilities in healthcare,” said, Sunil Kumar Singhvi, Vice Chairman, JITO Angel Network.
This is the ninth investment in the healthcare tech industry by JITO Angel Network (JAN). Previously, it has invested in Comofi Medtech, AADAR, S3V Vascular Technologies, Epiengeres, and Aten Porus, among others.
About Evelabs Technologies
They work on simple solutions to improve clinical efficiency, safety and patient experience in hospitals and home-cares.
Their Pilot Product Dripo is a connected infusion monitor, which will help the nurse to set, manage and monitor infusion therapy at ease.