Medical devices start-up, Noccarc has raised $2 million in a recent funding round led by Indian Angel Network (IAN). IIT Kanpur, SIDBI (Small Industries Development Bank of India), TDB (Technology Development Board), and Sunil Munjal were part of the funding round.
The company develops and manufactures high value critical care medical equipment, including ICU Ventilators, Patient Monitors, and more. Additionally, it offers a digital platform empowering doctors to access device data remotely, digitise records, and plans to integrate AI-based services in the future.
The start-up currently holds seven patents, with 19 additional patents filed for its innovative technologies. It has also recently obtained a license from CDSCO (Central Drug Standard Control Organisation) which authorises it to manufacture and sell these regulated products in India, the company said.
The company has a strong R&D unit and has ambitious plans to develop a diverse range of products, starting with critical care after raising the fresh investments, it added.
It will also use the funds to accelerate growth and expand its product portfolio. The funding round is expected to fuel research and development initiatives, facilitate market penetration, strengthen customer support, and set up a robust sales and distribution network across major cities, the statement read.
Harshit Rathore, co-founder and CTO, said, “The Indian medical devices market is approx. $12 billion, and is expected to grow to $50 billion by 2030. Currently, 80 per cent of the medical devices in India are imported. A key barrier for Indian Medical Devices companies in achieving domestic and global success has been the absence of IP-based products, lack of R&D, non-adherence to global quality standards, and performance metrics necessary for international approvals like the FDA and EU MDR. From day 1, we have been committed to building products that are in line with these global standards, setting the stage for a strong presence in the worldwide market.”
Padmaja Ruparel, co-founder of Indian Angel Network, said "Noccarc has demonstrated a remarkable ability to innovate in the healthcare sector. With installations at 650+ hospitals, they are now scaling to not only expand their client base but also to build a portfolio of smart ICU-focused devices: leveraging the internet, for both patients and health care providers.”
According to Venture Intelligence, and data insights company, the healthcare and life science industry attracted $5.5 billion during 2023 - a 1.3x increase from the $4.2 billion raised during the previous year.
