The platform claims to be recognised among healthcare professionals owing to its accuracy in tracing and reporting capabilities.
Hyderabad-based Monitra Health, has secured $ 1.5 million Pre-Series A funding led by Equanimity Ventures and Kotak Alternate Asset Managers. The funding is to drive the growth of Monitra Health's remote cardiac monitoring platform, upBeat, targeting both domestic and global markets.
According to Monitra Health, their flagship product, upBeat, is India's first full-stack remote cardiac monitoring platform designed for massive scalability. It aids in diagnosing unexplained fainting, dizziness, and palpitations.
Established in 2015 by Ravi Bhogu, Monitra Health is a Hyderabad-based medical technology company dedicated to creating solutions that capture cardiac events anytime, anywhere. The company's products are designed to detect cardiac arrhythmias and cardiovascular diseases in real-time, facilitating pre-emptive treatments.
Commenting on the fund raise, Ravi Bhogu, said, "This milestone propels our global mission to redefine continuous cardiac monitoring with upBeat®, our cutting-edge flagship product known for its accuracy and world-class reporting. This investment is pivotal for our growth, driving domestic expansion, international certifications, and innovation in monitoring various bio-physiological signals. Together, we aim to shape the future of healthcare at Monitra Health."
The platform claims to have garnered recognition among healthcare professionals, including cardiac electrophysiologists, cardiologists, neurologists, and MD physicians, owing to its accuracy in tracings and reporting capabilities.
Further, it has conducted three pre-clinical studies and one clinical study, with results presented at the European Heart Rhythm Association in April 2022. The company holds patents in India and Australia, with global patents pending in the US, the EU, and Canada.
It has acquired certifications such as ISO-13485 and CDSCO, with ongoing efforts to secure CE and 510(k) FDA certifications for global market access. Additionally, Monitra has monitored over 10,000 patients, analysing over 7.5 billion heartbeats over 720,000 hours.
Operating with a B2B2C model, Monitra Health collaborates with healthcare professionals and medical device channel partners.
The startup has established a distribution network in Hyderabad, Kerala, and Maharashtra and plans to expand across India. International expansion into Southeast Asia, Africa, Europe, and North America is envisioned post-CE and FDA certification.
Monitra Health aims to position upBeat as the standard for at-home patient monitoring. Over the next five years, the startup envisions expanding its platform into various healthcare sectors, including stroke monitoring, step-down ICU, high-risk pregnancy, clinical research, diabetes monitoring, newborn care, and competitive sports.
The recent funding round is pivotal in Monitra Health's next growth phase. The startup’s focus is on domestic expansion, obtaining international certifications, and further product development to monitor various biophysiological signals on the human body, such as brain strokes, oxygen saturation, blood pressure, and respiratory rate.
Speaking on the funding, Dhiraj Rajendran, partner, Kotak Private Equity, said, "Increasing burden on cardiovascular disease in India is a grave issue. We believe that early and accurate detection and diagnosis can aid in better clinical outcomes. Monitra's indigenously built solution utilises AI/ML algorithms to give real-time inputs about arrhythmias to prescribers and patients, further enabling them to make tailored decisions. We are happy to support Ravi, Aparna and the team in their endeavour and help Monitra scale to newer heights."
In another funding development in August this year, Monitra Health raised $500,000 in its Pre-Series A funding round led by 91Ventures and Lavni Ventures. Monitra said the funding will help the startup expand into international markets while strengthening its distribution channels, particularly in East India.
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