Bengaluru: Biosense Technologies, which claims to provide quality, affordable and connected point-of-care diagnostics solutions for chronic diseases in India, has raised more than $1 million of direct equity funding from Menterra Venture Advisors and Artha Venture Challenge and more than $2 million of unlocked soft debt funding from their partner network.
The announcement was made on Tuesday by Menterra Venture Advisors, an impact investment fund that invests in early-stage social startups.
The funding will help Thane (Maharashtra)-based Biosense in optimizing its supply chain, and to develop an end-to-end chronic disease solution platform for patients, in partnership with key partners in the healthcare ecosystem.
Biosense was founded by a team of doctors and biomedical engineers to address the gaps in the provision of preventive care for chronic diseases, especially in non-metro cities and small towns of India.
Initially, Biosense started developing affordable medical devices that helped diagnose chronic problems from anaemia to diabetes and urine check. Today, it has six products and plans to scale up, in terms of R&D and distribution to other parts of the country. The company is believed to have conducted over 4 million tests for chronic diseases across India in 2017 alone.
Commenting on the investment, Mukesh Sharma, Head, Menterra Venture Advisors, said, “The Biosense teams’ bold vision to solve the critical chronic healthcare challenge for our country at scale, never wavered through years of testing and learning. Few people know that they are one of the few ‘Make in India’ companies creating indigenous glucose strips for diabetes testing. We are immensely happy to partner with them on their growth journey.”
There has been a curious shift in disease patterns in India from 1990 to 2016. According to the ‘Health of Nation States’ report, causes of death were fairly uniform in 1990 but are far more varied now. There is a need for different health interventions in the present day and time.
Putting the data in perspective, Abhishek Sen, co-founder of Biosense, said, “We look at the disease shift as 3 waves in our country. Wave 1, with communicable diseases like diarrhoea have lessened but even today, when we work in rural districts, we see its deadly impact. On the other hand, with Wave 2, non-communicable diseases like diabetes are emerging as new killers. Wave 3, with mental health disorders such as mental stress, social isolation and depression etc. Many of these conditions are preventable.”
Sen added, “The twin burden of diabetes and anaemia has become our crusade. Today, we are not just device manufacturers. We are chronic disease solution providers.”