Cyclops Medtech, a medical technology company has raised an amount of $1 million (around Rs 7.2 crore) in a fresh funding round. The particular round was led by impact investment fund Unitus Ventures and existing investor CP Bothra.
The chairman and managing director of generic drug manufacturer Medreich Pharma also participated in this funding round.
The funds raised through this funding will be utilized by the company to increase installations of its product BalanceEye, which diagnoses neuro-vestibular conditions, across Tier-2 and 3 cities apart from entering new markets in Asia. The Bengaluru-based company has a target of 1.000 installations over the next five years. A part of the funds will also be used to develop three other products in the neuro-vestibular space.
“We intend to use funds from this round to further augment our leadership position by rapidly increasing the installation as well as subscription base in India as well as few other emerging markets,” said Niranjan Subbarao, co-founder of Cyclops Medtech. “We would also fast-track development of our stroke screening product and launch it next year.”
Founded in 2015 by Subbarao and Dr. Srinivas Dorasala, Cyclops designs and develops diagnostic and rehabilitation products for neuro vestibular disorders using eye-tracking technology. The venture mainly focuses on a group of 20 diseases including vertigo, epilepsy, migraine, and concussions, among others.
The company’s customers include ENT (ear, nose and throat), neurology and audiology clinics and also medical institutions like Sakra World and Amrita Institute of Medical Sciences. The medical companies these days are growing at a great pace and raising funds for various purposes.