Healthtech startup Tricog Health raises $8.5 Mn in Series B2 round
VSJ Fincap
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According to research published by RBSA Advisors, by 2033, India’s healthtech market will hit $50 billion.
The report also states that the industry is growing at a 39 per cent compounded annual growth rate (CAGR) over FY2020-FY2023. Currently, the healthtech sector is valued at $2 billion and consists of almost six segments under it such as fitness, IT, e-pharmacy, wellness, healthcare and telemedicine.?
According to data by India Brand Equity Foundation (IBEF), the healthtech sector consists of over 1 per cent of the total healthcare industry in India and by 2023, it will reach up to $132.84 billion.
Heart centred healthtech startup Tricog Health has raised $8.5 million in its Series B2 round from Omron Health Care and Sony Innovation Fund, among other investors. The round also saw participation from returning investors The University of Tokyo Edge Capital, Inventus Partners and SG Innovate.
Tricog’s TriCare platform is an integrated solution for chronic disease management. Post-treatment, it enables remote management of heart disease using medical data from connected devices at home and wearable devices such as the Apple Watch.
The company was started in 2015 by Bhograj, Zainul Charbiwala and Udayan Dasgupta. It is presently clocking $7 million in annual recurring revenue, and plans to double the figure over the next year and a half. According to the firm, it has screened 12 million patients and detected half a million serious heart patients so far.
The Series B2 round marks an overall raise of $30 million for the Bengaluru-based startup. Tricog had previously raised $10.5 million in a Series B funding round from Japan’s University of Tokyo Edge Capital in March 2020.