Bengaluru-based healthtech startup Cyclops Medtech has raised around ₹7.2 crores ($1 million) from prominent investors including venture capital firm Unitus Ventures and existing investor C P Bothra, Founder, COO and MD at Medreich Limited India.
The funds raised will be used to scale installation bases in India and the rest of Asia, as the startup expand and become a leader in the space.
Cyclops Medtech was founded by Dr Srinivas Dorasala, Ravi Nayar, and Niranjan Subbarao, along with a team of doctors in 2015. The startup provides clinical and wearable diagnostic solutions for neuro vestibular conditions using eye-tracking technology.
The startup’s flagship product BalanceEye provides a comprehensive balance assessment solution for diagnosing vertigo and balance disorders, with enhanced accuracy and lower costs, compared to existing technologies.
“In the last 16 months more than 10,000 tests have been performed on BalanceEye platform and many alarming medical conditions like Midbrain infarct, cerebellar vermis atrophy, frontal meningioma, neurovascular cross compression, etc. have been detected. Many of these patients come from rural hinterlands of India,” says Dr Srinivas Dorasala, Co-founder, Cyclops Medtech.
In the coming years, Cyclops Medtech plans to scale up BalanceEye installations across India, focusing on tier 2 and tier 3 cities. The startup is looking to expand to other markets in Asia with a target of 1,000 installations over the next five years. The startup is also working on other products in the neuro vestibular space.
Cyclops’s current customer base comprises of individual ENT, Neuro and Audiology clinics as well as large hospitals and medical colleges like Sakra World, Amrita Institute of Medical Sciences etc.
The startup last raised an undisclosed amount of funds from angel investor C P Bothra in June 2016.
Other players in the broader healthtech space in India include 3Hcare, MedCords, Medall Healthcare, Doxper, DocPrime, PharmEasy, among many others.