Forus Health Raises $5 Million In Series A Round Of Funding


Bangalore: Forus Health, Bangalore based affordable medical technology and solutions company, has raised $5 million in series A round of funding from Accel Partners and IDG ventures India. Unitus Capital was the sole advisor to Forus for transaction.

Founded by K. Chandrasekhar and Shyam V. Rao, Forus develops affordable technology solutions that can easily be used by a minimally trained technician, thereby making health service accessible and scalable. Shyam holds a doctorate from IISc and was previously the Director Technology, Philips Healthcare at Phillips Innovation Center, Bangalore. Chandrasekhar is an alumns of IIMC and BITS, Pilani. Prior to this he was the Director of Strategy at NXP Semiconductors.

The fund will be used to scale up technology, hire talent, marketing and tap emerging markets such as India, Africa and Latin America and developed markets. Besides pre-screening of eye diseases, the company is aiming to build technology that can scan the retina to detect early symptoms of diabetes, cardiovascular, nephrology and neurological problems.

IDG Ventures had set up its first India-based fund of $150 million and has plans to raise another $150-200 million for investments in tech startups in India.

Accel Partners entered India in 2008 when it acquired Bangalore-based early stage venture capital fund-Erasmic Partners. It has made investments in India in Zansaar, Babyoye.com, LetsBuy.com, and several others.