Biosense Technologies Grabs $1 Million from Menterra & Artha Ventures
Menterra Venture Advisors, a Bangalore based venture capital firm, along with its investment partner Artha Venture Challenge, an initiative by Artha Platform to find social entrepreneurs, announced a new round of investment in Biosense Technologies, a medical engineering and design firm that provides quality, affordable and connected point-of-care diagnostics solutions for chronic diseases in India. The investment provides more than $1 million of direct equity funding and through their network, Menterra & Artha have also unlocked soft debt funding of more than $2 million. The collaboration with Menterra will help Biosense to develop an end-to-end solution platform for patients with the aid from other key partners in healthcare ecosystem.
Commenting on the occasion, Mukesh Sharma, Head, Menterra Venture Advisors, says, “We have been associated with the team for over seven years now. First through incubation-fund platform at Villgro, and then with investment and intense post-investment support beyond risk capital. The 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 smart glucose meters and strips for diabetes testing. We are immensely happy to partner with them on their growth journey.”
Founded in 2008, Biosense Technologies was started by a group of doctors, engineers and designers who realized the need of non-invasive diagnostic devices for the preventive care for chronic diseases especially in the remote areas of the country. The Thane based biomedical company mainly focuses on Research & Development and today they’ve six products all set to scale up distributions to other parts of the country. According to the ‘Health of Nation States’ report, the disease pattern in India is very different from the pattern seen during 1990 to 2016. However, Biosense has done more than four million tests for chronic diseases in 2017 across India and they’ve collected detailed data on the disease patterns in the country.
Abhishek Sen, co-founder of Biosense, talks about the partnership with Menterra, “It has been great to partner with Menterra. They act as a long-term partner for entrepreneurs. This longevity and commitment helps entrepreneurs build the start-up from an idea to market and followed by further support to scale up. We couldn’t have asked for more committed partner to take our mission forward.”
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