Bioscan Research raises $1 million in seed funding led by Unicorn India Ventures

MedTech startup Bioscan Research has raised $1 million in a seed funding round led by Unicorn India Ventures. According to the company, the funds will be used for market expansion, regulatory approvals, product upgradation and the creation of new intellectual property.

Incorporated in 2017 by Anupam Lavania and Shilpa Malik, Bioscan Research develops, tests, manufactures and commercialises medical devices for the non-invasive detection of brain injuries using optics, electronics, mechanics and software.

According to the company, it aims to improve outcomes for patients with traumatic brain injury through the early detection of injuries during the pre-symptomatic stage using its machine learning-powered near-infrared spectroscopy (NIRS) device, CEREBO. The company stated that its flagship product, CEREBO, is designed to assist in the management of trauma patients, including those without visible symptoms, to support intervention during the golden period.

Commenting on the funding, the co-founders of Bioscan Research said; “We harness light to reveal what the eyes can’t see — giving doctors clarity, patients hope, and technology a heart. More than 50 million suffer from traumatic brain injury each year and 50-90% of patients with mild traumatic brain injury go unidentified. With this current round, we will be able to upgrade our product and bridge the limitations of traditional tools and provide urgent care in India and internationally.”

According to the company, it recorded five-fold growth over the past 12 months and is focused on enabling faster clinical decision-making, improving patient outcomes and expanding access to care.

Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, said; “We have been investing in highly innovative medtech companies quite consistently as we believe the healthcare industry still has a big gap to address in countries like India. We believe the market is huge and the research is evident on how people are suffering from head injuries and brain trauma every year. It is time to bring the correct technology that will diagnose early symptoms and understand what the patient is suffering from. Bioscan Research is making it possible to detect intra-cranial haemorrhage non-invasively. The company has witnessed progress in the last 12 months and has upgraded its technology solutions. Hence, we believe the market opportunity is huge and the company has built the right momentum to capitalise on this segment.”

According to the company, it aims to grow three-fold over the next 12 months and plans to expand its presence in India and overseas markets.