Unicorn India Ventures (UIV), a deep tech-focused fund currently raising its third fund of Rs 1,000 crore, has announced a partial exit from Sascan Meditech, a neo diagnostics startup. UIV had invested Rs 2 crore in Sascan across two rounds, starting in 2020. This partial exit has yielded a 6X return for the fund, while UIV still maintains a substantial stake in the company.
Sascan Meditech, based in Thiruvananthapuram, was founded in 2015 by Dr. Subhash Narayanan, a laser scientist interested in developing Biophotonics products for affordable cancer care. The company's goal is to provide accessible healthcare products and solutions using Biophotonics and related technologies, particularly for underserved populations.
Anil Joshi, Managing Partner of UIV, emphasized the fund's commitment to supporting deep tech business models and finding innovative solutions outside major cities. He praised Dr. Narayanan for combining technology and purpose to offer affordable health innovations, particularly for early cancer detection in underprivileged communities in India and other developing countries. UIV's decision to retain a significant stake in Sascan reflects the company's potential for high-tech medical innovation, and with a new strategic investor joining, Joshi is optimistic about the future.
Sascan Meditech offers two main products: OralScan, a multimodal imaging device for non-invasive, real-time screening of oral cancer and biopsy guidance, and CerviScan, designed to replace conventional digital colposcopy. UIV was the first and only institutional investor in Sascan, having invested in 2020 and again in 2021.
Dr. Subhash Narayanan, Founder and CEO of Sascan, expressed gratitude for UIV's early support, noting that it has been instrumental in the company's four-year journey. He highlighted the involvement of Time Medical Digital Health and Imaging Ventures, a leading player in the imaging diagnostics segment, which will enable Sascan to grow and scale faster. Dr. Narayanan is confident that with the continued support of UIV and the new investor, Sascan will strengthen its position with a range of diagnostic products in development.
Comentários