UE LifeSciences will receive initial funding of Rs 50 lakhs.
Unitus Seed Fund, a venture seed fund has announced that UE LifeSciences has been selected to join its India StartHealth investment program. UE LifeSciences has invented a patent-pending, low-cost, portable breast screening device which has potential to save the lives of 10’s of lakhs of women in India through early-stage detection of breast cancer.
UE LifeSciences will receive initial funding of Rs 50 lakhs, go-to-market support from StartHealth partners Unitus, PATH, Manipal Hospitals, Narayana Health, & Pfizer, and potential follow-on investment of at least Rs 1 crore.
UE LifeScience’s iBE (intelligent Breast Examination) is a low-cost, portable, patent-pending and FDA approved (Breast Lesion Documentation System) medical device that can be operated by a health worker in a health clinic, a temporary health camp, or at a home. A screening is expected to be priced as Rs 100 making it affordable to most Indian women.
“We have developed a product that is absolutely suitable for the Indian market; It is non-invasive, painless, accurate and provides results in less than five minutes at the point-of-care. It is potentially THE answer for breast cancer early detection for women in India,” said Mihir Shah, Co-Founder and CEO of UE LifeSciences. “We are very pleased with the results from the initial trials we’ve conducted in the USA and India, and will be using the new funding to expand our trials and implement our go-to-market investments in India.”
In the month of April, USF has also backed another health start-up, iMMi Life,a mobile cardiac services company based in Chennai. As per the company’s official release, iMMi Life is the first company to participate in its StartHealth Investment Program.
Following this programme, Unitus Seed Fund in an attempt to identify promising early-stage health-tech start-ups launched StartHealth Competition. This competition was intended to help strengthen dozens of promising health-tech start-ups.