CIIE-IIM Ahmedabad Invests In Two HealthTech Startups: Zeolr And MobiDent
(11 Aug) IIM Ahmedabad's Centre for Innovation Incubation and Entrepreneurship (CIIE) has invested an undisclosed amount in two healthtech startups. The two startups are a dental care startup MobiDent (owned and operated by Doux Dentistry Pvt. Ltd.) and IoT-based healthcare startup Zeolr. With Mobident, CIIE hopes to test the waters in the home care innovation space and foray into more asset-light models that address key barriers in making healthcare ubiquitous, while Zeolr is poised to set in motion CIIE's active involvement in Healthcare IoT. "These companies have immense potential and we believe that their innovative ideas will play a key role in solving a few critical healthcare issues. We believe that the combination of India's mettlesome entrepreneurs and CIIE will play a key role in solving many complex issues," said J Salim Vali, Vice President (Investments), CIIE, in a press statement. Based in Bengaluru, MobiDent was founded in January 2011 by Dr. Devaiah and serial entrepreneur Vivek Madappa. It offers 'Dental Clinic In Suitcase' , which is an asset-light model designed to address the core challenges of the dental care industry; such as customer experience and high cost of dental services in India. It currently operates in Bengaluru, Pune, Mysore, and Ahmedabad. Zeolr, on the other hand, is a New Delhi-based company founded in April 2016 by Ajay Kumar Saini and Roshit Gopinath. It is developing solutions to aid in better management of chronic diseases by patients and availability of information to physicians for regular supervision, revision, and reinforcement. Its flagship product, RespirON aims to help asthmatic and COPD (chronic obstructive pulmonary disease) patients with a three-tier system that includes a device and a smartphone application (compatible with Android, iOS & Windows) connected to the cloud server. The idea is to help patients and physicians consistently monitor and manage their condition. Founded in 2007, CIIE launched its first healthcare accelerator earlier this year and is all set to bring a new set of market-driven healthcare innovations by the end of 2016. The healthcare market in India is poised to reach $280 Bn by 2020. Other startups in the same space who raised funding recently are LifCare, HEAL Institute, Pianta, REmedio, Visit, Tiyo, Tricog, 1mg, Cyclops Medtech, DocsApp and more. Also, healthtech pioneer Practo is in talks to raise a $50-60 Mn funding round.