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Venture capital investment in India's healthcare tech on the rise- report
Healthcare influenced by information technology or HIT is a segment that is gaining the interest of venture capitalists, The Hindu Business Line reported. The HIT niche encompasses wearables like wristbands that enable users to monitor physical activity and wireless weighing machines that allow users to keep track of their weight.
While interest in HIT is more pronounced in the US, there is also growing interest in HIT in India. Global consulting and communications company Mercom Capital Group Co-Founder Raj Prabhu told the Business Line in a phone interview that there are a growing number of deals made in this segment.
Venture capital funding in the US for HIT went up to $2 billion last year, nearly twice the $1.2 billion it posted in the prior year. In India, the deals were only valued at $12 million but a significant increase is seen in the number of deals made. From one deal made in the segment the year before, the number had risen to seven, Prabhu said. As far as ranking by country for venture capital investments in this sector goes, India is fourth, after the US, UK and Canada.
Prabhu also added that HIT is the hottest sector in terms of venture capital funding. One of the main transactions in the niche last year was the venture capital funding provided to Bangalore-based Strand Life Sciences from Burrill & Company. Strand Life Sciences is a provider of products and solutions that allow for analysis and integration of data, the report said.
Doctree Health Infoservices, another Bangalore-based firm, also gathered funds amounting to $500,000. The company links patients and doctors. Intellecap Impact Investment Network provided an undisclosed sum in angel funding to Kolkata-based iKure Techsoft, a technology solutions developer that paves the way for healthcare services delivery in the rural areas, the report said.