EzeRx (1), a Medtech startup based in Kolkata, recently announced that it had secured a seed funding round of 1.75 crore INR. KIIT-TBI, an Odisha-based incubator, led the funding. Other angel investors from the USA and India, such as Sudip Row Chowdhury, Sri Krishna Chakravarty, and others, have also participated in the fundraising.
With the latest infusions, the valuation of EzeRx has reached 12 crore INR. Partha Pratim Das Mahapatra, the CEO, and Co-founder of EzeRx, stated that the team would utilize the funds to build the team, regulatory compliance, working capital, and manufacturing facilities.
Partha, Chaitali Roy, and Amit Mandahar launched EzeRx in 2018. The firm offers easy and painless diagnostic solutions for identifying primary health parameters to detect liver and lung problems, including nutrition problems like anemia at an early stage.
EzeRx to Focus on Building Affordable and Non-invasive Solutions for Early Detection of Chronic Conditions
The CEO of KIIT-TBI, Mrutyunjay Suar, while commenting on the latest investment, stated that the startup is focusing on building affordable diagnostic devices and integrating the concept of digital health.
He added that the team supports the EzeRx with the PRAYAS grant of the Department of Science and Technology, Government of India, and LEAP funding of BIRAC. Moreover, the startup has also gained access to its prototyping facility, regulatory compliance, and clinical trials.
The firm is involved in developing and manufacturing advanced medical devices for curative and preventive healthcare management.
Notably, EzeRx has two primary business verticals; non-invasive prescreening and diagnostics devices and building teledentistry networks in semi-urban and rural areas. It provides four diagnostic solutions; AJO, OralOScope, OzoRx, and Aarogya.
Moreover, the company is also launching its chain of dental clinics by building smart health kiosks for teledentistry. It is aiming to launch 12 such centers by the end of 2021.
KIIT Technology Business Incubator, or KIIT-TBI for short, is incubating the startup since 2019. Before the recent funding, EzeRx secured its first funding round of 25 lakh from the INVENT program with an 8.35 crore INR valuation.
It had also received its first grant of 6 lakh INR from NIDHI Prayas by DST and a 48 lakh INR grant from DBT-BIRAC. Furthermore, EzeRx had also received the Aarohan Gold award from Infosys Foundation in 2019 and a 20 lakh INR reward, stated the CEO.