InnAccel Technologies Pvt Ltd (1), a Bengaluru-based Medtech startup, has secured 1.5 million USD in pre-Series A funding. Mount Judi Ventures, a venture capital fund, led the latest fundraise. Moreover, Siraj Dhanani and A Vijayarajan, startup promoters, have also participated and made investments in the newest round. Notably, the firm plans to utilize the fresh infusions to commercialize its products in India and other markets.
Since the US FDA and European CE already approves the product of the InnAccel, the firm is planning to introduce its products in the developed markets. It is looking to gain some initial validations and tractions from the US and EU. Besides, the firm is looking for out-licensing or partnership opportunities with large Medtech companies.
The CEO of InnAccel, Siraj Dhanani, stated that MJV or Mount Judi Ventures had given the team access to several large hospital chains. Their feedback has helped the team to develop new use cases for their products. The group further believes that MJV would help us commercialize our products in the emerging markets and initial introduction in developed markets.
InnAccel Aims to Address Unmet Medical Challenges in the Emerging Markets
Siraj was a co-founder of PharmARC, a knowledge process outsourcing or KPO firm before InnAccel. Notably, PharmARC offers business analytics and consulting services to the global pharmaceutical industry. In 2012, IQVIA, formerly IMS Health, a healthcare consulting firm, acquired PharmARC.
When founded in 2012, InnAccel was a Medtech accelerator that supports startups. However, it merged its operations with its two incubatees, Coeo labs, and Sattva Medtech, in 2019. Now they are a single entity with life-saving products in its portfolio that address unmet medical challenges in the emerging markets.
At present, it has a suite of four products that it started selling in September 2019. InnAccel has also launched SAANS PRO, a non-invasive ventilator for COVID-19, which can be used with a proprietary Helmet Interface to prevent the virus spread.