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funding alert
Bengaluru-based digital payments app raises $1.4 million in a seed funding round, and deep tech healthcare startup Oivi raises $500k in a pre-seed round.

TWID, a reward-based payments app, raises $1.4 million in seed funding from SVC LLC

Bengaluru-based digital-payments app TWID has raised $1.4 million from SVC LLC in a seed funding round. The firm is backed by existing investors, including YourNest Fund, Capillary Technologies, and Whiteboard Capital. The startup plans to utilize the fresh capital to get over 50 brands and banks onboard with their rewards pool, more than 300,000 merchant base to accept TWID as a payment mode and a 3 million+ active userbase to transact using TWID.

The firm was founded by Amit Koshal, Amit Sharma and Rishi Batra in June 2019. The firm is a payment platform that enables users to keep track of all their loyalty memberships, total points, next expiry, their worth, etc. The firm has mentioned that the scores from all the associations become much bigger together when clubbed into a single account. The customer can then use clubbed rewards as a form of payment for various kinds of expenses through the app.TWIG aims at emerging as a scalable solution acquainting every brand, bank, and customer to this latest mode of payment.

Healthcare startup Oivi raises $500k from Arali Ventures in a pre-seed round

Deeptech healthcare startup Oivi has raised $500k in a pre-seed round from investors in the Netherlands, Norway, China, and India. The Norway & Bengaluru based company is focussed on early detection of Diabetic Retinopathy (DR). The funding round was led by deep tech venture capital investor based in India, Arali Ventures LLP and included participation from top angel investors of India. Oivi mentioned that it envisions to democratize early detection of DR, and the funding round would help enhance R&D and product development, initial patient testing, and understand the need being filled in the global market, beginning in India.

The startup claims that Diabetic Retinopathy affects over 160 million people globally and is the most common reason of blindness among people with diabetes. Early detection and intervention, however, can successfully prevent vision loss from DR by up to 95%.

The company was founded by Anders Eikenes, Khaleel Udyawar, Jukka Alasirniö, and Hans Einar Øverjordet. Oivi caters to the unmet needs of DR by developing a hand-held screening device that automates the retinal image capture, that allows the deployment in primary care with requiring minimal training.