(^16) START-UP NEWS l BioSpectrum | August 2017 | http://www.biospectrumindia.com
Prime Minister Narendra Modi and Israel’s Prime
Minister Benjamin Netanyahu together launched a
bilateral innovation challenge for startups in Israel and
India: India-Israel Innovation Bridge. This was during
PM Modi’s visit to Israel.
The Israel Innovation Authority, Department of
Industrial Policy and Promotion (DIPP), Ministry of
Commerce and Industry have joined hands for the
challenge.
The
challenge will
be an online
platform
to facilitate
bilateral
collaboration
between Israeli
and Indian
startups, tech
hubs, corporations, and other key innovation ecosystem
players in both countries. There will be comprehensive
guides and toolkits to help startups explore expansion
opportunities.
Under healthcare, startups should develop
solutions for real-time health monitoring, home care,
remote care, periodic counseling and advice on health
management for non-communicable diseases. These
should be innovative, inclusive, low cost diagnostics and
predictive solutions in rural areas.
The participating startups will be selected by a joint
panel of judges to give an opportunity to further develop
their solutions through a unique programme managed
by Invest India and Israel Innovation Authority.
India and Israel launch
Innovation Bridge for startups
Unitus Seed Fund (USF), an impact
investment venture fund, plans
to invest Rs 100 crore in about
8-10 healthcare startups over the
next couple of years. USF has so
far deployed about $ 4-5 million
in healthcare since 2013, when it
began investing in healthcare.
Unitus Seed Fund has invested
in a number of healthcare
companies, including UE
LifeSciences, developer of early
breast cancer detection device;
AddressHealth, a comprehensive
paediatric care network; and
Welcare Health Systems, a low-
cost tele-ophthalmology service.
In 2016 alone, USF’s healthcare
portfolio impacted over 200,
low-income lives, recorded 49 per
cent year-on-year revenue growth
and raised 2.2x additional capital,
according to Shah.
Recently, USF announced
the winners of 4th edition of
StartHealth competition, which
encourages accessible and
affordable tech-driven healthcare
solutions to India’s low-income
group.
UE LifeSciences, a previous
StartHealth winner, is one of the
successful impact investments by
USF. It is bringing low-cost breast
cancer detection to the masses in
India with iBreastExam, an FDA-
approved, low-cost, easy-to-use,
handheld breast cancer scanning
device.
Bengaluru-based startup inks a
$3 M deal with MMC Pharma
Innov4Sight Health and Biomedical Systems
Private Limited, a Bengaluru-based startup,
has inked a strategic licensing deal with MMC
Pharmaceuticals. This deal will generate more
than $ 3 million over the next 18 months.
As part of this deal MMC Pharma’s offshoot
InnoBioLabs LLP will be investing over $
300,000 in setting up 10 autologous therapeutic
processing labs across
Kerala & Tamil Nadu.
Innov4Sight will now
be following this with
similar deals in Madhya
Pradesh and a few other
States.
Innov4Sight started
in 2014 on an epiphany
moment to reduce
errors, second guesses
and improve effective care impacting Fertility &
Cancer Care. The company intends to create an
ecosystem of direct and complementary solutions
in the fertility and cancer care space, spearheading
innovation that reduces error rate, enhances
effectiveness of treatments and replaces second
guessing with data backed insights.
MMC Pharmaceuticals Ltd develops
and provides healthcare in the areas of
Gastroenterology, General Health, Neuropathy,
Pain Management, Allergy & Asthma Prevalence,
Women & Child Health as well as other
symptomatic conditions treated by specialists.
USF to invest in healthcare startups
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