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IDGVI News: Media Coverage 2014

Medical device startup Forus raises $8M in Series B funding led by Asian Healthcare Fund

VC Circle | 08.01.2014

By Lohit Jagwani

Forus raised $5 million from IDG Ventures and Accel in 2012.

Bangalore-based medical device company Forus Health Pvt Ltd, which focuses on the ophthalmology space, has raised Rs 50 crore ($8 million) from Asian Healthcare Fund and its existing investors Accel Partners and IDG Ventures.

Forus is looking to develop affordable technology solutions which can be used by minimally trained technicians. The portfolio product of the company 3nethra is a pre-screening ophthalmology device. Forus, which was founded in 2010, has sold 200 devices in the country, according to the company.

“We have been impressed with the unique value proposition and management depth of Forus as well as the social impact created by their product 3nethra,” said Ajay Kumar Vij, CEO of Asian Healthcare Fund.

This is the third investment of Asian Healthcare Fund, floated by Dabur Group chairman Anand Burman and former Dabur Pharma CEO Ajay Kumar Vij. The fund, which focuses on the healthcare sector in the country, has also invested in Mumbai-based dental chain MyDentist and primary healthcare chain Healthspring.

“This investment will be crucial in helping us achieve scale through strengthening our supply chain and sales networks, as well as developing new products from our world class R&D facility in Bangalore ,” said K Chandrasekhar, co-founder and CEO of Forus.

This is the second round of funding for Forus. The company raised $5 million from IDG Ventures and Accel India in 2012.

"We believe Forus’ pre-screening technology has the potential to be a game-changer in addressing the issues relating to preventive healthcare globally," said Ranjith Menon, senior vice president, IDG Ventures India.

The medical equipment industry in the country is largely import-dependent with most equipment made by international giants like GE, Siemens and Philips. However, a few Indian companies have come up in the space and the sector is getting and attention from investors.

The medical device companies which have raised funding from investors recently include Trivitron Healthcare (from India Value Fund), BPL Medical Technologies (Goldman Sachs) and Sutures (TPG).