Philadelphia and Mumbai-based health technology startup, UE Lifesciences, has raised a strategic investment of $1.2 million. The round was led by Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon. Existing investor Unitus Seed Fund also took part in the round.
The funding will be used to increase its operations in India and expand development in the mobile-based health devices segment. UE LifeSciences has successfully established its facility in Mumbai under the Make in India campaign to manufacture devices for the Indian market.
Based in US and India, UE LifeSciences was founded in 2009 by Mihir Shah. Its flagship product, iBreastExam is a portable, radiation-free device that can be used anywhere. The device essentially performs bilateral breast examinations and claims to provide results under five minutes.
Commenting on the investment, Kiran Mazumdar-Shaw, Chairman and MD, Biocon said,
“Breast cancer is the most common cancer in women worldwide and early-detection is critical. In India, one in two women newly diagnosed with breast cancer succumb to it; a staggering statistic that can be dramatically improved with early intervention. UE LifeSciences’ affordable, high-tech iBreastExam device is uniquely positioned to address this challenge effectively in both, urban and rural India.”
The device is currently available in select cities (Delhi NCR, Mumbai, Hyderabad and Chennai) through SRL Diagnostics, Medall, Metropolis labs, and Portea Home Healthcare. With recent approval from the National Health Systems Resource Centre (NHRSC) of India, iBreastExam will accelerate into mainstream healthcare.
The health tech startup is also working with non-profits to enable early detection tests for India’s underserved population. The device has been successfully piloted in Rajasthan, Delhi and Maharashtra state governments. Over 20,000 women have received the iBreastExam test in India. According to Dave Richards, Co-Founder and Managing Partner, Unitus Seed Fund.
Prior to this, UE LifeSciences raised $3 Mn (INR 19 Cr) as Seed funding in October 2015 led by Aarin Capital and Unitus Seed Fund. In addition to that, the company had also received a grant of $75K (INR 50 Lakhs) as a part of Unitus Seed Fund’s StartHealth programme.