Healthcare IoT startup Evelabs Technologies on Wednesday said it got investment worth USD 200,000 from JITO Angel Network and Smart Sparks Angel Network under Venture Way Sports Ecosystem, besides half-a-dozen individuals.
The six-year-old firm founded by Sanjai Rajendran, Sruthy Gopal and Vishnu M S is based in Kerala Technology Innovation Zone, near here.
Housed in Maker Village at Kalamassery, the company’s pilot product is Dripo, which is a connected infusion monitor that helps healthcare practitioners set, manage and monitor infusion therapy at ease.
The investment comes at a time when, according to RedSeer Consulting, India’s e-health industry’s gross merchandise value is poised to reach between USD 9 billion to 12 billion by 2025, and USD 40 billion by 2040.
“The growth shows a huge opportunity for companies in this segment,” according to Anoop Ambika, CEO of Kerala Startup Mission (KSUM), which is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state.
The 2016-founded Evelabs is working on connected devices for in-patient experience and safety in hospitals and home cares. Its pilot product Dripo, which has over 99 per cent accuracy in drop detection, is a connected infusion monitor that does not need calibration and costly infrastructure. Evelabs has set up its ISO13485-certified production facility for the products in Maker Village.
The company is supported by organisations such as TIMED-Sree Chitra Institute of Medical Sciences, IITMK Maker Village, Kerala Startup Mission, IKP Hyderabad, DERBI Foundation, BIRAC and Department of Biotechnology.