MUMBAI, July 2022: JITO Angel Network (JAN), the only global community-based Angel network in India, today announced an investment for an undisclosed amount in Kochi -based healthtech company Evelabs Technologies Pvt Ltd (Evelabs) along with a cohort of individual investors.
Evelabs works on simple solutions to improve clinical efficiency, safety, and patient experience in hospitals and home cares. They have developed a connected infusion monitor called Dripo, which helps the nurse to set, manage and monitor infusion therapy at ease.
This is JITO Angel Network’s (JAN) ninth investment in the healthcare technology space, which is revolutionising the way healthcare is accessed in India, especially in small towns and villages. JAN earlier invested in health tech companies such as Comofi Medtech, AADAR, Remedico, Greencure.co, Tablt, S3V Vascular Technologies, Epigeneres, and Aten Porus.
“The healthtech sector in India is getting more and more interesting with the deployment of deeptech tools such internet of things, artificial intelligence, and machine learning. Although we are sector agnostic, we do believe that supporting healthcare start-ups serves a larger goal of providing Indians with better facilities in healthcare,” said Sunil Kumar Singhvi, Vice Chairman, JITO Angel Network.
According to RedSeer Consulting, India’s e-health industry’s gross merchandise value is poised to reach $9-12 billion by 2025 and $40 billion by 2040. The growth shows a huge opportunity for companies in the segment.
“Evelabs’ IoT-enabled solutions to improve clinical efficiency and ensure patient safety is a special draw for us, who are always looking for unique solutions to problems. We are glad to be one of the early-stage investors in Evelabs and support it in its growth journey,” Singhvi added.
Founded by Sanjai Rajendran, Sruthy Gopal, and Vishnu MS, Evelabs’s pilot product Dripo is a connected infusion monitor. Dripo helps healthcare practitioners set, manage, and monitor infusion therapy at ease.
“Though it is the most common and effective method of administering medicines, IV therapy is prone to adverse events generated by wrong dosage, especially in resource deficient settings. Dripo, a handy and portable device that constantly monitor the rate of infusion for variations and blocks, helps the hospitals to improve the process of IV medication through digital transformation,” said Vishnu MS, Founder and CEO of Evelabs.
“Being a medical device company, it was important for us to collaborate with responsible and matured investors who support the relatively long technology development cycle. We thank our lead investor JITO Angel Network and other investors Varghese Maliekel, Jose Pattara, Thomas Maliekel, SomaKumar Kolathur, Karishma Thakkar, Afsal Salu for their confidence in us. We plan to launch other products in the pipeline and this fund raising will help us to scale the sales pan India.” he added.
JAN has been in the forefront of boosting the funding ecosystem for early stage innovated start-ups in the country. The investments supported companies with strong products and services in different early and growth stages of funding. Till date they have supported 66 start-ups who are part of their portfolio and strongly believes to support many more products and entrepreneurs especially in Agritech, Space/Defence and Sustainability.