Healthcare IoT startup Evelabs Technologies said today it got an investment of 200,000 US dollars from JITO Angel Network and Smart Sparks Angel Network under venture way ecosystem, besides from half-a-dozen individuals.
The six-year-old firm, which is founded by Sanjai Rajendran, Sruthy Gopal and Vishnu M.S., is based in Kerala Technology Innovation Zone, 20 km north of this city. 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 9 billion to 12 billion US dollars by 2025, and $40 billion by 2040. “The growth shows a huge opportunity for companies in this segment,” notes Shri 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.
Eveslabs founder CEO Vishnu M.S. says Dripo is a handy and portable device that constantly monitors the rate of infusion for variations and blocks, thus helping hospitals improve the process of IV medication through digital transformation. “IV therapy is the most common and effective method of administering medicines, but it is prone to adverse events generated by wrong dosage, especially in resource deficient settings,” he adds.
Eveslabs’s reputation as a medical device company makes it “important for us to collaborate with responsible and matured investors who support the relatively long technology development cycle,” the CEO notes. “We also thank the other investors Varghese Maliekel, Jose Pattara, Thomas Maliekel, SomaKumar Kolathur, Karishma Thakkar and Afsal Salu. With this funding we are planning to scale our sales across India.”
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 setup its ISO13485-certified production facility for the products in Maker Village.
The company is supported by organizations such as TIMED-Sree Chitra Institute of Medical Sciences, IITMK Maker Village, Kerala Startup Mission, IKP Hyderabad, DERBI Foundation, BIRAC and Department of Biotechnology. It is also a recipient of several awards, including CAHO (Consortium of Accredited Healthcare Organizations) Award 2019, Alphagear pitch competition in USA, 2019, Medical innovation awards 2018, KSID Innovation Award 2019, Tie-Con Kerala Pitch Competition 2018 and HDFC Parivarthan Grant for Social Impact 2018. Evelabs was also selected in top 25 startups with social impact for Global innovation challenge-India, Singularity University, 2017, and Best Interaction design project by CII India Design Awards 2016.