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One of the largest Bengaluru-based healthtech startup Cyclops Medtech has now said in a report that they have raised around ₹7.2 crores ($1 million) from some of the leading investors which includes venture capital firm Unitus Ventures and also include some of the existing investor C P Bothra, Founder, COO and MD at Medreich Limited India.
The funds which the company has raised now going to scale installation bases in India and the rest of other parts of the Asia, as the startup expand and become a leader in the space as of now.
Cyclops Medtech was founded by some of the prominient person’s that is Dr Srinivas Dorasala, Ravi Nayar, and Niranjan Subbarao, along with a team of doctors in the year 2015. The startup provides clinical and wearable diagnostic solutions for neuro vestibular conditions with the help of a latest eye-tracking technology.
The startup’s flagship product BalanceEye provides a comprehensive balance assessment solution for diagnosing vertigo and balance disorders, with enhanced accuracy and lower costs, compared to existing technologies.
“In the last 16 months more than 10,000 tests have been performed on BalanceEye platform and many alarming medical conditions like Midbrain infarct, cerebellar vermis atrophy, frontal meningioma, neurovascular cross compression, etc. have been detected. Many of these patients come from rural hinterlands of India,” says Dr Srinivas Dorasala, Co-founder, Cyclops Medtech.
Soon in the coming months, Cyclops Medtech plans to scale up BalanceEye installation in the PAN India by focusing more on tier 2 and tier 3 level of cities. The startup is looking to expand to other markets in Asia with a target of installing 1,000 over the next five years. The startup is also working on other products in the neuro vestibular space.
Cyclops’s current customer base comprises of individual ENT, Neuro and Audiology clinics as well as large hospitals and medical colleges like Sakra World, Amrita Institute of Medical Sciences etc.
