Sridhar Vembu, founder of Zoho has invested about $10 million in Chennai-based medical device startup vTitan.
Apart from the investment, the company has also helped to develop the user interface and software component for the medical devices of vTitan. Additionally, Zoho is also working with vTitan to develop IoT, AI and machine learning enabled prototypes in the coming months.
Commenting on the investment in vTitan, Sridhar Vembu, founder of Zoho said, “This is a dream that I saw over 10 years back. It is a blessing for us to fund a startup and entrepreneur who is working towards making this dream come true.”
Founded in 2010 by Periyakulam Kasthuri, vTitan manufactures medical devices for hospitals and clinics. vTitan was working along with Zoho in stealth mode for last eight years. So far, the startup has manufactured medical devices like Accuflow SP-550 and Accuflow IBP-550 syringe infusion pumps, which are used to this date in the Critical Care Units (CCU) of hospitals.
The pumps are powered by indigenously developed and patented closed-loop motion control technology for which it owns the technology patent in seven countries including North America, China, UK and India.
The Accuflow SP-550 which works on electricity is priced at Rs 35,000 while the Accuflow IBP-550 includes an integrated battery pack for portability and is priced at Rs 45,000.
“Today, 80% of medical devices used in India are imported. We are attempting to build devices in India, using local talent and technology. The parameters of privacy, security and quality are very high in healthcare. We have had several iterations of the product to ensure it is not a ‘me too’ offering”, said Kasthuri, founder of vTitan.
Medical Device Startup vTitan also expects to receive a CE certification for the devices by March. A CE mark on a product indicates that it complies health, safety and environmental protection standards necessary for sale within the European Economic Area.
The start-up has already completed trials at Apollo Hospitals, Fortis Malar, Sri Ramachandra and Cancer Institute.