Medical devices startup, Consure Medical secures funding from IAN and India Innovation Fund

Tech

Medical devices startup, Consure Medical secures funding from IAN and India Innovation Fund

Indian Angel Network and India Innovation Fund have invested in Consure Medical, a Delhi based company which has developed a new standard of care for the management of fecal incontinence in non-ambulatory patients. The Series A round was led by India Innovation Fund and Hemant Kanakia of Indian Angel Network. Other prominent co-investors in the round include India Venture Partners, Shrikumar Suryanarayan and Saurabh Srivatsava.

Consure Medical was co-founded in 2011 by Nishith Chasmawala and Amit Sharma. Prior to Consure, the duo have commercializconsureed seven products for the US, EU and Japanese markets and have cross-functional leadership experiences from Cordis Corp. (J&J), Kyphon, Inc. (acquired by Medtronic) and Vascutech, Inc.

Consure Medical has developed a novel, disruptive technology that will benefit more than 16 million patients in India and over 100 million patients worldwide. The company competes in the $7 Billion fecal incontinence market with a differentiated product that has patent protection in all key geographies. The company will use the investment to complete product development, execute their clinical & regular strategy, and commercialize its proprietary technology.

“Consure Medical is a very unique technology enabled startup. The company has developed a sophisticated medical device that can be positioned as a consumer centric consumable device. Cannibalizing the adult diaper market will be huge. The team has deep domain knowledge of the medical device industry. We look forward to help them scale-up and support them.”, mentions Rajesh Rai, CEO, India Innovation Fund who joins the board.

It is the first startup emanating from the Stanford-India Biodesign program. Dr. Sandeep Singh, faculty at AIIMS, Nish and Amit, invented the core technology while they were fellows in the SIB program. Prior to the Series A investment, the founders bootstrapped the company using grants from Stanford-India Biodesign, Department of Biotechnology and a corporate grant from Johnson & Johnson.

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