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 commercialized 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.