Bangalore headquartered Forus Health which makes cost effective ophthalmology devices has raised $8 mn (Rs 50 cr) in series B funding from Asian Healthcare Fund and existing investors Accel Partners and IDG Ventures.
K Chandrasekhar, the CEO & Founder of Forus told me that the money will be used to improve its supply chain and take on international markets. The company is also planning new devices.
The company had raised $ 5 mn in Series A in April last year from Accel Partners & IDG Ventures. “At the time, we had only a few installations. We’ve now crossed 220 installations,” Chandrasekhar said. The company has also installed its devices in 14 different countries.
“We set out to solve an India problem. But discovered that it is a problem in the rest of the world as well,” he siad.
Forus was founded in 2010 by Dr. Shyam Vasudeva Rao, former director of Philips Healthcare and K Chandrasekhar the former Director of Strategy at NXP Semiconductors.
The company’s low cost ophthalmology device called 3Nethra can address 1/3rd of the world’s population that needs affordable eye testing, said Anand Daniel, Principal, Accel Partners.
Unitus capital was the advisor to Forus on the transaction.