Stepping up in the times of a global outbreak, pivoting business models and bringing effective healthcare solutions, these five startups have been shortlisted for the Healthcare Innovation category for The Economic Times Startup Awards 2020. A high-powered jury consisting of top business leaders, investors and startup entrepreneurs will decide the winners on a virtual meet on August 20.
HEALTHCARE INNOVATION
Prashant Warier, CEO and co-founder, Qure.AI.
Founded: 2016
Founders: Prashant Warier (CEO), Pooja Jay Rao
Based: Mumbai
Key investors: Sequoia Capital, MassMutual Ventures
What it does: Qure.ai develops deep-learning algorithms that interpret radiology images. The company repurposed its product to detect for Covid-19 and quantify the proportion of lungs affected due to lesions, generating reports in less than a minute. It also developed an app for frontline health care providers for contact monitoring and remote triaging of Covid-19 patients. Mfine
Prasad Kompalli and Ashutosh Lawania, co-founders of Mfine (L-R).
Founded: 2017
Founders: Prasad Kompalli, Ashutosh Lawania
Based: Bengaluru
Key investors: Stellaris Venture Partners, SBI Group Japan, Beenext Singapore, Prime Venture Partners
What it does: Mfine is an AI-driven healthcare network offering online doctor consultations. The company has launched a Covid-19 self-assessment tool, along with the option of a video consultation service, which has been used by over 60,000 people. It also offers services for infected patients in home quarantine.
MyLab
Hasmukh Rawal, co-founder, MyLab.
Founded: 2016
Founder: Hasmukh Rawal, Shailendra Kawade
Based: Pune
Key investors: Adar Poonawalla, Abhijit Pawar
What it does: MyLab is a biotechnology company that produces molecular diagnostic detection kits. It became the first Indian firm to receive commercial approval from the Central Drugs Standard Control Organisation to manufacture Covid-19 test kits.
MedGenome
Sam Santhosh, Founder and Chairman, MedGenome.
Founded: 2013
Founders: Mahesh Pratapneni and Sam Santhosh.
Based: Bengaluru
Key investors: Emerge Ventures, Sequoia Capital, LeapFrog Investments, Zodius, Sofina Group
What it does: MedGenome is a genomics and clinical data-driven diagnostics and drug discovery research company. It has partnered with Xcyton Diagnostics to undertake Covid-19 testing at its Bengaluru lab. It has also tied up with US-based SciGenom Research Foundation to analyse DNA sequences and variation data from over 300,000 individuals to predict susceptibility to Covid-19.
1mg
Gaurav Agarwal, Prashant Tandon, and Vikas Chauhan, co-founders of 1mg (L-R).
Founded: 2015
Founders: Gaurav Agarwal, Prashant Tandon, Vikas Chauhan
Based: Delhi-NCR
Key investors: Sequoia Capital, Maverick Ventures, HBM Healthcare Investments, Kae Capital, Omidyar Network India
What it does: 1mg is an online healthcare provider offering e-pharmacy, online consultation and diagnostic services. It was among the first companies to introduce mobile Covid-19 testing vans. It has worked with enterprises to build a standard operating procedure to deal with employees testing positive for Covid-19 and has stepped up efforts to deliver medicines home through its e-pharma unit.
Also read: ET Startup Awards 2020: Nominees for Woman Ahead, Social Enterprise
ET Startup Awards 2020: Nominees for Best on Campus, Comeback Kid
MIDAS TOUCH- Award for Best investor
Encouraging and uplifting the rising startup ecosystem in India, these five entrants have been shortlisted for the Midas Touch category.
Kanwaljit Singh, Founder and MD, Fireside Ventures.
Role: Founder and managing partner
Investment firm: Fireside Ventures
Based: Bengaluru
Key investments: MamaEarth, Licious, Boat, Vahdam Tea
Investment strategy: Singh was the cofounder of one of India’s oldest venture firms, Helion Venture Partners, before launching consumer brands-focused Fireside Ventures. Since 2017, Singh has successfully raised two separate funds for Fireside.
Niren Shah
Niren Shah, MD, Norwest Venture Partners.
Role: MD
Investment firm: Norwest Venture Partners
Based: Mumbai
Key investments: Swiggy, Five Star Finance, Pepperfry, OfBusiness, Kishlay Snacks
Investment strategy: Shah built Norwest into a multi-stage fund that invests across private and public markets. Shah has backed companies across the internet, fin services, consumer, healthcare sectors.
Sudhir Sethi
Sudhir Sethi, founder, Chiratae Ventures India.
Role: Founder
Investment firm: Chiratae Ventures India
Based: Bengaluru
Key investments: Myntra, FirstCry, Curefit, Manthan Systems, Yatra, Newgen Software
Investment strategy: A former IT industry senior executive, Sethi has been at the vanguard of venture capital investing in India. Sethi stands apart from peers in his track record of taking portfolio companies, such as Yatra and Newgen Software, public and for his early bets on Myntra, followed by Curefit.
Jishnu Bhattacharjee
Jishnu Bhattacharjee, MD, Nexus Venture Partners.
Role: MD
Investment firm: Nexus Venture Partners
Based: San Francisco
Key investments: Postman, Druva, H20.ai, Observe.ai, Minio, Helpshift
Investment strategy: Bhattacharjee is among the few Indian VCs to have spotted early on the cross-border SaaS and software product ecosystems. Over the past 12 years, he was able to clock five full exits. Postman, a collaboration platform for API in which he invested in 2015, is now valued at over $2 billion.
GV Ravishankar
GV Ravishankar, MD, Sequoia Capital India.
Role: MD
Investment firm: Sequoia Capital India
Based: Bengaluru
Key investments: Byju’s, Rebel Foods, Prataap Snacks, Five Star Finance, Rupeek
Investment strategy: Ravishankar has had big wins from his early bets on education technology startup Byju’s and Rebel Foods, which runs the Faasos brand. Focused on edtech, food-tech, direct-toconsumer brands and financial services, he backed Byju’s in 2014 and today the Bengaluru-based firm is valued at $10 billion.
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