Monitra Health, based at T-Hub in Hyderabad, India, announces the successful closure of its Pre-Series A funding round, securing USD 1.5mn in investment led by Equanimity Ventures and Kotak Alternate Asset Managers. The funding will fuel the growth of Monitra Health’s innovative remote cardiac monitoring platform, upBeat®, designed for both domestic and global markets.
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Monitra Healthcare Private Limited – Team Photo
It is a pioneer in the field, has developed India’s first full-stack remote cardiac monitoring platform built for massive scale. Monitra Health’s flagship product, upBeat®, is a cutting-edge solution aiding in the diagnosis of unexplained fainting, dizziness, and palpitations. The platform’s success among healthcare professionals, including cardiac electrophysiologists, cardiologists, neurologists, and MD physicians, is attributed to its exceptional accuracy in tracings and world-class reporting capabilities.
Key Achievements
Monitra Health has conducted three pre-clinical studies and one clinical study, with results presented at the European Heart Rhythm Association in April 2022. The company holds patents in India and Australia, with global patents pending in the US, the EU, and Canada. Certifications such as ISO-13485 and CDSCO have been obtained, and efforts are underway to secure CE and 510(k) FDA certifications for global market access. Monitra has successfully monitored more than 10,000 patients, analyzed more than 7.5 billion heartbeats over 720,000 hours.
Business Model and Expansion Plans
Operating with a B2B2C model, Monitra Health collaborates with healthcare professionals and medical device channel partners. The company has established a distribution network in Hyderabad, Kerala, Maharashtra, and plans to expand across India. International expansion into SE Asia, Africa, Europe, and North America is on the horizon post-CE and FDA certification.
Vision for the Future
Monitra Health aims to establish upBeat® as the standard for at-home patient monitoring. Over the next five years, the company envisions expanding its platform into various healthcare sectors, including stroke monitoring, step-down ICU, high-risk pregnancy, clinical research, diabetes monitoring, newborn care, and competitive sports.
Next Phase of Growth
This funding round plays a pivotal role in Monitra Health’s next growth phase, focusing on domestic expansion, international certifications, and further product development to monitor various biophysiological signals on the human body, such as brain strokes, oxygen saturation, blood pressure, and respiratory rate.
Key Venture acted as the exclusive financial advisor to Monitra Healthcare for this transaction.
Ravi Bhogu, CEO and Founder of Monitra Health, said, “Monitra Health is thrilled to announce the successful closure of our USD 1.5mn Pre-Series A funding round led by Equanimity Ventures and Kotak. This milestone propels our global mission to redefine continuous cardiac monitoring with upBeat®, our cutting-edge flagship product known for its accuracy and world-class reporting. This investment is pivotal for our growth, driving domestic expansion, international certifications, and innovation in monitoring various bio-physiological signals. Together, we aim to shape the future of healthcare at Monitra Health.”
Rajesh Sehgal, Managing Partner, Equanimity Ventures, said, “Monitra Health is addressing a significant worldwide issue concerning the diagnosis of cardiac disorders. With their innovative IP-backed cardiac monitoring platform, they provide medical professionals with vastly improved diagnostic outcomes. Ravi, Aparna, Sashank and team have shown unwavering dedication in developing this solution and taking it to market. We are excited to join forces with them on the mission of expanding this technology globally. ”
Dhiraj Rajendran, Partner, Kotak Private Equity, said, “Increasing burden on cardiovascular disease in India is a grave issue. We believe that early and accurate detection and diagnosis can aid in better clinical outcomes. Monitra’s indigenously built solution leverages AI/ML algorithms to give real time inputs to prescribers and patients about arrhythmias , further enabling them to take tailored decisions. We are happy to support Ravi, Aparna and team in their endeavour and help Monitra scale to newer heights.”
Nidhi Saraf, CEO and Founder of Key Venture, “Monitra is solving a chronic problem which has far reaching effects en masse. The company has been highly capital efficient in its R&D and the combination of proprietary IoT technology backed by a robust tech platform sets them up for a profitable high growth. The cross-functional founding team of industry experts positions the company as a formidable player in the global health monitoring segment.”
