Frontline Strategy Funds leads seed round in AI-based diagnostics platform Cardiotrack

Singapore-based medtech firm Uber Diagnostics, which runs artificial intelligence (AI)-based diagnostics platform Cardiotrack, has raised an undisclosed amount in an extended seed funding round led by private equity firm Frontline Strategy Funds.

A group of undisclosed angel investors also participated in the round.

The company will deploy the fresh capital to grow its customer base in India and international markets, Cardiotrack said in a statement.

Founded in 2014 by Ashim Roy and Avin Agarwal, Cardiotrack is a healthcare diagnostics platform that aims to make heart healthcare more accessible and efficient. The company has a development and manufacturing centre in Bengaluru.

“With the involvement of Frontline Strategy Funds and associated investors, we are confident of increasing our patient scan rate by 10 times within the current year. With the strong industry network and experience, the role of investors will be a booster to our growth trajectory,” Avin Agarwal, CEO, Cardiotrack, said.

Discounting the current funding round, Uber Diagnostics has raised a total capital of $1 million till date. 

The company had previously raised $350,000 in 2018 and $350,000 in 2016 from undisclosed investors, and $300,000 in 2015 from Frontline Strategy CEO and Polaris Networks president Bud Biswas; and chairman of Attune Technologies Ravindran Govindan, according to data from Crunchbase and VCCEdge.

Uber Diagnostics offers an integrated healthcare platform with diagnostic grade certified medical devices, including 12 channel portable electrocardiography (ECG) and remote medical consultation services through its over 50 trained and certified medical professionals.

Cardiotrack has a presence in more than 16 countries and offers portable medical devices, report interpretation and medical consultation for home screening, corporate wellness screening and health camps to support chronic patients.

Global healthcare spending is projected to increase at an annual rate of 5.4% in 2018–2022, according to the statement. 

In the AI-driven health-tech space, companies such as Tricog Health Services and Qure.ai Technologies have raised capital in the recent past.

Earlier this month, healthcare analytics platform Tricog Health Services raised $10.5 million in a Series B round from returning investors the University of Tokyo Edge Capital (UTEC) and Aflac Ventures, the corporate venture capital arm of Columbus, Georgia-headquartered insurance provider Aflac.

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In February, Qure.ai Technologies, which owns and operates artificial intelligence-powered health-tech platform Qure.ai, bagged $16 million in a funding round led by venture capital firm Sequoia Capital India. Innovaccer, a Silicon Valley-based healthcare data analytics platform, raised $70 million in a Series C round of funding led by Tiger Global Management and Steadview Capital.