Mumbai based Biosense Technologies has raised $500,000 of funding from GSF India and Insitor Fund. It’s not immediately clear as to how the company plans to use the funds raised.
We have contacted Biosense for more details on this investment and will update the post once we get a response. Update: Biosense founder Myshkin Ingawale has informed that they plan to use this investment to improve the infrastructure around its products ToucHb and uChek.
Prior to this investment, Biosense had raised $150,000 from GSF Superangels network in March 2012 and was one of GSF’s first batch of startups.
ToucHb is a handheld needle-free battery operated device that allows screening for anemia disease and allows treatment monitoring on a regular basis. The company’s website suggests that the ToucHb is available in India as a pre-release, however there is no specific information regarding this.
On the other hand, uChek is an urine analysis iOS app which allows physicians and patients to analyse urine for various parameters like glucose, ketones and leukocytes. Users can dip an urine dipstick in an urine sample and place it next to the washable color mat to take pictures of these dipsticks using the phone’s camera at certain intervals. The app then compares the color palates on the washable mat and the dipstick and analyses it to provide results. (Video Demo)
Monetization: Biosense currently has two ways for monetization – Selling the ToucHb devices to hospitals & clinics and through the sales of uCheck app and the washable mat. The company says that uChek is available on the iTunes App store for $0.99 and will be shortly available on Google Play Store. While we weren’t able to locate the app at the writing this article, a TechCrunch report suggests that the app is awaiting Apple’s approval. Interestingly, it also mentions that the app is currently being tested in a Mumbai hospital.
Going forward, the company plans to provide value added services from life sciences and pharma companies and specialist collaboration opportunities for alternate revenue streams.
While we are not familiar of any Indian company offering a similar solution, Denmark-based LineHQ offers a similar iOS app called Piddle. Strangely though, even Piddle doesn’t seem to be available for download from the iTunes store, at the time of writing this article.