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Biosense Technologies’ uChek To Raise $42,000 Through Crowdfunding

It appears that GSF India-backed Biosense Technologies is looking to raise funds worth $42,000 through a crowdfunding platform for its urine analysis app uChek. For the same, uChek is using Indiegogo funding platform that allows one to contribute as little as $1 to the projects, although higher contributions providers users with specific perks depending upon the contribution. At the time of writing this article, uChek has raised $5,777 from the platform.  It's not clear why Biosense Technologies chose to raise funds through a crowdfunding platform instead of raising funds from new or existing venture capital funds. Note that in March 2013, it had raised $500,000 of funding from GSF India and Insitor Fund and $150,000 from GSF Superangels network in March 2012 and was one of GSF’s first batch of startups. GSF has participated in the both the funding rounds. It's also not clear how the company plans to use the funds raised. We have contacted Myshkin Ingawale, co-founder at Biosense Technologies,  and will update the article once we get a response. Raising funds or driving traction? We believe that the intention here is not to raise funds as the target amount of $42,000 seems to be way too low. The company instead might be looking to test the popularity of the product or see if they can drive traction. The company provides perks to contributors who contribute more than a certain amount. For example, consumer who contributed $25 would receive an Original uChek kit and app that allows one to track 10 parameters in one go, analyze, trend, and email. The company…

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