[Funding Alert] Healthcare Analytics Start-Up Tricog Raises $10.5 Mln In Series B Round

The company will use the new funds to develop its platform further for faster diagnosis, expand the product line and strengthen its presence in Africa and Asia.

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Tricog, a healthcare analytics provider, has raised $10.5 million in a Series B round from The University of Tokyo Edge Capital (UTEC), Aflac Ventures, TeamFund, and Dream Incubator. Existing investors Inventus Capital and Blume Ventures also participated in the round.

Tricog Co-Founders Dr. Zainul Charbiwala, Abhinav Gujjar, Dr. Udayan Dasgupta, and Dr. Charit Bhograj (L-R)

Founded in 2015 by Charit Bhograj, Zainul Charbiwala, Udayan Dasgupta and Abhinav Gujjar, the Bengaluru-headquartered company provides virtual cardiology services to remote clinics, bringing together artificial intelligence and medical experts. Its InstaECG platform has been deployed in over 2,500 Cath Labs, Hospitals, Clinics and Diagnostic Centres.

“Through this round of investment, we reinforce our commitment to strengthen our AI-powered platform for faster diagnosis, expand our product line and establish strong presence in Africa and Asia including India, China and Japan,” said co-founder and chief executive officer Bhograj, in a statement.

Expansion Since Series A

The company said this round of investment comes two years after its Series A round and takes the total funding raised to $17.5 million. Since the last round, the company has expanded to more than 12 countries in Southeast Asia and Africa. Its platform has been used by more than 3 million patients globally for screening, diagnosis and wellness of acute and chronic heart diseases.

The platform has also been deployed across both government and private health care networks and Tricog claims it has demonstrated a significant reduction in mortality.

“Tricog is a shining illustration of a multidisciplinary deep-technology innovation originating in Asia while solving a large global unmet need,” said Noriaki Sakamoto, partner at Japan’s UTEC, which also led the Series A round in 2018. UTEC also supplements Tricog with Japanese medical device partnerships and research collaborations.

Recently, Tricog launched the InstaEcho platform for remote echocardiography with a focus on enabling point of care cardiac ultrasound for the diagnosis of heart failure, valvular heart disease and screening for congenital heart disease. The company said it is currently awaiting regulatory approval for its proprietary DeepRhythm platform for real-time patient monitoring. 

Sanjay Nath, managing partner at Blume, said, “we’ve seen Tricog’s evolution from an India-based ECG healthcare startup to an integrated, AI-driven full-stack ‘virtual cardiologist’ platform.”

Blume, along with Inventus, was among the earliest investors in the company.

“The Tricog team is amongst the most well-rounded we have backed. It is a privilege to have a ringside seat as Dr. Charit, Zainul, Udayan and Abhinav build out a classy healthcare technology company,” said Parag Dhol, director at Inventus Capital.