Healthtech Startup Astrek Raises INR 75 lakh From IAN Fund
The funds will be utilized to accelerate the development of its products, establish clinical trials and enable early market tests
Astrek Innovations, a healthcare startup working on rehabilitation and assistive robotics, has raised INR 75 lakh in a funding round led by IAN Fund. The funds will be utilized to accelerate the development of its products, establish clinical trials and enable early market tests. The Kannur-based company is incubated by CIE, IIIT Hyderabad and supported by Kerala StartUp Mission (KSUM), the Kerala State’s nodal agency for entrepreneurship development.
Besides expansion to multiple verticals, the company will also be working on developing an efficient R&D division. Founded by Robin Kanattu Thomas and Jithin Vidya Ajith, Astrek has been working on an exoskeleton-based wearable suit, Unik Exo, since its inception in September 2018. The company aims to aid in rehabilitation and provide assistance to people suffering from or living with lower limb disabilities. With the global exoskeleton market expected to reach $3,340 million by 2027, Astrek Innovations’ vision is to create a portfolio of advanced technology-enabled devices in the assistive technologies sector. The company wants to bridge the gap between the common man and quality healthcare, it said in a statement.
“We are looking at making smart healthcare accessible to the common man by providing technology-based rehabilitation solutions for mobility challenges. At Astrek Innovations, we aim to help people become independent with the exoskeleton-based wearable suit. With the funds raised from IAN, we want to expand and achieve a smooth go-to-market phase for our product,” said Robin Kanattu Thomas, co-founder, Astrek Innovations.
“Leveraging technology, Astrek Innovations is aiming at increasing the quality of treatment available to people with walking disabilities. The company has adopted a data-driven approach that will help hospitals, physicians and patients to make informed decisions, thus leading to faster recovery. We are delighted to partner with a team focused on both innovation and bringing their product to market very quickly,” said Padmaja Ruparel, founding partner, IAN.
Prior to the recent funding, Astrek Innovations received multiple grants for various projects over the years, added the statement.