Dehradun-based medtech company Sunfox Technologies, which developed the Spandan portable ECG platform, has raised $7 million (approximately ₹67 crore) in a Series A funding round co-led by Ashish Kacholia, Lashit Sanghvi, Alchemy Capital and 3one4 Capital.
In August 2024, the startup raised ₹15 crore in a pre-Series A round led by Venture Catalysts, with participation from Finvolve through the IA Growth Opportunities Fund I and Brew Opportunities Fund, Universal Group, RP Singhvi Group and other investors. Sunfox also secured investments from all five Sharks during the first season of Shark Tank India.
According to a press release, the latest funding will support the company’s next phase of growth, including expanding its presence across India, building global go-to-market capabilities, scaling its team and continuing investments in research and development.
Founded in 2016 by Rajat Jain, Arpit Jain, Saurabh Badola, Nitin Chandola and Sabit Rawat, Sunfox develops portable, AI-enabled healthcare solutions aimed at improving access to diagnostics, particularly in cardiac care.
Its flagship Spandan range comprises portable, medical-grade ECG devices designed for hospitals, clinics, telemedicine networks and home-based patient monitoring. The technology allows ECG recordings to be taken closer to patients and can identify cardiac patterns that may require further medical evaluation.
Over the past decade, the company has developed multiple Spandan solutions for individual users, healthcare professionals and institutions. These products are used for home-based ECG recording, clinical and hospital diagnostics, public health programmes and remote-care networks.
Sunfox says it operates in more than 15 countries, while its products have reached healthcare providers across over 1,800 PIN codes in India. Its technology can also be deployed in public health systems through a hub-and-spoke model.
The company reports that approximately 60,000 Spandan devices have been deployed across India, covering more than 20,000 villages across states and union territories. Its Spandan One platform has been used to screen around 5 million patients annually.
Sunfox competes with companies such as AliveCor and Tricog in the cardiac monitoring and diagnostics market. The broader portable diagnostics sector has also attracted investment, with Monitra Health raising fresh capital this year for its remote cardiac monitoring platform. Meanwhile, Molbio Diagnostics is expanding point-of-care diagnostics through its battery-operated Truenat platform.
