Indian Angel Network (IAN) led a new fundraising round that brought in $2 million for medical device startup Noccarc. IIT Kanpur, the Technology Development Board (TDB), and SIDBI (Small Industries Development Bank of India) were also involved in the round.
In addition, the funding round welcomed Hero Enterprises Chairman Sunil Munjal as a distinguished investor.
The money raised will be utilized to accelerate Noccarc’s development and diversify its line of products. The company states that the funding round will support R&D projects, help break into new markets, improve customer service, and establish sales and distribution networks in major cities.
Noccarc, a company founded by Harshit Rathore, specializes in the development and production of expensive critical care medical equipment, such as patient monitors and ventilators for intensive care units. The company also provides a digital platform that allows physicians to digitize records, access device data remotely, and incorporate AI-based services in the future.
The company intends to develop a wide range of products, starting with critical care, and has a robust research and development unit. Noccarc has filed for 19 more patents related to its novel technologies, bringing its total number of patents to seven. Additionally, the business recently received permission from the Central Drug Standard Control Organization (CdSCO) to produce and market these regulated goods in India.
With the goal of becoming global, the startup, Noccarc, is expanding its product portfolio and boasts of having worked with a wide range of hospitals to supply over 3,600 ventilators throughout India.
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