Prantae Solutions, a deep-tech company focused on revolutionizing healthcare diagnostics, has raised Rs 5 crore in seed funding. This funding round was led by the Indian Angel Network (IAN) Group, with additional participation from investors such as IAN Alpha Fund, Samir Kalia, Deepank Kumar, and Nitin Zamre. The fresh funds will enable Prantae to expand its product offerings and enhance its research and development efforts.
New Funds to Drive Innovations in Kidney Health and Diabetes Care
The newly secured capital will be utilized to develop complementary diagnostic solutions for kidney health and diabetes care. Prantae Solutions plans to enhance its product portfolio by adding cutting-edge, point-of-care diagnostic solutions that focus on timely and accurate health assessments.
With a mission to empower healthcare through innovation, the company aims to create affordable solutions that improve accessibility and outcomes for patients with chronic conditions.
Focus on Research and Development
The seed funding will also allow Prantae to increase its investments in research and development, an area that is crucial for its growth and long-term success. As part of its expansion strategy, Prantae is looking to break new ground by developing diagnostic technologies that are not only accurate but also cost-effective and user-friendly.
The company’s innovative approach to healthcare aims to revolutionize the way chronic conditions are detected and managed, contributing to better patient outcomes and reducing healthcare costs.
Prantae’s Flagship Product and Technology
Prantae’s flagship product, Proflo-U, is a diagnostic solution designed to assess kidney health by measuring microalbumin and proteinuria levels. This product stands out because of its globally unmatched detection range, thanks to the use of proprietary nanosensors, IoT, and AI technology.
Unlike traditional diagnostic tools, Proflo-U is calibration-free and offers cost-effective, point-of-care testing that is simple to use. This product is aimed at transforming kidney health management by providing actionable insights that can lead to early detection and proactive care.
Prantae’s deep-tech approach to healthcare diagnostics is one of the key reasons it has attracted such strong investor interest. By combining nanosensor technology with AI, the company hopes to reduce the complexities and high costs typically associated with healthcare testing.
Expanding the Point-of-Care Diagnostics Market
The point-of-care (POC) diagnostics market in India is experiencing significant growth. Market research indicates that this segment, valued at $1.41 billion in FY2024, is projected to grow at a compound annual growth rate (CAGR) of 8.47%, reaching $2.71 billion by FY2032. On a global scale, the POC market is expected to grow from $30.87 billion in 2023 to $51.19 billion by 2032, making it an attractive space for investors and innovators like Prantae Solutions.
By tapping into this growing market, Prantae aims to not only solidify its position in the domestic market but also expand to international markets in the future.
Transforming Healthcare Accessibility
Prantae Solutions was founded in 2015 by Sumona Karjee Mishra and Aseem Mishra. Since its inception, the Bhubaneswar-based company has been committed to breaking barriers in medical accessibility, particularly for those affected by chronic conditions such as kidney disease and diabetes. The company’s ultimate goal is to make high-quality healthcare accessible to a larger population, especially in underserved regions.
Prantae’s focus on developing next-generation diagnostic products is aligned with the company’s mission to bring healthcare solutions that are both affordable and scalable. Through its innovations, the company hopes to enhance early detection and proactive management of chronic conditions, thereby improving the overall quality of life for millions.
Looking Ahead: Prantae’s Vision for the Future
With the seed funding in place, Prantae Solutions is poised for growth. The company plans to establish a solid domestic presence and build its brand as a leader in point-of-care diagnostics. After solidifying its base in India, Prantae is eyeing international markets to expand its reach and bring its life-changing products to a global audience.
As healthcare accessibility continues to be a pressing concern worldwide, Prantae’s efforts to create affordable, accurate, and user-friendly diagnostic tools could play a pivotal role in reshaping the healthcare landscape.
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