|By PR Newswire||
|January 9, 2014 04:00 AM EST||
BANGALORE, India, January 9, 2014 /PRNewswire/ --
Bangalore-based affordable ophthalmic technology and solutions company Forus Health Pvt. Ltd. (Forus) has successfully raised Series B funding of Rs 50 crore in a round led by Asian Healthcare Fund. Accel Partners and IDG Ventures India, the existing investors, also participated. Unitus Capital was the sole advisor to Forus for the transaction.
Forus was founded in 2010 by Dr. Shyam Vasudeva Rao and K. Chandrasekhar with a mission to address healthcare delivery issues through innovative and inclusive product design, and service deployment. Dr. Shyam was previously the Director Technology at Philips Healthcare and Chandrasekhar was previously the Director Strategy at NXP Semiconductors.
Forus' flagship product, 3nethra, is an integrated, intelligent, affordable, rugged and portable eye screening device that can screen a patient in less than 5 minutes for common eye problems. These devices are integrated with a unique cloud hosted telemedicine application called Foruscare, offering a complete eye care solution platform.
With an extremely low ophthalmologist to patient ratio in India, 3nethra has been designed so that it can be operated by a minimally trained technician, and can be deployed in remote areas, exponentially improving access to quality ophthalmic care. Due to its ease of use and superior technical and imaging capabilities, the device has gained extensive recognition within the Indian ophthalmic community and has also received widespread traction globally, with more than 220 installations across 14 countries till date and has since screened 600,000 eyes worldwide.
"Forus aims to help 20mn people in the next three years by revolutionizing healthcare delivery, adopting a prevention-centric approach and democratizing screening," said Dr. Shyam Vasudeva Rao, the President and CTO of Forus.
"Acceptance from the ophthalmic fraternity and encouragement from our marquee investors motivate us to strive towards fulfilling Forus' mission. This investment will be crucial in helping us achieve scale through strengthening our supply chain and sales networks, as well as developing new products," K. Chandrasekhar, the CEO of Forus, stated.
"3Nethra is a cutting-edge product that can address 1/3rd of the world's population that needs affordable eye testing. With their deep technology background and great execution, Forus has achieved widespread traction internationally. We are excited to partner with Forus on this journey and their success," said Anand Daniel, Principal, Accel Partners.
Ajay Kumar Vij, CEO, AHF said on the occasion, "We have been impressed with the unique value proposition and management depth of Forus as well as the social impact created by their product 3nethra. We look forward to partner with K. Chandrasekhar, Dr. Shyam V. Rao and their team in their journey of building a leading player in the medical devices space in India and globally."
"We believe Forus' pre-screening technology has the potential to be a game-changer in addressing the issues relating to preventive healthcare globally. As early investor in Forus, we are very happy to see the company scale from strength to strength and we remain committed to their chosen growth path," said Ranjith Menon, Senior Vice President of IDG Ventures India.
About Forus Health:
Forus Health Pvt. Ltd. (Forus) is a technology-led innovation company focused on preventive ophthalmic care. Its flagship products, 3nethra Classic and 3nethra Royal, can pre-screen for five ophthalmic ailments which collectively contribute to nearly 90% of the in blindness in India. Forus has seen widespread traction across the global and domestic ophthalmic community, with device installations in 14 countries across the globe.
About Accel Partners:
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams in Palo Alto, California, New York City, London and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has helped entrepreneurs build over 300 category defining companies worldwide. In India, Accel has made investments in companies such as Ace Creative Learning, Babyoye, Collectabillia, enStage, Flipkart, FreshDesk, Forus Health, HealthcareMagic, Kirusa, Mitra, MuSigma, Myntra, Perfint, Power2SME, Probe, PropTiger, QwikCilver, SureWaves, TaxiForSure, Trivone, Vinculum and Virident.
About Asian Healthcare Fund:
Asian Healthcare Fund (AHF) is a New Delhi based growth-stage, healthcare focused, private-equity fund that invests exclusively into India's healthcare and life sciences sectors. AHF was founded in 2010 on the principle that healthcare as a sector is unique in terms of its investment and management complexities and requires a specialized approach. AHF invests across India's healthcare sector, and is focused on companies that are into direct healthcare delivery, indirect healthcare services, medical devices and equipment, diagnostics, pharmaceuticals, R & D services. One of the unique differentiators AHF is its strong team consisting of experienced professionals with diverse & complementary backgrounds. Specifically two senior members of the team have each spent 25 years plus building & scaling up differentiated businesses in the healthcare / consumer industry leading to a deep domain expertise in healthcare, strong business building & operational skillsets and understanding of entrepreneurial mindsets. Other two members of the team have the experience of Private Equity investing in India over multiple economic cycles in India & global markets.
Existing investments by AHF include Mydentist and Healthspring.
About IDG Ventures India:
IDG Ventures India is a leading technology venture capital fund in India. The fund is part of IDG Ventures, a global network of technology venture funds with more than $5.5 billion under management, over 220 investee companies and 10 offices across Asia and North America. By combining the IDG platform - an unparalleled combination of global publishing, market research (IDC), conferences and exhibition resources - with years of hands-on experience in early-stage company building, IDG Ventures India helps its investee companies understand their markets better and achieve leadership position ahead of competition. The IDG Ventures India portfolio companies include Apalya, Aujas Networks, eShakti, Forus Health, iCreate, iProf, Manthan Systems, Myntra, Ozone Media, Perfint, Sourcebits, Valyoo Technologies, Vserv and Zivame.
Mr K Chandrashekhar
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 19, 2014 06:00 PM EST Reads: 1,195
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Dec. 19, 2014 04:45 PM EST Reads: 859
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Dec. 19, 2014 11:30 AM EST Reads: 2,314
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 19, 2014 11:00 AM EST Reads: 1,871
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Dec. 19, 2014 07:00 AM EST Reads: 2,185
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Dec. 19, 2014 06:30 AM EST Reads: 2,178
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Dec. 19, 2014 05:00 AM EST Reads: 1,997
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Dec. 19, 2014 04:00 AM EST Reads: 1,995
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Dec. 18, 2014 09:45 PM EST Reads: 1,034
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 09:00 AM EST Reads: 1,304
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
Dec. 18, 2014 06:00 AM EST Reads: 828
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
Dec. 17, 2014 11:15 PM EST Reads: 1,338
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 11:00 PM EST Reads: 1,392
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 08:00 PM EST Reads: 1,373
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Dec. 17, 2014 06:30 PM EST Reads: 1,276
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Dec. 17, 2014 11:45 AM EST Reads: 1,502
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Dec. 16, 2014 11:45 PM EST Reads: 1,330
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Dec. 15, 2014 11:45 PM EST Reads: 1,694
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 15, 2014 10:30 AM EST Reads: 6,885
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
Dec. 15, 2014 10:00 AM EST Reads: 1,963