|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
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: ...
Oct. 24, 2014 09:30 PM EDT Reads: 1,061
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do today to safely move to software-defined network and compute architectures, including: How normal ope...
Oct. 24, 2014 07:00 PM EDT Reads: 1,424
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
Oct. 23, 2014 11:45 PM EDT Reads: 2,587
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff hap...
Oct. 23, 2014 07:45 PM EDT Reads: 1,605
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
Oct. 23, 2014 06:15 PM EDT Reads: 1,631
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
Oct. 23, 2014 05:45 PM EDT Reads: 1,552
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 22, 2014 09:00 PM EDT Reads: 1,465
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Oct. 22, 2014 01:00 PM EDT Reads: 1,531
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Oct. 22, 2014 12:00 PM EDT Reads: 1,555
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
Oct. 22, 2014 11:45 AM EDT Reads: 1,581
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Oct. 22, 2014 07:00 AM EDT Reads: 1,676
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
Oct. 21, 2014 09:00 PM EDT Reads: 1,513
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
Oct. 21, 2014 08:45 PM EDT Reads: 1,460
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
Oct. 21, 2014 07:30 PM EDT Reads: 1,555
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
Oct. 21, 2014 06:00 PM EDT Reads: 1,548
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
Oct. 21, 2014 05:15 PM EDT Reads: 1,618
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
Oct. 21, 2014 05:00 PM EDT Reads: 1,575
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
Oct. 21, 2014 01:45 PM EDT Reads: 1,617
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
Oct. 21, 2014 09:30 AM EDT Reads: 1,665
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
Oct. 20, 2014 10:00 PM EDT Reads: 1,781