News Column

Ventureast Tenet Fund Invests In OneBreath

January 29, 2014

Bangalore based medical device company OneBreath has raised $3 Mn from Ventureast Tenet Fund and angel investors.The funds will be used to expand company's footprint into India, Africa and Eastern Europe and also to get regulatory approvals in the US and Europe.Last December, it had secured investment from Chennai-based social enterprise incubator Villgro.Cofounded by Vijay Simha, Matthew Callaghan and Bryan Loomas, OneBreath is a medical device company which is developing an innovative low-cost, portable mechanical ventilator that improves ICU care for patients.The company was incubated in Stanford and has tied up with hospitals in India, where such ventilators are in short supply.Ventureast is a multi-stage Indian VC fund manager with close to $300 Mn under management. It has enabled over 60 businesses in Technology, Life Sciences and emerging sectors to become leaders in their individual spaces.It has made investments in healthcare sector including companies like Portea Medical, Evolva, Neurosynoptics, Mardil Medical, Richcore, Bioserve etc.The Indian medical device and equipment market is expected to grow to around $5.8 Bn by 2014 and $7.8 Bn by 2016, growing at a CAGR of 15.5%. Currently valued at $4.4 Bn, India's medical device market is currently the fourth largest market in Asia with 700 medical device makers, and ranks among the top 20 in the world.In this space, Goldman Sachs had invested R110 Cr in BPL Medical Technologies to further expand the company's medical device business. Also, Asian Healthcare Fund, Accel Partners and IDG Ventures had invested R50 Cr in ophthalmic screening device company, Forus-Nextbigwhat

For more stories covering the world of technology, please see HispanicBusiness' Tech Channel

Source: DealCurry (India)

Story Tools