Unicorn India Ventures (UIV), a deep tech-focused fund house announced a partial exit from neo-diagnostics startup Sascan Meditech. UIV had invested Rs 2 crore spread across 2 rounds. The first investment was made in 2020.
The partial exit from Sascan has generated 6X returns for the Fund as UIV continues to hold a substantial stake in the company. Thiruvananthapuram-based Sascan Meditech is an emerging healthcare innovation company founded in 2015 by Dr Subhash Narayanan, a laser scientist with an interest in the development of Biophotonics products. The primary objective of the company is to develop affordable healthcare products and solutions for cancer care based on Biophotonics and allied technologies.
Sascan has two distinct products: OralScan (the first multimodal image-capturing device that uses multi-spectral imaging technology at its core for non-invasive and real-time screening of oral cancer and biopsy guidance) and CerviScan (a product developed to replace the conventional digital colposcopy).
UIV invested in the company in 2020 and was the first institutional investor. The Fund invested in Sascan again in 2021.
A press release stated that Time Medical Digital Health and Imaging Ventures, a player in the fast-growing imaging diagnostic segment, are doing a secondary and primary in Sascan. Along with UIV and Time Medical Sascan aims to scale up and grow faster.