This raise will help the company to accelerate the development of their products, establish clinical trials, and enable early market tests.
Astrek Innovations, a healthcare startup working on rehabilitation and assistive robotics, has raised Rs. 75 lakhs in a funding round led by IAN Fund. This raise will help the company to accelerate the development of their products, establish clinical trials, and enable early market tests. The Kannur-based company is incubated by CIE, IIIT Hyderabad and supported by Kerala StartUp Mission (KSUM), the Kerala State’s nodal agency for entrepreneurship development.
Astrek Innovations is also looking at strategically hiring new talent in the coming months to accelerate the pace of activities. Besides expansion to multiple verticals, the company will also be working on developing an efficient R&D division.
Founded by Robin Kanattu Thomas and Jithin Vidya Ajith, Astrek has been working on an exoskeleton-based wearable suit, Unik Exo, since its inception in September 2018. The company aims to aid in rehabilitation and provide assistance to people suffering from or living with lower limb disabilities. With the global exoskeleton market expected to reach USD 3,340 million by 2027, Astrek Innovations’ vision is to create a portfolio of advanced technology-enabled devices in the assistive technologies sector. The company wants to bridge the gap between the common man and quality healthcare.
Speaking on the development, Robin Kanattu Thomas, Co-Founder, Astrek Innovations said, “We are looking at making smart healthcare accessible to the common man by providing technology-based rehabilitation solutions for mobility challenges. At Astrek Innovations, we aim to help people become independent with the exoskeleton-based wearable suit. With the funds raised from IAN, we want to expand and achieve a smooth go-to-market phase for our product.”
Prior to the recent funding, Astrek Innovations has received multiple grants for various projects over the years, including the Kerala Startup Mission Ideation and Productisation Grants and the Nidhi Prayas Grant from CIE, IIIT Hyderabad.
“Leveraging technology, Astrek Innovations is aiming at increasing the quality of treatment available to people with walking disabilities. The company has adopted a data-driven approach that will help hospitals, physicians, and patients to make informed decisions, thus leading to faster recovery. We are delighted to partner with Robin & Jithin, a Co-Founder team focused on both innovation and bring their product to market very quickly,” said Padmaja Ruparel, Founding Partner, IAN.
Expatiating on fundraise, KSUM added, “IAN Fund is actively involved in the Kerala Startup ecosystem through its association with KSUM. IAN’s engagement with Kerala startups through various initiatives of KSUM has been very helpful. Investments in Astrek Innovation will be encouraging to the Healthcare startup ecosystem in the state.”
Source: Business World