Wearable Device Healthtech Startup Neuphony Raises Rs 1.1 Cr In Seed Round

The world was suffering from the Covid-19 crisis and that has taken a toll on the mental health of many individuals. In very little time, this smart device has found widespread acceptance.

Wearable Device HealthTech Startup Neuphony has raised INR 1.1 CR in Seed round from ah! Ventures Angel Platform and Others including DERBI Foundation and IIMA CIIE. With 40 investments in 2021 and total 103 investments (in 82 Startups) till date, ah! Ventures total portfolio is of INR 251 CR (~33.5 MN USD) with 11 exits and 21 follow on rounds. ah! Ventures plans to do 45+ investments in 2021 totalling to INR 150+ CR (~20MN USD). 

In less than a year since its launch, Neuphony has become one of the most talked about products in the health and technology space. Sometime in December 2018, Ria Rustagi and Bhavya Madan, founders of Pankhtech, came up with the idea of putting together a wearable device that could monitor brain waves. Together, they started working towards the realization of this ambitious plan diligently. 

Two years of hard work, dedicated efforts and meticulous planning resulted in Neuphony finally getting launched in June 2021. Prior to this, the product had a pre-launch on September 2020. The launch of the product couldn’t have been more well-timed. The world was suffering from the Covid-19 crisis and that has taken a toll on the mental health of many individuals. In very little time, this smart device has found widespread acceptance.

Ria and Bhavya have been lauded for their efforts in bringing out a product that has been designed to make a significant contribution to the healthcare sector. Recently, Neuphony received 1.1 crores in the initial round of funding and that served as yet another testimony to the fact that not only the consumers but investors, too, have faith in it. In the seed round, the company aims to secure an additional investment of Rs. 1.3 crore. 

“We are constantly trying to upgrade the product and figuring out ways to make it reach out to an even larger consumer base. For this, the support of our investors is extremely crucial. I am extremely grateful to DERBI Foundation, CIIE and ah! Ventures for believing in our vision and lending their support.”, said Ria Rustagi , Co-Founder , Neuphony while talking about the support Neuphony has received from investors. 

Neuphony was designed in Germany and has its headquarters in India. While the product boasts of the most advanced technological setup, its manufacturing, marketing and distribution is being looked after by Indian talent. Neuphony is India’s first device to support research and developers for BCI. Their goal is to setup neurocognitive labs across all universities and wellness centers including psychologists in the upcoming years. 

“We have a great team on board and they are the ones who deserve the credit for Neuphony’s success. Our aim was to put together a product that would help people be more aware about their mental health. The kind of faith our investors have shown in us will only help us in sticking to our commitment of making Neuphony better and more accessible”, stated Bhavya Madan, Co-Founder , Neuphony. 

“In these challenging pandemic times, people are under extreme stress, owing to multiple factors. Neuphony is offering an innovative device that aids the brain to relax by meditating, enhances memory power, and attention span too. The founder’s team is not only passionate but also has a blend of complementary skills and experience. Having built and tested the device for international markets, Neuphony is raring to go and we believe they can definitely make a positive impact.”, added Dr. Lakshmi Jagannathan, CEO, DERBI Foundation 

“Neuphony wants to use its innovative neurocognitive technology product for augmenting performance of sports personnel and of professionals who want to perform at the peak levels in Asia and other markets at a reduced pricing and with added subscription plans. They are manufacturing it in India and are strengtning Made in India vision. I strongly feel that there will be many more centres opening for neurocognitive feedback in the next 5 years in the near future in India and Asia with increased number of users and demand for these devices.”, added Dr. Raju Rhee, Venture Partner – ah! Ventures & Deal Lead – Neuphony.

Source: Business World

By AlJazeera