The Indian health-tech startups’ sector has been buzzing with innovation. Most of these ventures focus on search-and-delivery, diagnostics and consultations. Innovation in medtech and medical devices though is extremely rare.
Apart from few startups like Forus Healthcare, Sattva Medtech and Innaccel, hardcore medtech startups are rare. One such innovative startup is Cyclops MedTech. They created a revolutionary diagnostic product for neuro-vestibular conditions. Cyclops MedTech was started in 2015 by two doctors and an entrepreneur, DR Srinivas, Ravi Nayar and Niranjan Subbarao in Bengaluru. They realised that worldwide over a billion people suffer from migraines, epilepsy, ADHD, vertigo and more.
Yet in India, there were very few dizziness and balance assessment platforms and most were present in only tier 1 cities. Cyclops MedTech created BalanceEye, which uses the science of eye-tracking and captures data when the attack occurs. Initially, they made prototype spectacles that had sensors and a tracking camera. The analysis from BalanceEye would help many ENT specialists and clinicians determine the root cause and design the treatment accordingly.
The startup made 150 deals with angel investors in the initial four years. After their first funds, the team of three co-founders were able to include two engineers in their team. After 2018, they bagged their first institutional investment. Till now they have raised $1 million from investors like RevvX Hardware, IOT Accelerator and Unitus Ventures.
They are the market leader with a 62% market share in this sector. In India, they plan to expand in tier 2, 3 and 4 cities. Their customer base includes Sakra World and Amrita Insititute of Medical Sciences. In 2015, they were featured in Tech 30 list. Next year, they were the winner of NASSCOM TechMarch.
They are currently present in 8 countries with 200,000 patients in 350 locations. They seek to capture more markets in Asia and achieve 1000 instalments in the next five years. They are also working on creating three new products in the neuro-vestibular space. Will Cyclops MedTech be able to gain market leadership out of India with its flagship product BalanceEye?
Will Cyclops MedTech be the diagnostic solution for over a billion people suffering neuro-vestibular conditions?