Healthtech Startup 4baseCare Secures $6 Mn in Series A Funding, Eyes Global Expansion
- ByStartupStory | August 12, 2024
Bengaluru-based healthtech startup 4baseCare has successfully raised $6 Mn (approximately INR 50 Cr) in its Series A funding round, led by Yali Capital. The round also saw participation from a host of undisclosed investors.
The company plans to utilize the fresh capital to enhance its product offerings, focusing on developing genomics and digital health solutions. In addition to this, 4baseCare is setting its sights on global expansion, with a particular focus on the Asian and Middle Eastern markets.
In a statement, the company revealed its plans to establish genomics laboratories in the Philippines, Nepal, and Dubai. These labs will bolster 4baseCare’s capabilities in delivering precision oncology solutions across these regions.
Founded in 2018 by Hitesh Goswami and Kshitij Rishi, 4baseCare has been at the forefront of developing precision oncology solutions by leveraging advanced genomics and next-generation digital health technology. Precision oncology is a tailored approach to cancer treatment, ensuring that therapy is specifically designed according to a patient’s unique cancer profile.
Back in 2021, the company raised $2 Mn in a Pre-Series A funding round to increase the utilization of genomic tests in oncology. Speaking to Inc42 in 2020, Goswami emphasized the unique positioning of 4baseCare in the market: “Most companies in the space today provide diagnostic tests, based on global genomics data. Even if a majority of the companies do provide genomics solutions in cancer care, it is just a tiny speck in their large portfolios.”
This latest development comes at a time when healthtech startups focused on cancer care solutions in India are attracting significant investor interest. For example, last month, biotech startup Immuneel Therapeutics secured around $12 Mn (approximately INR 100 Cr) from Taiba Middle East FZ LLC. Additionally, Icanheal raised INR 15 Cr (around $1.8 Mn) in a seed funding round to offer customized healthcare financing solutions for cancer patients.
The growing investor interest in this sector is underscored by alarming statistics from the National Centre for Disease Informatics and Research (NCDIR). According to the NCDIR, approximately one in nine people in India is expected to face a cancer diagnosis during their lifetime. In 2022 alone, the projected number of new cancer cases in India was 1,461,427, with an incidence rate of 100.4 per 100,000 individuals.
Follow Startup Story
Related Posts
