InfoEdge’s RedStart Labs Makes Significant Investment in Health Tech Startup BrainSightAI
- ByStartupStory | July 10, 2023
RedStart Labs (India), a wholly-owned subsidiary of technology company InfoEdge, has made a significant investment of nearly Rs 1 crore in Bengaluru-based health technology startup BrainSightAI, according to a filing with the BSE on Monday.
As per the filing, RedStart Labs now holds a 4% stake in BrainSightAI on a fully converted and diluted basis. However, due to the nature of the investment as convertible notes, the exact aggregate shareholding of the company after this investment cannot be estimated at this time.
The filing stated, “RedStart has agreed to invest an aggregate amount of Rs 98,94,000 by way of subscribing to convertible notes. Since the note would be converted into shares in the next round basis the valuation at that time, aggregate shareholding of the company through RedStart, post this investment cannot be estimated at the time of making the intimation.”
InfoEdge, the parent company of online classifieds platforms like Naukri.com, Jeevansathi.com, and 99acres.com, made the strategic investment through its subsidiary RedStart Labs.
BrainSightAI, incorporated in 2019, specializes in providing evidence-based treatment hooks for neurosurgeons, psychiatrists, and neurologists using artificial intelligence technology. The startup’s innovative solutions aim to enhance the treatment process and outcomes in the field of neuroscience.
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