- Unicorn India Ventures invested in the company in 2020 and 2021, with a total investment of Rs 2 crore.
- This investment, made through their Rs 300 crore Fund II, has generated 6X returns for the firm.
- UIV will maintain a partial stake in the company.
Mumbai, 17th July 2024: Unicorn India Ventures, a deep tech-focused fund house currently raising its third fund of Rs 1,000 crore, has announced a partial exit from neo diagnostics startup Sascan Meditech. UIV had invested Rs 2 crore across two rounds, with the first investment made in 2020.
The partial exit from Sascan has generated 6X returns for the fund, and UIV continues to hold a substantial stake in the company. Thiruvananthapuram-based Sascan Meditech, founded in 2015 by Dr. Subhash Narayanan, a laser scientist with a focus on Biophotonics products, is an emerging healthcare innovation company. Sascan aims to develop affordable healthcare products and solutions for cancer care using Biophotonics and related technologies, targeting sustainable business models to impact the population at the base of the pyramid.
Anil Joshi, Managing Partner of Unicorn India Ventures, says, “As a fund, we have demonstrated our focus on backing deep tech business models. Our strategy of looking beyond metros to find real innovative solutions with commercial acumen has built a strong track record for our fund. Dr. Narayanan, the founder, is a seasoned entrepreneur combining technology and purpose to provide affordable health innovation for the underprivileged. His solutions for early cancer detection will benefit populations in India and third-world countries.”
“Our decision to continue holding a significant stake in Sascan is a testament to the company’s ability to bring real high-tech medical innovation. With a new strategic investor onboard, we are excited for the future,” he adds.
Sascan has developed two distinct products: OralScan, the first multimodal image capturing device using multi-spectral imaging technology for non-invasive, real-time screening of oral cancer and biopsy guidance, and CerviScan, a product designed to replace conventional digital colposcopy.
Unicorn India Ventures first invested in Sascan in 2020 and again in 2021, being the only institutional investor.
Dr. Subhash Narayanan, Founder and CEO of Sascan, says, “Time Medical Digital Health and Imaging Ventures, a leading player in the fast-growing imaging diagnostic segment, is investing in Sascan, enabling the company to grow and scale faster. We are fortunate to have had Unicorn India Ventures as an early investor, believing in us and working closely throughout our four-year journey. With them and Time Medical onboard, I am confident we will emerge stronger with a range of diagnostics products in the pipeline.”
