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Sunfox Technologies, the Dehradun-based medtech company behind the Spandan portable ECG platform, has raised $7 million (approx. Rs 67 crore) in a Series A funding round co-led by Ashish Kacholia, Lashit Sanghvi, Alchemy Capital and 3one4 Capital. The startup had previously raised Rs 15 crore in a pre-Series A funding round led by Venture Catalysts, with participation from Finvolve through the IA Growth Opportunities Fund I and Brew Opportunities Fund, Universal Group, RP Singhvi Group and others in August 2024. It also secured investments from all five Sharks in the first season of Shark Tank India. The fresh funds will be used for the next phase of growth, including expanding its presence across India, developing global go-to-market capabilities, scaling the organisation and continuing investments in research and development, Sunfox said in a press release. Founded in 2016 by Rajat Jain, Arpit Jain, Saurabh Badola, Nitin Chandola and Sabit Rawat, Sunfox Technologies develops portable and AI-enabled healthcare solutions, with a focus on diagnostic access, particularly in cardiac care. Its flagship Spandan series is a portable, medical-grade ECG platform designed for use across hospitals, clinics, telemedicine networks and home-based patient monitoring. The platform enables ECGs to be recorded closer to patients and can flag cardiac patterns that may require further medical attention. Over the past decade, Sunfox has developed a range of Spandan ECG solutions for personal, clinical and institutional use, with applications across home-based ECG recording, clinics, hospitals, public-health programmes and remote-care networks. Sunfox said it has expanded its presence to more than 15 countries, while its products have reached healthcare providers across more than 1,800 PIN codes in India. Its technology can also be deployed through a hub-and-spoke model in public-health systems. The company said around 60,000 Spandan devices have been deployed across India, covering more than 20,000 villages across states and union territories. Its Spandan One platform has been used to screen approximately 5 million patients annually. Sunfox competes with players such as AliveCor and Tricog in the cardiac monitoring and diagnostics space. Meanwhile, Monitra Health has raised fresh capital this year for its remote cardiac monitoring platform. Beyond cardiac care, companies such as Molbio Diagnostics are expanding portable point-of-care diagnostics through its battery-operated Truenat platform.
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