Asian Healthcare Fund leads Series B for Forus Health
Asian Healthcare Fund (AHF) has led a INR500 million ($8 million) Series B round of investment in Forus Health, a Bangalore-based firm that develops affordable medical technology for eye treatment.
Existing investors Accel Partners and IDG Ventures India also took part in the round. They provided $5 million in Series A funding in 2012.
Forus was founded by Dr. Shyam Vasudeva Rao and K. Chandrasekhar in 2010. The company's flagship product is 3nethra, a portable eye-screening device that detects common eye problems in less than five minutes. The device is also able to connect online to ForusCare, a cloud-based medical application used for diagnosis.
The product - which pre-screens five eye conditions that account for nearly 90% of blindness in India - is designed to be used by a minimally trained technician and can be easily deployed to remote areas where access to eye care is limited.
According to release, it has already gained traction globally with more than 220 installations across 14 countries. The company aims to screen 20 million people over the next three years.
"We have been impressed with the unique value proposition and management depth of Forus as well as the social impact created by their product 3nethra," said Ajay Kumar Vij, CEO of AHF.
Set up in 2010 and based in New Delhi, AHF is a growth-stage private-equity fund that invests exclusively into India's healthcare and life sciences sectors. Previous investments include dental care chain Mydentist and Wellspring Healthcare.
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