Eight Roads leads $12m Series B for India's Core Diagnostics
Eight Roads Ventures has led a $12 million Series B round for India-based medical diagnostics services provider Core Diagnostics.
US-based F-Prime Capital Ventures also participated in the funding round, according to a release, as did existing investor Artiman Ventures, which committed $5 million to the company's Series A round in 2013. Core Diagnostics will use the new capital to add more clinical tests to its portfolio, particularly in oncology, infectious diseases and gynecology.
Currently the company, founded in 2012, offers over 2,000 tests covering a range of categories, including cardiology, cancer, infectious diseases, reproductive disorders and endocrine problems. It has offices in 100 cities in India and has plans for further geographic expansion.
"The investment is a reflection of our continued excitement about emerging companies that provide cutting-edge healthcare solutions for the Indian patient," said Prem Pavoor, a partner at Eight Roads. "Core Diagnostics is ideally placed to take advantage of the increasing shift in India and developing countries towards earlier cancer diagnosis and evidence-based medicine."
Eight Roads and F-Prime are both controlled by Fidelity - Eight Roads was known as Fidelity Growth Partners until last year and F-Prime was formerly called Fidelity Biosciences. The two firms have made several investments together in Asia's pharmaceutical industry, backing the likes of Singapore and India-based drug manufacturer Eywa Pharma and Chinese smart antibody developer Adagene.
Several other Indian medical diagnostics services providers have raised private capital in recent years, including TA Associates-backed Dr. Lal PathLabs and CX Partners and Norwest Venture Partners-backed Thyrocare, which filed for IPOs in 2015 and 2016, respectively. In addition, Sequoia Capital committed $20 million in Series B funding last year to genomic diagnostic and research service provider MedGenome.
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