Indian Economy News

Versante to raise US$1 mn to push patient care product sales in India

Hyderabad: Versante Software Technologies, an Indian subsidiary of US-based IT consulting and software engineering services company Versante Technologies LLC, is in the process of raising $1 million (around Rs 6.67 crore) in its first round of external funding by the end of March 2016, according to its chief executive officer Kenny Batchu.

“The proceeds from the fund-raising will be invested in the initial promotion, and pan-India marketing and distribution of hand-held and portable patient care devices that we intend to introduce in India during this calendar,” he said. 

Established in 2013, Versante Software has so far been delivering electronic medical records’ outsourcing work to its parent’s clients in the US. It has recently signed an agreement with US-based CardioComm Solutions Inc to distribute HeartCheck PEN, the latter’s FDA-cleared ECG (electrocardiogram) device that can be unlocked to allow patients to view and print their own ECGs, in the Indian market from this month-end. 

Stating that the agreement with CardioComm allows for a first right of refusal for markets including Nepal, Bangladesh, Thailand and Sri Lanka, Batchu said the company was expecting to sell at least 1,500 units of HeartCheck PENs in India this year. 

“The idea is to build awareness among patients on early detection of chronic diseases,” he said, adding that few more patient care devices from T2 Medical Inc (the US), Delta (Denmark) and Mega (Finland) were currently undergoing tests with end users, which would be rolled out in April this year. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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