Core Diagnostics, a healthcare start-up, said that venture capital firms Eight Roads Ventures and F-Prime Capital Partners would invest $12 million (Rs 81 crore) in the company. Existing investor Artiman Ventures is also participating in this funding round.
Founded in 2012, Core provides diagnostics services in India and is developing a presence in the Asian and African markets. Core said that it would use the investment to introduce multiple new advanced tests for oncology as well as for other segments such as infectious diseases and gynaecology.
“This new round of capital will stand us in great stead, and I am excited about the journey ahead,” said Zoya Brar, managing director of Core and a sociology major from Lady Shri Ram College. Ms. Brar quit her job at Google and co-founded Core in 2012 along with her colleague Arghya Basu. Mr. Basu studied computer engineering at Jawaharlal Nehru Technological University, Hyderabad.
“Innovation has been a hallmark of our investment thesis on Core.,” said Ajit Singh, Executive Chairman at Core and Partner at Artiman Ventures.
The company said that it had a strong focus on the rapidly escalating oncology disease segment and offers a comprehensive menu of more than 1,000 tests. It said that the tests were conducted at the company’s state-of-the-art laboratory in Gurugram, which is accredited by the National Accreditation Board for Testing and Calibration Laboratories.
