Core Diagnostics, a high-end diagnostics service provider, has announced that it has raised $12 million in its latest funding round from Eight Road Ventures, along with F-Prime Capital Partners and Artiman Ventures.
The funding will be used by the company to expand its operations to other geographies as well as to add new clinical areas with cutting-edge technology. Zoya Brar, Founder, CORE Diagnostics, said,
We will use the investment to introduce multiple new advanced tests for oncology as well as for other segments such as infectious diseases and gynaecology. And I am very proud of what we have achieved in a short span of three years — test menu, customer service and business growth — and have created a trusted brand.
Founded in 2012 by Zoya Brar, CORE Diagnostics provides its service to hospitals and labs in over 60 cities in India and developing Asian and African markets. The company has a strong focus on the rapidly escalating oncology disease segment and offers a comprehensive menu of over 1,000 tests, developed in-house and in collaboration with international partners.
Zoya says that the company has grown rapidly to become one of the largest high-end pathology service providers in India. This is the second round of funding raised by the company. It earlier raised $5 million from Artiman Ventures.
On the funding, Prem Pavoor, Partner at Eight Roads Ventures, says,
The investment in CORE is a reflection of our continued excitement in emerging companies in healthcare solutions. CORE is ideally placed to take advantage of the increasing shift in India and developing countries towards earlier cancer diagnosis and evidence-based medicine.
The diagnostic market in India is an approximately $5-billion industry, with more than a million tests being conducted daily, according to an IBEF 2015 study.