Bangalore-based opthalmic products company, Remidio Innovative Solutions Pvt Ltd, has raised series B round of funding from domestic HNIs and Cipher-Plexus Capital Advisors. The financial details of the investment have not been disclosed.
Founded 2009 by Anand Sivaraman and Pramod Kummaya, Remidio, is an ophthalmic products company that aims to offer products at affordable prices.
The freshly infused capital would be used to scale the business in both the Indian and International markets.
The company was initially funded by Wellcome Trust, UK for development of its key initial technologies.
Commenting on the development, Sivaraman said, “Given their inherent simplicity, portability and ease of use, Remidio’s products have the potential to revolutionise the eye health imaging market, valued at over $1.5 billion worldwide, besides having a significant impact on preventable blindness that affects more than 285 million worldwide.”
The company has commercially launched two of its products – the smartphone based Fundus on Phone (FOP) and Angio on Touch (AOT) Diagnostic Imaging System, and is currently gearing up to launch more products in the market.