Sunfox Technologies Raises ₹15 Crore, Eyes Global Expansion with Spandan

Sunfox Technologies, a health tech startup featured on Shark Tank India, has secured ₹15 crore in a pre-series funding round. This capital will facilitate the global expansion of Spandan, their smartphone-based portable ECG device. The technology aims to democratize heart health, providing accessible and real-time cardiac monitoring.

India –29 August 2024 – Sunfox Technologies, the health tech startup recognized for its appearance on Shark Tank India, has raised an additional ₹15 crore in a pre-series funding round. The round was led by existing investor Venture Catalyst, alongside new investors such as Finvolve through the IA Growth Opportunities Fund I and Brew Opportunities Fund, as well as Universal Group, KP Singhvi Group, and several high-net-worth individuals (HNIs). This funding builds on a previous ₹5 crore investment from USAID through SAMRIDH Health and LetsVenture, bringing the total raised in this round to ₹20 crore.

With this new capital, Sunfox is set for rapid expansion in India and globally, focusing on scaling its flagship innovation, Spandan. Spandan is a smartphone-based portable ECG device that provides clinically accurate 12-lead ECG readings, empowering users to detect heart attacks and monitor cardiac health in real time. Used by over 30,000 individuals across 20 countries, Spandan has already saved more than 10,000 lives through early detection of heart conditions. This technology is proving critical as India confronts a surge in heart attacks post-COVID-19.

''This capital injection will enable us to scale rapidly, both in India and internationally,'' said CEO Rajat Jain. ''It will fuel our growth and bring Spandan into homes and clinics worldwide. We envision a future where heart attacks are as preventable as fevers, with Spandan becoming as ubiquitous as a household thermometer.'' Sunfox, operating from Dehradun, a Tier 2 city, is defying the norm that high-impact health tech innovations emerge only from metro cities. The company has established an advanced in-house R&D and manufacturing facility in the hilly state, capturing global attention from prestigious institutions such as Oxford and Wharton. Sunfox first gained widespread recognition when all five sharks—Namita Thapar, Peyush Bansal, Anupam Mittal, Vineeta Singh, and Ghazal Alagh—invested during its Shark Tank India debut.

''Sunfox represents the future of cardiac care,'' said Dr. Apoorva Ranjan, co-founder of Venture Catalyst. ''We are proud partners in their journey and excited to see them reach new heights with Spandan. Their mission to make heart health accessible globally is truly inspiring, and we believe they are poised to reshape the healthcare landscape.'' Founded in 2016 by Rajat Jain, Arpit Jain, Saurabh Badola, Nitin Chandola, and Sabit Rawat, Sunfox Technologies is rapidly changing the cardiac diagnostics space with Spandan's portability, affordability, and ease of use. This investment will help further the company's mission to democratize heart health and ensure that critical care is accessible anytime, anywhere.

(With inputs from agencies.)