Healthtech startup Inito has secured $6 Mn in a Series A funding round led by Fireside Ventures to support the global expansion of its hormone test, build tools for advanced analytics using AI and invest in research and development for new tests.
In the long run, the Bengaluru-based startup aims to offer at-home diagnostic tests for various health concerns through an application.
Founded in 2015 by Aayush Rai and Varun AV, Inito offers tools for at-home health checkups and management. The startup claims that its flagship product is a fertility monitor, which helps women track fertility hormones in 10 minutes and provides advanced personalised analytics about their reproductive health.
“We started Inito to bring a variety of tests for fertility and beyond on a single device at home; empowering people with direct access to health information and a better understanding of their bodies. We look forward to a day where Inito will be present in every household and be as ubiquitous as a thermometer,” the cofounders said in a statement.
They added that the support from Fireside Ventures will not only offer financial backing but also valuable mentorship and strategic guidance.
For its products, Inito uses a combination of hardware, biotechnology and machine learning to improve the accuracy, reliability and density of test strips, allowing them to measure multiple parameters on a single testing platform.
Inito claims that its products are available globally and users have already reported over 10,000 pregnancies and taken over 2.5 Mn tests. Further, it looks forward to grabbing the vast opportunities in a $100 Bn diagnostic testing market.
Before this, the startup raised $9M from investors, including Y Combinator and a dozen physicians and family offices.
Recently, In42’s sources informed that healthtech startup Zivov was in advanced talks to raise around $5 Mn in its Pre-Series A funding round. The startup was looking to raise fresh funds to expand its R&D capabilities across hardware and software, enter the international diabetes-tech market and widen its reach across distribution channels.
In September, mental health platform LISSUN raised $1.3 Mn to expedite its journey towards fulfilling its vision of large-scale mental health solutions, ensuring accessibility for all in need.
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