February 2020: Frontline Strategy Funds, a Singapore based Private Equity platform has led an investment in MedTech Company Cardiotrack which offers an integrated healthcare platform with diagnostic grade certified medical devices (including 12 channel portable ECG) and remote medical consultation services through its 50+ trained and certified medical professionals. The company has raised an undisclosed amount in pre-series Around led by Frontline Strategy Funds with participation from angel investors. The investment will be utilized to grow the company’s customer base in India and International markets.
Cardiotrack is poised to bridge the gap between healthcare providers and chronic patients for affordable access to healthcare and better disease management. It is an end to end disease management platform with diagnostic grade medical devices connected to the mobile, cloud, and AI technology. With a presence in more than 16 countries, Cardiotrack is offering portable medical devices, report interpretation and medical consultation for home screening, corporate wellness screening and health camps to support chronic patients anywhere, anytime. Governments, primary care clinics, healthcare foundations, and healthcare insurers are using Cardiotrack to take healthcare screening and consultation services closer to the patient to provide affordable and timely healthcare services.
Atim Kabra, Managing Director, Frontline Strategy Funds, commented on the transaction, “Avin and his team have built a strong business that leverages technology to bring portability and speed to reliable patient screening and consultation. We are excited to be a part of Cardiotrack’s journey to bring innovative care delivery models alongside the power of IoMT – the internet of medical things to reducethe cost of healthcare delivery.
Avin Agarwal, CEO, Cardiotrack, commented on the transaction, “With the involvement of Frontline Strategy Funds and associated investors, we are confident of increasing our patient scan rate by 10X within the current year. With the strong industry network and experience, the role of investors will be of a booster to our growth trajectory.”
India is witnessing strong tailwinds in the MedTech sector. Global healthcare spending is projected to increase at an annual rate of 5.4% in 2018–2022, a considerable rise from 2.9% in 2013–2017. The company will benefit from the deep domain expertise of its business development team in the sector. Frontline Strategy Funds focuses on systemized, scalable, disciplined, early-stage investing in high traction startups to create a strong, risk calibrated early-stage portfolio to generate superior portfolio return through a value-added investment strategy.
About Frontline Strategy Funds
Frontline Strategy Funds is a Private Equity platform providing growth capital and expertise to businesses primarily focused on India and South East Asia. Incorporated in Mauritius in 2000, Frontline Strategy Funds Group serves as an accelerator that fuels growth-oriented companies. FSF focuses on pre-series A growth companies. Tejas Networks, Simbus Technologies, Astra Microwave Products, CBay Systems, Third Wave Power, Versafleet, Uniplatform Tech,Cardiotrack are/have been a part of Frontline Strategy Funds’ portfolio. FSF also holds a stake in 2Point2 Capital& holds the IP rights to TabsScoreTM.
Cardiotrack, headquartered in Singapore, with its development and manufacturing centre in Bangalore, is a disruptive healthcare diagnostics company that is making healthcare delivery more efficient through its flagship platform Cardiotrack. The mission of Cardiotrack is to reduce the healthcare cost by an order of magnitude through innovation in product design, integrated healthcare platform and enhancements in healthcare workflow.