And the upshot of PM Modi’s visit to silicon valley has started to hail with Attune Technologies, a Chennai-based software product firm, raising a sum as big as $10 million (Rs. 64 crore) in a funding round led by Qualcomm Ventures India and existing investor Norwest Venture Partners.
Qualcomm, the U.S. based electronics giant known for designing and manufacturing those famed snapdragon chips and telecommunication products, had earlier announced that it plans to invest around $150 million Indian start-ups.
This announcement came as a part of the company’s commitment to India during a meeting with Prime Minister Narendra Modi at the Digital Economy event. It is notably Qualcomm’s first investment in an Indian startup since that commitment.
Attune’s center of attraction is its software platform that interfaces equipment such as lab analysers and ICU machines to absorb diagnostic labs, clinics and hospitals into the health network. The company plans to use the funds raised to work on its technology and extend its presence in India and abroad.
Attune had raised $6 million from Norwest Venture Partners in December 2010 and $1 million from Singapore-based angel investors from 2010 to 2012.
CEO of Attune , Arvind Kumar said –
With this round of funding, we want to reach 25,000 labs and hospitals in the next three years.Technology is at the core of what we do at Attune. We are constantly upgrading our technology… to make healthcare affordable, seamless and efficient for the entire healthcare value chain.
Attune has a firm hold when it comes to its business in India. About 60% of India’s organised lab industry, which is controlled by Metropolis, Medall and Thyrocare, use Attune’s platform. Furthermore, around 200 too level hospitals are currently relying on Attune’s software solutions.
With a presence in 14 countries and 270 employees under the hood, the company says that it will hopefully clock revenue of $6 million by next March and will then expand into Africa, West Asia and Southeast Asia.
As committed by Qualcomm, it will keep searching for reliable Indian startups and will invest into them when the time is right.
Karthee Madasamy, vice-president at Qualcomm Ventures India said –
Given the opportunity in India, we will do more. We will lead more rounds, write more cheques. The new fund would look at sectors such as robotics, drones, healthcare, education, retail, payments and mobile platforms to invest in over the next five years.