Medical devices startup Noccarc raises $2 million from IAN

Funding announcement: Medical devices startup Noccarc has raised $2 million in a recent funding round led by Indian Angel Network (IAN), the company said on Tuesday.

Other investors participating in the round include IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board). Sunil Munjal, the Chairman of Hero Enterprises also invested in the company.

Noccarc develops and manufactures medical equipment for critical care, including ICU ventilators and patient monitors. It also has a digital platform for doctors to access device data remotely and digitise records.

The company said it will utilise the funding to expand its product portfolio, and fuel research and development initiatives.

Noccarc said it holds seven patents at present, with 19 additional patents filed for its innovative technologies. 

It has also recently obtained a license from CDSCO (Central Drug Standard Control Organisation) for manufacturing and selling regulated products in India.

Harshit Rathore, co-founder and CTO of the company said, “From day 1, we have been committed to building products that are in line with these global standards, setting the stage for a strong presence in the worldwide market.”

Delivering high-quality, world-class products at the right price will unlock a vast market opportunity for us, he added.

Founded in 2017 by IIT Kanpur graduates Harshit Rathore, Nikhil Kurele and Tushar Agarwal, the company also outlined plans to integrate AI-based services in the future.

Noccarc said it has supplied 3,600 ventilators across India until now, collaborating with an array of hospitals. The company is now expanding its product portfolio with a vision of going global, on the back of government incentives for domestic manufacturers.