The funding will be used to expand the product line for remote patient monitoring and to scale the business across Asia and Africa
Heart health AI firm Tricog has raised $8.5 million in a Series B2 funding round from OMRON HEALTHCARE, Japan and Sony Innovation Fund, Japan. Existing investors UTEC – The University of Tokyo Edge Capital, Japan, Inventus Partners and SG Innovate, Singapore, participated in this round.
The round marks a total raise of $30 million. Tricog’s AI platform, backed by medical experts, has touched the lives of more than 12 Million patients globally, enabling half a million patients added to the care pathway due to critical diseases. Tricog aims to make the cardiac diagnosis and management accessible and affordable by deepening partnerships with government and large private healthcare networks and building state-of-the-art technology for next-generation products, enabling wider reach in patient populations and disease conditions.
Dr Charit Bhograj, Founder and CEO, Tricog Health said, “The last five years have witnessed tremendous advancements in our AI and technology platform that have allowed us to serve millions of patients across multiple continents. With this round, we are committed to expanding our reach to Asia and Africa and our footprint in the US healthcare market. In addition, our strategic partnerships will allow us, for the first time, to address the needs of heart patients at home, the direction where healthcare will be.”
Tricog has recently developed the TriCare platform, an integrated solution for chronic disease management. The first focus will address the global healthcare challenge of Heart Failure within the US healthcare system and Asia. The TriCare platform enables remote management of heart disease using medical data from connected devices at home and wearable devices such as the Apple Watch. The TriCare platform addresses a growing $110B market segment opportunity.
Tetsuya Yamada, Head, OMRON Healthcare India, “With this funding, OMRON Healthcare, the leading player in the home healthcare monitoring segment, aims to create value in the cardiovascular space by enabling people to detect the risk of heart diseases early and prevent aggravation by using OMRON’s home ECG & BP recording device, Tricog’s AI, and telemedicine & consultation services by cardiologists.”
Noriaki Sakamoto, Partner and Board Director, UTEC, Japan, said, “Tricog is a stellar example of the transformative potential of AI and Doctors working together to tackle a large global unmet need. As lead investors of Tricog since 2018, we at UTEC take immense pride in Tricog’s evolution from an India-focused ECG product into a full-stack cardiac diagnosis platform and are honoured to foster their alliance with top-tier Japanese Health-tech giants such as Omron and Sony to profoundly impact millions of lives worldwide.”
Hsien-Hui Tong, Executive Director, Investments, SGInnovate added, “SGInnovate was an early partner of Tricog’s and is delighted to see them continue to grow as a company. Their predictive models are filling a vast unmet need in the remote healthcare space, and we look forward to supporting their expansion into more markets across Asia and Africa.”
Gen Tsuchikawa, CEO and Chief Investment Officer of Sony Ventures Corporation, said, “Tricog’s AI-based ECG interpretation and real-time reporting is transforming the way healthcare is delivered to millions who don’t have immediate access to cardiac care. We look forward to supporting the team as they expand their product offerings of remote patient monitoring to further accelerate growth.”
Inventus Capital is the earliest investor in Tricog. Parag Dhol, Managing Director, Inventus Capital, “Cardiovascular diseases account for the highest mortality rates in India. Increasing prosperity and enhanced proclivity -compared with other ethnic groups- compound the problem. We are proud to be associated with Tricog, which has impacted over half-a-million critical cases. This funding round should help them achieve similar results in Asia and Africa.”
