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Bengaluru-Based Medtech Startup Inito Raises $6 Mn Funding Led by Fireside Ventures

Written by : Nikita Saha

November 17, 2023

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Reportedly, the fresh funds will be utilised to push the startup’s presence in the global market, further enhancing and expanding its hormone test, build on its analytics using AI.

Bengaluru-based Medtech startup, Inito has raised $6 million in a Series A funding round led by Fireside Ventures. Inito's technology helps women track fertility hormones and provides personalised analytics on reproductive health through its flagship product, the Fertility Monitor.

It further 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.

Reportedly, the fresh funds will be utilised to push the startup’s presence in the global market, further enhancing and expanding its hormone test, build on its analytics using AI.

Moreover, Inito will also invest in R&D for tests. Going forward, the startup aims to offer diagnostic tests to address various health concerns through a smartphone-based platform.

Sharing thoughts on the same, Aayush Rai and Varun AV, said, "The partnership with Fireside Ventures has not only provided crucial financial backing but also valuable mentorship and strategic guidance, enabling Inito to build a leading consumer health tech brand for the world from India."

Founded in 2012, Inito is a medical technology hardware startup founded by Aayush Rai and Varun Akur Venkatesan. The startup aims to simplify healthcare and wellness by equipping every household with the most advanced health trackers.

Their devices are powered with advanced and intuitive biomarkers that guide users at every step of their health journey. They manufacture a monitoring device that measures all four female hormones, Estrogen, Luteinizing Hormone (LH), Progesterone metabolite (PdG), and Follicle-Stimulating Hormone (FSH) on a single test strip, providing a comprehensive picture of a woman’s cycles. Moreover, the company has over 20,000 users and holds the world’s largest dataset of fertility hormones

While established in 2017, by Vinay Singh and Kannan Sitaram, Fireside Ventures is an early-stage venture capital firm based in Bengaluru, the firm focuses on investing in consumer goods, particularly in fields such as food and drinks, personal care, children and education, lifestyle, and home products.

Fireside Ventures has a track record of investing in healthcare startups. For instance, they invested $2 million in Mumbai-based Gynoveda, a healthcare-technology startup.

In a similar instance, a Kerala-based startup Versicles launched Prognosis, an AI-driven Digital Health Kiosk. The newly unveiled kiosk, Prognosis, has machines that measure a user's blood pressure, blood sugar, heart conditions (ECG monitor), temperature (wireless Bluetooth thermometer) and weight.


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