SucSEED backs Nesa Medtech, a revolutionary scarless technology to treat uterine fibroids!
Nesa Medtech, a renowned deeptech medical device startup, announced the successful closure of an undisclosed amount in their Pre-Series A round of funding. The round, led by KITVEN Fund 3 Biotech, witnessed participation from esteemed investors, including Malpani Ventures, SucSEED Indovation Fund, and renowned High Net Worth Individuals (HNIs) with a deep-rooted interest in medical devices, such as Dr. Dinesh Patel and Ganesh Subramaniam.
With up to 5 patents received for various aspects of the procedure including ablation of uterine fibroids, delivery of drugs, guidance, navigation and so on. Nesa is in the pole position with respect to treatment of uterine fibroids through minimally invasive procedures.
Nesa has collaborated with prominent clinical sites such as Cloud 9; KC, Manipal; JSS, Mysore & BGS, Bangalore executed key clinical studies. Nesa’s product regulatory application is submitted to CDSCO (Indian Medical Device regulator) is anticipating clearance shortly and also ISO13485 certified company committed to the highest quality standards.
Nesa Medtech’s FMRA is 510(k) cleared by the U.S. Food & Drug Administration (FDA). It has over four major patent families protected in key geographies such as the U.S., India, China, and Europe. It has a strong engineering team with over 60+ years of experience in developing & commercializing medical devices.
Speaking on their investment reasons; Vikrant Varshney Co-Founder & Managing Partner of SucSEED Indovation Fund, said “Nesa has an innovative technology in form of a precise guidance and planning system to deliver treatment to shrink uterine fibroids leading to symptomatic relief. Its solution GYIDE is an accessible, minimally invasive, in-office procedure to treat symptomatic uterine fibroids. According to the Data Bridge Market Research Report, the global women’s health market which was $4 Bn in 2022, would rocket up to $6.2Bn by 2030, and is expected to grow with a CAGR of 5.5% during the period.”
Nesa Medtech, founded by CEO Sreekar Kothamachu, vision to transform women’s health with a patented micro-invasive technology for the treatment of symptomatic uterine fibroids. It offers numerous benefits, including scarless, shorter procedure time, quicker recovery time and the preservation of the uterus. This funding is expected to propel the company’s mission forward and mark a huge step toward achieving its milestones. One of the primary objectives of this funding round is to execute clinical efficacy studies, which will validate the effectiveness of their micro-invasive treatment method for uterine fibroids and also develop the next generation of device for commercial use.
Speaking about the successful funding round, CEO Sreekar Kothamachu expressed his gratitude, saying, “This fundraising would enable us to be prepared to commercialize technology and advance to the global market by initiating the process of obtaining global regulatory approvals.”
“We are pleased to back Sreekar and his team at Nesa, as they seek to develop micro-invasive technology for treating uterine fibroids,” said KITVEN and Malpani Ventures in a joint statement. They had noted Nesa’s significant progress over the last couple of years, achieving major milestones mitigating the technology from regulatory & clinical risks.
Nesa Medtech has received grants from the Biotechnology Industry Research Assistance Council (BIRAC) and Karnataka Biotechnology and Information Technology Services (KBITS). The company was also backed by Malpani Ventures, Centre for Cellular and Molecular Platforms (C-CAMP), and a few other renowned high-net-worth individuals in the seed round.
SucSEED Indovation Fund (SIF) is a SEBI regulated AIF Cat-1 Venture Capital Angel Fund, with with clear focus on early-stage tech seed initiative. General Partners of the Indovation Fund have 100+ years of cumulative experience within technology, fund management, and start-up ecosystem and have already invested in 75+ startups. SIF attempts to support Indian Innovation for mass needs in the following Seven (7) sectors-
- EdTech
- FinTech
- HealthTech & MedTech
- Security & RegTech
- EnterpriseTech SaaS
- GSM — Gaming, SportsTech & Mediatech
- DEET — Digital Economy covering Mobility, Sustainability, PropTech, LifeStyle and Emerging Tech