CORE Diagnostics, a leading provider of high end diagnostics services in India and developing Asian and African markets, has announced that Eight Roads Ventures,US-based F-Prime Capital Partners and existing investor Artiman Ventures, will invest $12M in the company. Terms of the transaction were not disclosed.
CORE, founded in 2012, has grown rapidly to become one of the largest high end pathology service providers in India. The company has a strong focus on the rapidly escalating oncology disease segment and offers a comprehensive menu of over 1,000 tests, developed in-house and in collaboration with international partners. Tests are conducted at the company’s state-of-the-art NABL accredited laboratory in Gurugram. The company will use the investment to introduce multiple new advanced tests for oncology as well as for other segments such as infectious diseases and gynaecology.
The companywas founded by Zoya Brar, a young entrepreneur with an unconventional background from Google in an industry traditionally led by industry veterans. At CORE, she has brought cutting-edge technologies to market and built an organization with the systems and culture needed to deliver reliable results and a responsive service.
Commenting on the transaction, Zoya said, “World-class performance starts with a world-class team. I am very proud of what the CORE team has achieved in a short span of three years – in the depth and breadth of test menu, in customer service, in business growth - and in creating a trusted brand. The next phase will be marked with geographical expansion as well as addition of new clinical areas, enabled by latest, cutting edge technology. This new round of capital will stand us in great stead, and I am excited about the journey ahead.”
Dr. Prem Pavoor, Partner at Eight Roads Ventures said,: “The investment in CORE is a reflection of our continued excitement in emerging companies that provide cutting-edge healthcare solutions for the Indian patient. CORE is ideally placed to take advantage of the increasing shift in India and developing countries towards earlier cancer diagnosis and evidence based medicine.”
Dr Ajit Singh, Executive Chairman at CORE and Partner at Artiman Ventures, added, “Innovation has been a hallmark of our investment thesis on CORE. We look forward to working closely with Eight Roads in helping Zoya take CORE to the next horizon.”
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