Medical devices startup Noccarc has raised $2 million in a new round led by Indian Angel Network (IAN). The round also saw participation from IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board).
Furthermore, the funding round welcomed Sunil Munjal, the Chairman of Hero Enterprises, as a notable investor.
The proceeds will be used in ramping up Noccarc’s growth and expanding its product portfolio. As per the company, the funding round is expected to fuel research and development initiatives, facilitate market penetration, strengthen customer support, and set up sales and distribution networks across major cities.
Founded by Harshit Rathore, Noccarc specialises in developing and manufacturing high value critical care medical equipment, including ICU ventilators, patient monitors, and more. Additionally, the firm offers a digital platform empowering doctors to access device data remotely, digitize records, and plans to integrate AI-based services in the future.
The company has a strong R&D unit and has ambitious plans to develop a diverse range of products, starting with critical care. Noccarc currently holds seven patents, with 19 additional patents filed for its innovative technologies. The company has also recently obtained a license from CDSCO (Central Drug Standard Control Organization) which authorizes them to manufacture and sell these regulated products in India.
The startup claims to have a track record of supplying over 3,600 ventilators across India and collaborating with a diverse array of hospitals, Noccarc is now expanding its product portfolio with a vision of going global.