Nanowear has been named the Innovation Champion of the Accenture HealthTech Innovation Challenge, which pairs leading-edge startups with prominent health and life sciences organizations to develop innovative technology solutions that improve the way people access and manage healthcare. Nanowear, based out of New York City, received the award for its cognitive heart failure monitoring device called SimpleSense. It is a non-invasive undergarment solution worn by patients of a CHF-related hospitalization event which captures and transmits CHF data to a cloud-based environment, providing access and updates to medical professionals for assessment of patient health and progress. “This is by far the deepest, most thorough digital heath competition as evidenced by Accenture’s extensive healthcare partners across the value chain,” said Venk Varadan, Indian American CEO of Nanowear. “Being awarded Innovation Champion confirms that we at Nanowear can truly transform healthcare.” Jvion was recognized as Top Innovator at the Accenture HealthTech Innovation Challenge. Shantanu Nigam, CEO of Jvion, said, “We have the potential of changing how care is delivered across various segments and change the lives of millions of patients. Thank you for this tremendous opportunity and recognition.”
Niten Malhan Quits Warburg, Starts Own Company
Warburg Pincus India managing director and co-head of India Niten Malhan is quitting to start his own investment firm, said two people aware of the development, according to reports. This will mark the second top-level exit at the top American PE investor’s Mumbai office, it said. Additionally, Nitin Nayar had quit to launch his own investment fund that will primarily focus on placing technology-related bets. Nayar’s new fund is expected to have a corpus of $150-200 million, reports said. Prior to joining Warburg Pincus in 2001, Malhan was an engagement manager with McKinsey & Co. in New Delhi, Jakarta and Boston, according to details available on Warburg’s website. He was also the director of business development for a Silicon Valley start-up. Malhan’s plans to start his own firm mark yet another instance of a fund manager leaving an established firm to start an entrepreneurial investment firm, reports said.
New Way to Improve Maternal and Newborn Health
Pregnant women and newborn babies in the state of Rajasthan in northwest India will have access to better care thanks to an initiative backed by the U.S. government and global partners, Share America said. The Maternal and Newborn Development Impact Bond is a new way to fund maternal health care improvements in 440 small, private medical facilities in Rajasthan. This development impact bond uses the private sector to finance the program, but it is repaid by government and international aid agencies and private foundations, it said. The effort could increase access to life-saving supplies and improved care during delivery to as many as 600,000 women over the next five years, according to Share America. “This is the largest development impact bond focused on health ever launched,” said Priya Sharma, a financial health adviser at the U.S. Agency for International Development who manages the bond, the news release noted. Sharma said her job is to determine how to “take the best practices from the private sector and apply them to global health and development.”
YieldStreet Raises $113M Financing Round
YieldStreet, an alternative investment platform, has closed a $113 million financing round. The round includes $12.8 million of Series A equity financing co-led by Greycroft and Raine Ventures, as well as a revolving credit facility of $100 million from a New York based family office. The equity capital will help enable YieldStreet to accelerate the transformation of wealth creation by investing in further product innovation and growing its loyal community of investors. “With the ultimate mission of ‘Prosperity for All,’ YieldStreet is making it possible for individual investors to have wealth creation opportunities similar to the top 2 percent,” said Milind Mehere, CEO of YieldStreet. “This funding will enable us to bolster our machine learning and data analytics capability for predictive underwriting models, launch new products for non-accredited investors and further fuel our growth towards our mission. I am excited to work with this strong syndicate of investors who understand this opportunity.”
ObEN Raises $10 Million
ObEN Inc., an artificial intelligence company that is building a decentralized AI platform for intelligent avatars, announced that it has raised $10 million from K11. This strategic funding continues the growth of ObEN’s AI technology which enables users to quickly create a Personal AI, an intelligent 3D avatar that is authenticated and registered on the blockchain. This brings ObEN’s total funding to date to more than $23.7 million. The funding from K11 will drive product development, deployment on the blockchain, and will help ObEN integrate their technology in retail, real estate and hospitality applications. “ObEN is at the forefront of creating intelligent avatars that enhance the consumer experience,” says Nikhil Jain, co-founder and CEO of ObEN. “With this strategic investment from K11, we are able to reach millions of new customers and create experiences that will shape the future of retail.” ObEN’s Personal AI technology will be available in early 2018. Learn more at projectpai.com.
GlucoMe Wins Indian Deal for Diabetes Home-care Kit
Israeli diabetes home-care kit developer GlucoMe has signed a strategic agreement with Apollo Sugar, Apollo Hospitals Group’s nationwide chain of diabetes clinics in India. Apollo Sugar has already begun integrating the GlucoMe digital diabetes care solution into its recently launched national diabetes home-care program. Yarkona-based GlucoMe, owned by Dov Moran and CEO Yiftah Ben-Aharon, reports that hundreds of thousands of Apollo Sugar Clinic patients will receive a “Diabetes Home-Care Kit” that includes GlucoMe’s wireless blood glucose monitor. The kit provides real-time data to both patient and medical professionals as well as continuous communication between the clinic and its patients. The digital diabetes platform optimizes treatment plans in real time, thus significantly improving patients' results. “For the first time in India, the diabetes clinic is walking into someone’s house,” said Dr. Prathap C. Reddy, chairman of Apollo Hospitals Group. Apollo Sugar Clinics CEO Gagan Bhalla added, “Diabetes is an enormous health problem challenging India’s population and economy. Our goal in treating the diabetes pandemic is to achieve efficient management of the condition to result in significant improvement in overall patient health and reduce diabetes complications. We are thrilled to be introducing the GlucoMe platform in India and anticipate this to be a successful and long-term partnership.” India has been described as the diabetes capital of the world. More than 69 million people of the adult population in India, are living with diabetes. According to the International Diabetes Foundation, 79.4 million people in India will have diabetes by 2030.