At a time when big businesses are shying away from expanding operations owing to a tight economy, small businesses and startups are acting as morale boosters for all. Tech startup CanvasFlip has raised $1.2 million from Bessemer Venture Partners to boost expansion, while UE LifeSciences has raised $3 million in a fresh round of funding led by Aarin Capital.
CanvasFlip receives $1.2 million from Bessemer Venture Partners
CanvasFlip, a startup for cloud-based prototyping and testing platform for mobile apps, has raised $1.2 million (Rs 8 crore) in seed funding from Silicon Valley-based venture capital firm Bessemer Venture Partners (BVP).
Hyderabad-based CanvasFlip will utilise the funds to enable growth practices, expand services to the global markets and to enhance its product capabilities, as per a statement.
Commenting on the development, Vipul Mishra, CEO, stated, “It’s great to have the support of one of the world’s largest venture funds. This is more than financial backing. Even before this investment, the Bessemer team has been helping us to evolve the product and business model.”
Founded by serial entrepreneurs Vipul Mishra and Manish Jha, CanvasFlip offers a DIY prototyping and usability testing platform where product managers or a user experience team can validate their app ideas, flow and user experience even before a single line of code is written. CanvasFlip has grown to a 140-plus enterprise customer base and counts Tech Mahindra, Paytm, Makemytrip, Redbus, Gaana and Magicbricks as clients.
With over $4 billion in assets under management, BVP provides seed, early, expansion, growth and late stage capital to companies across the world.
UE LifeSciences raises $3 million from Aarin Capital, Unitus Seed Fund
Health technology developer UE LifeSciences has raised $3 million (about Rs 19.5 crore) in series A round of funding led by Aarin Capital, a venture capital firm co-founded by Mohandas Pai and Ranjan Pai of Manipal Group. Unitus Seed Fund, an India-focused early stage investor, also participated in this round.
The funds will be used to expand trials of its newly developed hand-held breast health examination device called ‘iBreastExam’ in India. It will also look to set up its manufacturing units and build distribution networks through public and private primary care providers across the country, the company said.
Launched in 2009, Philadelphia-based UE LifeSciences’ low-cost, portable iBreastExam device helps breast detect lesions and lumps at an early stage. The company had acquired FDA approval for the same in April this year.
iBreastExam is a portable handheld scanner that pairs with any smartphone through Bluetooth and detects the abnormality in breasts. The good part about this device is that it can be made available to women in the comfort of their home.
UE will also look at using funds to make the next generation of the device and start commercial sale in Mumbai, Bengaluru, Delhi, Lucknow, Jaipur and Hyderabad soon. It is targeting sales of 200 units by the end of 2015.