Jaipur-based health-tech startup NeuroEquilibrium Diagnostics Systems Pvt. Ltd, a super-speciality healthcare chain of clinics that treat vertigo and balance disorders, is currently in talks with investors to raise funding of $2.5 million.
The company had raised a pre-Series A funding round last December and already runs its service clinics in 14 hospitals/clinics across 12 cities. Currently, it is in discussions with leading hospitals to set up clinics in Nepal, Bangladesh, CIS countries, Mauritius, Dubai etc, say company officials.
In a chat with DEALSTREETASIA, Rajneesh Bhandari, founder of NeuroEquilibrium, talked about the competition in the space, overseas venture, technology and other plans.
When did you found NeuroEquilibrium and what was the trigger to start the company?
NeuroEquilibrium Diagnostic Systems is globally the first super-specialty healthcare chain of vertigo and balance disorders clinics. The company was started in early 2015 and the products launched in April 2016. Vertigo and dizziness affects a huge population and is very debilitating for the patients. There are very few centers across Asia & Africa for diagnosis & treatment of vertigo & balance disorders.
Vertigo is a condition that leads to a sensation of rotation, spinning, unsteadyness or swaying. It may be accompanied by nausea, sweating, difficulty in walking, frequent falls etc. According to studies, dizziness affects about 20-40 per cent of the population at some point of time in their lives and about 5 per cent of the population has vertigo in any given year. Thus, about 60 million people in India suffer from vertigo, dizziness and balance disorders.
What is the geographical spread of your services?
Currently, we are available across Jaipur, Guwahati, Hooghly, Mumbai, Patna, Pune Raipur and Udaipur and have installed into 14 hospitals/ clinics including one in Cyprus.
Are you planning to expand overseas?
Our first installation outside India was in Cyprus. We are in discussions with leading hospitals for setting up clinics in Nepal, Bangladesh, CIS countries, Mauritius and Dubai.
How do you plan to tackle local competition in the other countries?
There are very few centers for treatment of vertigo & dizziness in Asia, Middle East, Africa etc. Rather than competition, the issue is awareness – there is need to educate the patients about the diagnosis & treatment of vertigo.
We are the first chain of vertigo, dizziness & balance disorder clinics in the world. There are a few standalone centers in leading medical schools but they are inadequate to handle the large population of patients. But our model is different from other players as they are just trying to market the equipment but we are giving the services to the patients through the doctors who are unable to use the equipment. We may also acquire one of the company in near future which manufactures such equipment.
What kind of products and services expansion are you looking at?
We are looking to set up 125 clinics in India and 30 outside India including SAARC, Middle East, CIS countries & Africa.
What is your USP?
NeuroEquilibrium leverages cutting edge technology for diagnosis of vertigo & balance disorders. We have developed diagnostic equipment & applied for three patients. We leverage cloud technology for remote diagnosis & interpretation. The company has developed virtual reality based immersive therapy for vestibular rehabilitation and has also developed a machine learning algorithms for better patient outcome.
Are you planning to raise another round of funding?
We are still in the process of raising $2.5 million.
How big is the team? Are you breakeven/profitable?
We have 16 people team currently and all our clinics are breaking even.
How do you see overall health-tech space in India and what opportunities do you see?
The health-tech space is seeing unprecedented innovation & disruption because of exponential technologies like cloud, mobile connected IOT devices, machine learning, synthetic biology, genomics, big data etc.