Dehradun-based medtech startup Sunfox Technologies has raised USD 7 million, or about Rs 67 crore, in a Series A funding round. The round was led by investor Ashish Kacholia, Lashit Sanghvi, Alchemy Capital and 3one4 Capital. The company makes Spandan, a portable electrocardiogram (ECG) device that lets a health worker record a heart reading on a smartphone and send it to a doctor for interpretation.
The fresh capital will help Sunfox expand the Spandan platform across India and build regulatory, distribution and commercial capability in the United States, Europe and Africa. The company said the money will also go into research and development, engineering, clinical evidence and new cardiac technologies.
The Series A round and the investors
The Series A round brings together well-known public market and venture investors. Ashish Kacholia and Lashit Sanghvi are among the better-known individual investors in Indian small and mid-cap companies, while Alchemy Capital and 3one4 Capital are established investment firms. The company did not disclose its valuation for the round.
The fundraise follows a smaller round in 2024, when Sunfox raised about Rs 15 crore, or roughly USD 1.8 million, in a round led by Venture Catalysts. Before that, the startup appeared on the first season of Shark Tank India and secured investment from all five investors on the panel.
How the Spandan ECG platform works
Spandan is built for settings where a cardiologist is not available. A user or a health worker records an ECG through a smartphone, and the reading is sent to a doctor for interpretation, so the person and the specialist do not have to be in the same room. The system is AI-enabled and can flag cardiac patterns that need urgent attention, which matters in emergency care where the time between a heart attack and a diagnosis often decides the outcome.
Its software layer, Spandan One, handles remote ECG reviews, case coordination and the management of tele-ECG networks. In public health settings, nurses record ECGs at primary and community health centres, and the readings go to doctors or cardiologists at district hubs for review.
Read more: Confido Health Raises $12.5 Million to Automate Healthcare Administration With AI. Like Sunfox, health-focused startups in India are drawing fresh capital to take care deeper into smaller towns.
What the fresh capital will fund
The company has said the Series A capital has four main jobs. It will expand the Spandan platform across India, grow the team, fund research and development, and build regulatory and commercial capability in the United States, Europe and Africa. A large part of the new funding will go into winning clearances in the US and the European Union, a process that typically takes time and careful clinical documentation.
Traction, approvals and export plans
Sunfox says about 60,000 Spandan devices have been deployed across India, covering more than 20,000 villages. Its Spandan One platform is used to screen around 5 million patients a year, and the company claims a presence in more than 15 countries.
On regulation, Sunfox has approvals in India, Ghana, Kenya, Tanzania and South Africa. It is now pursuing clearances in the United States and the European Union. Its customers include hospitals, clinics, telemedicine networks, public health programmes and home-based monitoring services.
Background and founders
Sunfox Technologies was founded in 2016 by five people: Rajat Jain, Arpit Jain, Sabit Rawat, Nitin Chandola and Saurabh Badola. The company builds portable and AI-enabled cardiac diagnostic tools for hospitals, clinics, telemedicine networks, public health programmes and home-based monitoring.
The portable ECG segment is getting busier. Agatsa sells SanketLife devices, and Cardiotrack offers handheld ECG units with remote interpretation. Sunfox’s bet is that its distribution in small towns and villages is harder to copy than the hardware itself.
What happens next
The new funding gives Sunfox room to widen its reach in India while it works on overseas approvals. The company is expected to use the coming months to expand its sales and support network, add to its engineering and clinical teams, and push Spandan into more public health programmes. Investors will be watching whether the startup can turn its village-level distribution into a durable and profitable business.
