Qualcomm’s 1st withdrawal from its $150 million India-focused fund.
By Raif Karerat
Chennai-based startup Attune Technologies, which makes cloud-based software for hospitals and laboratories, is set to expand beyond India after landing a $10 million Series B round from Qualcomm Ventures and returning investor Norwest Venture Partners.
The investment marks Qualcomm’s first withdrawal from its $150 million India-focused fund that was announced during Prime Minister Narendra Modi’s visit to Silicon Valley, according to Business Standard.
Established in 2008, Attune was created to give smaller organizations without IT departments an affordable alternative to traditional hospital management software, which is often costly to deploy and maintain.
Founder and chief executive Arvind Kumar told TechCrunch that there is still plenty of room to grow in India, where Attune’s software currently handles 10 million patient records for 2,500 healthcare centers, but it also plans to launch soon in the Middle East, Southeast Asia, and Africa.
“With this round of funding, we want to reach 25,000 labs and hospitals in the next three years,” said Kumar, according to the Economic Times. “Technology is at the core of what we do at Attune. We are constantly upgrading our technology … to make healthcare affordable, seamless and efficient for the entire healthcare value chain,” he continued.
Including the latest injection of capital, Attune Technologies has so far raised $17 million over three rounds of funding.
Meanwhile, Qualcomm Ventures stated it will support more companies like Attune in an effort to make the “Digital India” initiative’s vision a reality.
“Given the opportunity in India, we will do more. We will lead more rounds, write more checks,” announced Karthee Madasamy, vice-president at Qualcomm Ventures India, adding that the new fund would look at sectors such as robotics, drones, healthcare, education, retail, payments, and mobile platforms to invest in over the next half-decade.