Medical Technology Startup Inito, has secured $6 million in a Series A funding round led by Fireside Ventures. The firm will deploy the fresh capital to accelerate global expansion of its hormone test, advanced AI analytics, and R&D for new tests.
Going forward, the firm aims to offer diagnostic tests for several health issues through a smartphone-based platform.
The Bengaluru-based startup’s flagship product is Fertility Monitor, a home test that helps women track fertility hormones and provides advanced personalised analytics about their reproductive health.
The startup, which was launched in 2015 by IIT alumni Varun and Rai, had earlier raised $9M from investors including Y Combinator, physicians, and family offices. After five years of R&D, the company launched globally in mid-2021.
Inito’s users are said to have reported over 10,000 pregnancies and taken over 2.5 million tests, said the statement.
Inito wants to be as popular as a thermometer
“We started Inito to bring a variety of tests for fertility and beyond on a single device at home, empowering people with direct access to health information and a better understanding of their bodies. We look forward to a day where Inito will be present in every household and be as ubiquitous as a thermometer,” said Inito’s co-founders, Aayush Rai and Varun AV, in a joint statement.
“The partnership with Fireside Ventures has not only provided crucial financial backing but also valuable mentorship and strategic guidance, enabling Inito to build a leading consumer health tech brand for the world from India,” they added.
“This investment marks a pivotal moment in Inito’s journey, underlining its dedication to revolutionise the diagnostics industry and delivering valuable solutions to consumers worldwide,” said VS Kannan Sitaram, Partner and Co-founder, Fireside Ventures, a VC investor for digital-first consumer brands.