WE-Hub Incubated Product Research Startup Startoon Labs Raises First Round Equity Funding
Secunderabad, Telangana-based product research and development startup, Startoon Labs, has raised the first round of equity funding for its operations.
Startoon Labs designs and develops industrial-grade IoT products and smart electronics systems in the embedded systems and robotics fields. The startup was incubated at WE-Hub, a women-exclusive incubator led by Telangana state government, launched this year on Women`s Day.
Founders in 2017, by husband-wife duo – Mythreyi Kondapi and Susurla V.S. Suresh, Startoon Labs is essentially a private research laboratory that is into product Development, Teaching and Engineering consultation along with world class R&D services in the field of Electronics, Embedded systems, Automation and Robotics.
Mythreyi Kondapi is an alumnus of Indian Institute of Management-Ahmedabad and Indian Institute of Technology-Madras, wihle her husband Susurla V S Suresh, is ab alumnus of Indian Institute of Management-Kolkata and Indian Institute of Technology-Madras in November 2017.
The startup will use the freshly raised funds to build Pheezee, a smart physiotherapy tool kit. The device is being designed to monitor and report patients’ rehabilitation and recovery by tracking their mobility and muscle strength.
With Pheezee, one can remotely perform the exercises and let his/her physiotherapist give suggestion over phone about the progress, making the patient’s recovery process fast and easy.
Besides, the startup is also developing an open source, Arduino compatible IOT board called SLabs 32 that allows to develop prototypes in the fields of wireless data acquisition, data logging, visualization, remote monitoring/ control of machines with ease.
Startoon Labs is part of the first cohort of 26 women-led startups selected for incubation at WE Hub, a Government of Telangana initiative to promote and foster women’s entrepreneurship from all sectors including IoT, AR, VR, Edutech, Healthtech and FMCG.
“Hardware development is time consuming and capital intensive. Biomedical hardware is much more so, given the stringent compliance, clinical validation and trials required. Finding investors is always challenging,” Ms. Kondapi said, adding that they had found an investor who believed in the product and the team.
Stating that hardware is an integral part of any device or machine, Mr. Suresh said, “When we started off, a lot of software was being built indigenously but hardware was still at a nascent stage. Startoon Labs is building indigenous systems in the field of IoT and healthcare”. Assuring that WE Hub would enable market linkages for the commercial adoption of Startoon Labs’ physiotherapy device Pheezee, CEO of WE Hub Deepthi Ravula said: “The team at Startoon Labs represents inclusive workforce, progressive talent and innovative mindset that we are championing at WE Hub.”
“WE Hub has been working diligently in connecting women-led startups to financing and in catalysing their growth through strategic partnerships,” Principal Secretary Jayesh Ranjan said.
Source: IndianWeb2
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