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NeuroEquilibrium Diagnostics Systems is in talks to raise about $2 million in Series A funding, expected to be concluded in the next four months, in exchange for a minority stake. Separately, the healthcare start-up raised $2,50,000 in seed funding from Unicorn India Ventures last week.
The company, bootstrapped in 2014, will use the funds to set up 125 clinics by July 2018 in India and foreign locales. At present, the company has 12 clinics across Delhi, Mumbai, Patna, Hubli, West Bengal and Cyprus in Europe.
“This funding will be sufficient for the present expansion plans. We are also planning to foray into Africa and certain South-East Asian markets, while we are in advanced discussions to move into Bangladesh and Nepal,” said Rajneesh Bhandari, founder and Managing Director, NeuroEquilibrium.
The company, which usesCloud technologies to evaluate and diagnose vertigo, will look at raising further funds, if needed, he said, adding that the company has initiated talks with a clutch of top venture capitals.
Bhandari, however, declined to name the VCs as the talks have not reached a conclusive stage.
The seed funding raised from Unicorn India, a SEBI-approved fund, is a convertible round at a discount to the series A round.
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