General Diagnostics International (GD), a Mumbai-based diagnostics firm offering diagnostics tests, has raised its maiden equity investment of $10.5 million from InvAscent, a healthcare-focused private equity firm in India.
The funding will be used to further enhance GD’s technological capabilities and build in-house logistical solutions for fast movement of biological samples. The company will also use the funds to expand its network of laboratories across India, it said.
“We are excited to partner with InvAscent as we embark on our next phase of growth. InvAscent’s deep understanding and wisdom in conventional and tech-based healthcare delivery solutions will be invaluable to us as we continue to expand our reach and provide high-quality diagnostics services to patients across India,” said Susheel Singh, MD of General Diagnostics.
GD, founded in 2017 by a team of healthcare professionals, developed software solutions, algorithms, and processes that combine to give an additional layer of quality control on top of the QC methods recommended and audited by National Accreditation Board of Laboratories (NABL).
Singh added, “GD has developed and deployed its technologies and IP solutions across laboratories in India, Europe, and LATAM countries. The fundraise will help us leverage our technology and distribution channel to replicate a sustainable business model across the country.”