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Mumbai-based early-stage fund house Unicorn India Ventures has announced the first close of its second equity fund at $12 million. The second equity fund of ₹400 crore was announced last year. With the first close, Unicorn India has also made its first investment in Thiruvananthapuram-based startup SaScan Meditech.
Unicorn India has raised funds from domestic investors comprising family offices and investors from the first fund.
The fund expects to reach the final close in the next 12 months, which is expected to see participation from large institutional investors.
Anil Joshi, Managing Partner, Unicorn India Venture, said: “SaScan is building a range of devices and solutions to detect early signs of cancers. Their methodology of making cancer detection less painful and more accurate in pre-diagnosis impressed us to invest in it.”
Founded in 2016, SaScan is a neo-diagnostics startup developing integrated hardware and software solutions for medical diagnostics. Currently, Sascan focuses on bringing OralScan to the market, a hand-held fully automated solution for non-intrusive Oral Cancer screening.
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