Strand Life Sciences announced an investment by Quadria Capital, Asia’s leading healthcare focused private equity investor.
India-based HealthQuad Fund and Singapore-based Heritas Venture Fund also contributed to this investment. While the company did not divulge the amount invested, sources say it is $13 million.
Strand Life Sciences, formed from the business combination of Strand and Triesta, the diagnostics unit of HCG, is a specialised diagnostics company. Its expertise spans global bioinformatics and clinical research capabilities with a pan-India presence in specialised and routine diagnostics services. This fresh investment will be utilised to fund the expansion of Strand towards becoming Asia’s leading integrated diagnostics company.
“The demand for specialised diagnostics has been rising across the region. With diagnostics moving beyond just identification of infections to becoming an integral part of management and therapy, we see a huge potential in this area. Quadria is excited to partner with Strand in this unique diagnostic platform,” said Quadria Capital Managing Partner and co-founder, Amit Varma.
Strand offers end-to-end capabilities in precision medicine – a complete range of clinical diagnostic offerings including oncology, women’s health, fertility, genetics, infectious diseases and preventive care, on-ground presence through 15 laboratories in a mix of metros and emerging cities, globally renowned bioinformatics capabilities used by global instrument providers and diagnostic laboratories, and access to India’s largest cancer bio-repository for cutting-edge clinical research. Ramesh Hariharan, CEO of Strand Life Sciences, Dr Ramesh Hariharan, said: “Given their deep operating knowledge and experience of building healthcare businesses in Asia, the partnership with Quadria and HCG will help launch Strand into its next phase of growth and into an era where data analytics and molecular measurements together change diagnosis and treatment paradigms.”
Founded in 2000 as a spin-off from the Indian Institute of Science, Strand is one of the pioneers in the bioinformatics space, with proprietary data analytical engines for research and clinical applications. It has over 200 engineers, scientists and pathologists, and performs diagnostic tests for more than 1,000 hospitals such as HCG, TMC Kolkata, Max Hospitals Delhi, Narayana Hrudayalaya and Apollo Hospitals.