Sunfox’s Spandan ECG: Cardiac Diagnosis Tool Backed by Shark Tank India Investors

Sunfox is a company that has developed an AI-based ECG (electrocardiogram) monitoring device for healthcare professionals. Sunfox serves both the business-to-consumer (B2C) and business-to-business (B2B) markets. The company operates in the high-tech, healthtech, and life sciences market segments. They have created a portable ECG device called Spandan ECG that can monitor the cardiac health of patients.  The Spandan ECG device can be integrated with a software system on a mobile device to provide real-time data for disease diagnosis and early detection of any heart-related issues.

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Rajat Jain is the founder of a company called Sunfox Technologies. He started this company with his friends in Dehradun, India. Rajat’s background is in managing business incubators, which are organizations that support and nurture new startup companies. Sunfox Technologies was founded with a mission to develop affordable and portable medical devices for heart health. Their main innovation is called “Spandan”, which is a device that can diagnose heart attacks using a smartphone. Rajat’s innovation, the Spandan device, has been recognized by the Prime Minister of India. Sunfox Technologies was also one of the few companies to receive all 5 investment deals on the TV show Shark Tank India, season 1.

• Spandan is a pocket-sized ECG (electrocardiogram) monitor developed by the founders of Sunfox Technologies. The product is addressing a global issue of deaths caused by the lack of access to medical equipment.
• It has helped save over 100,000 lives and record over 2 million heartbeats.
• The device has been used to upgrade over 20,000 clinics and detect over 100,000 critical cardiac cases.
• It is designed to be user-friendly, with a simple layout and interface that even a layman can use.
• The device and accompanying app provide easy-to-understand ECG reports and insights.
• It is described as a “life-saver” and “revolutionary invention” by users, including medical professionals.

Spandan, a product introduced on the TV show Shark Tank, caught the attention of all five Sharks on the panel. The Sharks were impressed by Spandan and collectively approved the product, agreeing to invest in the company. The Shark Tank investors, including Peyush Bansal, Namita Thapar, Anupam Mittal, Vineeta Singh, and Ghazal Alagh, collectively invested INR 1 crore (approximately $130,000) for a 6% stake in the company.

The Impact: After securing the Shark Tank investment, the revenue of the successful product, Spandan, grew by 40 times.

Sunfox has raised a total of $173,000 in funding over 4 separate funding rounds or investment events. The first funding round was on December 21, 2020. The most recent funding round was an “Angel” round on March 31, 2022, where Sunfox raised $132,000. 5 different investors participated in Sunfox’s latest funding round. These investors include Peyush Bansal, Namita Thapar, Anupam Mittal, Vineeta Singh, and Ghazal Alagh.

Sunfox has 8 institutional investors, which are organizations that invest money professionally. These include:

• Mumbai Angels
• IIIT Hyderabad
• Villgro

The largest institutional investor in Sunfox is Zera Ventures. Sunfox also has 8 individual angel investors, including a person named Sreekumar Krishnan.

As of March 24th, Sunfox has 127 employees. This is an increase of 84.1% compared to the employee count in March 23rd.

It has a total of 780 competitors, and it ranks 21st among them. 132 of its competitors are funded, while 33 have exited the market. In total, Sunfox and its competitors have raised over $2.72 billion in funding across 383 funding rounds, involving 827 investors. There are 14 public and 19 acquired companies in the entire competition set.

• iRhythm Tech: A public company that provides cloud-based cardiac rhythm monitoring devices.
• AliveCor: A Series F company that provides cardiac monitoring devices and applications for heart health monitoring.
• Eko: A Series C company that provides an AI-based remote patient monitoring platform for cardiac health.

Aspiring entrepreneurs from across India come to Shark Tank India to present their innovative ideas and business models, hoping to secure the investment needed to take their startups to the next level.