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Zoho invests $5 million in a medical device firm

For a 25% investment in Voxelgrids, a Bengaluru-based firm that develops Magnetic Resonance Imaging (MRI) scanners, Zoho Corp, based in Chennai, has committed $5 million (about Rs 35 crore). The investment will aid the company in the growth of its deep–tech capabilities, the creation of intellectual property, and the expansion of its business. The investment will be split into two installments.

Voxelgrids, which was founded in 2017, makes 1.5T MRI scanners that are lightweight, mobile, and simple to install and run, making them ideal for usage even in rural India, where MRI facilities are few. The start-up has raised roughly Rs 20 crore in grants so far with a 22-member workforce.

A proprietary imaging software program is also included with the MRI machine. The company’s Bengaluru production plant has the capacity to produce up to 25 units per year.

Through software and hardware improvements, Voxelgrids is attempting to overcome MRI scanner usability and operation difficulties. Several nations, including the United States, China, and Japan, have granted patents to its non-cryogenic technology and design. The scanner may also be put on mobile platforms, allowing it to be easily transported to remote sites while using far less electricity.

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