SPANDAN to take away “All Shark Deal”!1 year ago Nethrikaa Greeshma
Sunfox technologies which aim at creating innovative technologies for a better and l sustainable future were established in 2016 by Saurabh Badola, Rajat Join, Nithin Chandola, Sabit Rawat from Uttarakhand, Dehradun. Saurabh states that 20 lakhs people expire with heart attacks every year due to lack of medical devices and thus their main vision to bring reliable technologies related to Biomedical Instrumentation, IoT, and other engineering domains to serve the Indian markets. The product which is developed for this purpose was “SPANDAN”, a pocket-size ECG device that is easy to use, understand and also is smartphone compatible with an accuracy of 99.7 %!
Spandan mainly provides users with three tests Lead 2, 7 lead, and 12 lead respectively where the ECG records within 10 secs giving green, yellow, red signals symbolizing good heart, average, and emergency required conditions. It is a small Portable machine with less cost and complexity.
Sunfox has already been granted 50 lakhs by the department of science and technology, India, and has also been given a private investment of 3.5 lakhs for the development of Spandan.
Their Sales scales to 1.2 lakhs in 13 months starting from January in which Online sales takes up to 5 lakhs rupees. The single device costs 8000 and its paper cost starts from less than 3 rupees. The main dealers of Sunfox to sell Spandan are Amazon and 1mg.
However, the team Sunfox pitched their idea in Shark Tank for 1 crore rupees at 2 percent equity. Realizing the need and current situations all the Sharks were quite impressed and supportive to Spandan and thus finalized an all shark deal of 1 crore for 6 percent !!