Attune will use the latest investment to fuel the company’s rapid growth in India
Attune Technologies has secured $10 million in Series B funding from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, and Norwest Venture Partners.
Reportedly, Attune will use the latest investment to fuel the company’s rapid growth in India. It will also utilise the funds to accelerate its expansion into international markets like Africa, West Asia and South-East Asia.
“This is an exciting moment for us. Healthcare in India is constantly evolving and many organizations are adopting global best practices that can enhance the quality of healthcare delivery in India. Technology is at the core of what we do at Attune. We are constantly upgrading our technology and innovating new solutions to make healthcare affordable, seamless and efficient for the entire healthcare value chain,” said Arvind Kumar, Founder & CEO, Attune Technologies.
“Qualcomm is pleased to make the first investment from its $150 million Strategic Venture Fund in India, in Attune Technologies,” said Karthee Madasamy, Vice President, Qualcomm Ventures India. “Aligned with the government’s Digital India initiative, Qualcomm aims to work closely with the Attune Technologies team as they work to address the digital divide in healthcare across India, as well as globally,” he said.
Qualcomm recently announced its intention to invest up to $150 million in Indian start-up companies across all stages as part of its commitment to India. Qualcomm Ventures will advise and direct Qualcomm’s activities with respect to these strategic investments. Attune Technologies is the first investment from this Strategic Fund. Qualcomm Ventures has been investing in promising Indian startups since 2007 and currently has more than 20 Indian companies as part of its global portfolio, across the mobile ecosystem that includes hardware, software platforms, e-commerce, healthcare, location based services and retail technology.
“We are excited to partner with Attune on their journey and their success. We believe that the technology they provide has the potential to be a game-changer in addressing the issues related to healthcare globally,” commented Mohan Kumar, Executive Director, Norwest Venture Partners, India.
With the new funds, Attune aims to offer its software solution to 25,000 hospitals and labs across the globe in the next three years. Prior to this, the company had raised $6 million in its Series A funding from Norwest Venture Partners in December 2010 and $1 million from Singapore-based Angel Investors from 2010 to 2012.