FUNDING
Sunfox Raises $7 Million Series A Funding to Scale Spandan Portable ECG Platform
Dehradun-based medtech company Sunfox Technologies has raised $7 million (about ₹67 crore) in a Series A funding round. The round was led by Ashish Kacholia, Lashit Sanghvi, Alchemy Capital, and 3one4 Capital.
The capital will fund deeper expansion in India, global market entry, team scale-up, and continued R&D of its cardiac diagnostics platform.
How Much Funding Did Sunfox Technologies Raise and Who Invested?
Sunfox closed a $7 million Series A on 7 October 2026. Lead and co-investors include public-markets investor Ashish Kacholia, Lashit Sanghvi, Alchemy Capital, and venture firm 3one4 Capital.
As the company’s largest raise to date, this round follows a 2024 pre-Series A of around ₹15 crore led by Venture Catalysts, which was part of a broader ~₹20 crore pool that included USAID-linked capital. Prior funding also included investment from all five sharks on the first season of Shark Tank India.
What Will Sunfox Use the Series A Funds For?
The company plans to allocate the capital to four distinct priorities:
Deeper expansion of the Spandan platform across India
Building regulatory, distribution, and commercial capabilities for the United States, Europe, and Africa
Organisational scale-up
Increased investment in R&D, clinical evidence, engineering, and new cardiac technologies
Rajat Jain, Founder and CEO, said: “This round gives us the resources to take what we have built in Dehradun to a much larger stage. We will invest deeply in R&D while expanding across India and building the capabilities required to take Sunfox and Spandan to global markets.”
What Is Spandan and How Does Sunfox’s Technology Work?
Spandan is a portable, medical-grade ECG platform that works with a smartphone. It delivers clinically accurate 12-lead ECG readings for personal, clinic, hospital, telemedicine, and public-health use.
Frontline health workers or patients can capture an ECG and share it with remote doctors for interpretation. The system can flag patterns that may need urgent attention.
Spandan One is the digital layer that supports remote ECG review, case coordination, and tele-ECG network management.
Typically, in public-health settings, the model follows a hub-and-spoke pattern, with recordings collected at primary centres and examined at district hubs.
Current Traction and Reach of Spandan
Approximately 60,000 Spandan devices deployed across India
Reached more than 20,000 villages
Spandan One platform screens roughly 5 million patients each year
Presence in more than 15 countries
Regulatory approvals in India, Ghana, Kenya, Tanzania, and South Africa
Actively pursuing clearances in the United States and European Union
The company was founded in 2016 by Rajat Jain, Arpit Jain, Sabit Rawat, Nitin Chandola, and Saurabh Badola after a personal loss highlighted delays in cardiac assessment.
Why This Funding Matters for Indian Medtech and Cardiac Care
Heart disease remains a major health burden in India, with limited access to timely ECG assessment outside major cities. Sunfox’s smartphone-linked, lower-cost approach targets exactly those gaps: primary health centres, clinics, remote areas, and home monitoring.
The Series A signals continued investor interest in India-built, affordable diagnostics that can scale both domestically and in emerging markets in Africa while targeting regulated markets in the US and Europe.
Sunfox competes in the portable ECG space with players such as AliveCor, Agatsa, and Cardiotrack.
Its combination of hardware, remote-review software, and existing rural footprint differentiates it in the current landscape.
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