Cyclops MedTech to develop products across balance spectrum

Cyclops MedTech to develop products across balance spectrum

As an ENT (Otorhinolaryngology - ear, nose, and throat) surgeon, Dr D R Srinivas specialising in diagnosing and treating patients suffering from vertigo, balance issues and other episodic neurological conditions, was able to clearly identify the pain points with the existing diagnostic modalities, and was also able to visualise the solutions based on medical and clinical needs without being influenced by technological possibilities and limitations.

Realising the need to develop eye tracking device, Dr Srinivas along with Niranjan Subbarao co-founded Cyclops MedTech in 2015. The startup produced a working alpha prototype in eight months, and it claims that its vision is to create highly innovative and cost effective medical technology.

The Bengaluru-based startup, with eight member team, is currently working on two new products. “First one is an accessory for our core product Balance Eye. The second one is a neurological evaluation device meant for deployment in ER centres. We would like to aggressively scale up Balance Eye’s presence in India before launching these two products,” Niranjan says, claiming that they have a lot of inquires for Balance Eye from Bangladesh, Sri Lanka, Middle East countries and some African and European countries as well.

The startup raised seed funding of Rs 1.5 crore. “Now that revenues have started trickling in, we would like to complete the pending installations and work towards series A in the next two to three quarters,” he asserts.

The company follows two different kinds of business models — capex-based sales and pay-per-use model. “In capex-based sales model, we go with optional subscription fee for interpretation. In this model, we sell the device and the software for a fixed fee, and charge an optional monthly subscription to access machine learning powered interpretation support,” says Subbarao.

“In pay per use model, we deploy the device and the software for a relatively small installation fee and charge a flat fee for every test they conduct. There is no separate fee for accessing interpretation support and all upgrades are included,” he adds.

With a vision to create highly innovative and cost effective medical technology and devices that can dramatically expand the diagnosis horizon and thereby aid in faster and better cure, the startup is working on a suite of products across the entire balance spectrum, and is also doing a lot of research on eye tracking and its application to diagnose various medical conditions.

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