The need for stronger collaboration between private investors and the government to support deeptech startups in India has become more pressing than ever. At the Economic Times Startup Awards 2024, Laina Emmanuel, co-founder of BrainSight AI, emphasized the importance of strategic partnerships to propel the country’s innovation landscape forward.
Journey of BrainSight AI: From Uncertainty to Innovation
BrainSight AI, founded by Laina Emmanuel and Rimjhim Agrawal, has made significant strides in the healthcare sector by integrating deep technology into neurology. The Bengaluru-based startup, which won the ‘Top Innovator’ award at the ET Startup Awards 2024, initially faced immense challenges in gaining traction for its product. During the pandemic, as doctors were fully occupied with COVID-19, the startup struggled to find collaborators for testing their technology.
Despite these setbacks, BrainSight AI secured a Central Drug Standard Control Organisation (CDSCO) license and achieved commercial success in 2024. Their technology aids neurosurgeons in mapping the brain more precisely and interpreting MRI scans with greater accuracy, a crucial development as the world confronts rising mental health issues.
Expanding into Clinical Psychiatry and Beyond
BrainSight AI’s innovations are not limited to neurosurgery. The startup is now venturing into clinical psychiatry, addressing a significant and growing market in India and globally. Their technology, which initially focused on detecting brain tumors, is being adapted to analyze brain images for conditions such as Parkinson’s disease and stroke. This expansion into diverse medical conditions has not only broadened their impact but also attracted considerable attention from psychiatric departments across major hospitals.
Overcoming Challenges and Securing Support
The initial phase of BrainSight AI’s journey was fraught with difficulties, especially during the pandemic. However, access to crucial grants and early support from investors like Stanford Angels, InfoEdge, and She Capital played a pivotal role in their survival and growth. Emmanuel highlighted that hiring a dedicated grant application specialist was a strategic move that helped the company secure necessary funds. Grants from the Biotechnology Industry Research Assistance Council (BIRAC) in 2020, among others, provided the financial backbone needed for their initial product testing and development.
Paving the Way for Future Growth
Looking forward, BrainSight AI is gearing up to close a new funding round, which will support their application for a U.S. Food and Drug Administration (FDA) license and enable expansion into new hospitals and medical departments. This funding is critical as the startup aims to scale its operations from nine hospital groups to over 100 by the end of the year, with a goal of analyzing 30 to 40 cases per month.
The Need for Strategic Collaboration in India’s DeepTech Sector
Emmanuel stressed the necessity of creating a supportive ecosystem for deeptech startups in India, particularly through collaboration between private investors and the government. She pointed to successful models like Singapore’s, where the government matches a significant portion of equity funding committed by major investors after due diligence. Such initiatives could be transformative for Indian deeptech startups, providing the financial stability needed to innovate and grow.
Vision for the Future: Aiming for $100 Million in Revenue
With commercial success in sight, Emmanuel is optimistic about BrainSight AI’s growth trajectory. She envisions the company reaching a $100 million annual recurring revenue run rate as they scale across India and expand into global markets. This ambitious target reflects the startup’s confidence in its technology and the potential impact of its innovations on the healthcare industry.
Conclusion: The Path Ahead for DeepTech Startups
The story of BrainSight AI is a testament to the resilience and innovation driving India’s deeptech sector. As startups like BrainSight AI continue to push boundaries, there is a pressing need for enhanced support and collaboration to unlock their full potential. By fostering stronger ties between private investors and the government, India can create an environment where deeptech startups not only survive but thrive, driving technological advancements that benefit society at large.
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