Dehradun, India | October 7, 2026 – Sunfox Technologies, the Dehradun-based medtech company behind the Spandan portable ECG platform, has raised $7 million (approx. INR 67 crores) in a Series A funding round led by ace investor Ashish Kacholia, Lashit Sanghvi, Alchemy Capital and 3one4 Capital. The coming together of some of India’s most prominent names across public markets, venture capital in a medtech company makes the round particularly significant-signalling growing investor conviction in India’s ability to build deep-tech healthcare innovations for both domestic and global markets.
The fresh capital will support Sunfox’s next phase of growth, including deeper expansion across India, development of its global go-to-market capabilities, rapid organisational scale-up and continued investment in research and development.
The fundraise, the largest in Sunfox’s history, marks a significant scale-up for a company that began as an R&D venture in Uttarakhand in 2016 with a deeply personal motivation. Following the loss of a friend in college, the founders–Rajat Jain, Arpit Jain, Sabit Rawat, Nitin Chandola and Saurabh Badola–began exploring how technology could help address gaps in timely cardiac assessment and reduce the care time after a heart attack. What started as a college-led effort evolved into Sunfox Technologies and subsequently, Spandan.
Over the past decade, Sunfox has developed a portfolio of Spandan ECG solutions spanning personal, clinical and institutional settings, with applications ranging from at-home ECG recording to clinics, hospitals, public-health programmes and remote-care networks.
Spandan’s commercial proposition is straightforward: help detect a suspected heart attack using a smartphone, with results reviewed by remote doctors around the clock. In private clinics, homes, and public-health systems where the devices are used, a frontline health worker captures an ECG using the Spandan platform, shares it for remote interpretation, flags critical patterns, and escalates the case for further treatment, slashing waiting and travel time.
Around 60,000 Spandan devices have been deployed across India, reaching more than 20,000 villages across states and union territories. The Spandan One platform has been used to screen approximately 5 million patients annually, expanding access to cardiac assessment across diverse healthcare settings.
Sunfox and Spandan have also received recognition and visibility across national and international platforms, including acknowledgement by Indian Prime Minister Narendra Modi, President of India Droupadi Murmu, French President Emmanuel Macron and philanthropist Bill Gates.
The company has approvals from regulatory bodies in India, Ghana, Kenya, Tanzania and South Africa and is pursuing regulatory clearances in the United States and European Union. The company will use the Series A capital to scale its India-built cardiac diagnostics platform domestically while developing regulatory, distribution and commercial capabilities across priority international markets, including the United States, Europe and Africa.
Rajat Jain, Founder & CEO, Sunfox Technologies 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.”
Ashish Kacholia, Investor, said, “I am pleased to invest in Sunfox Technologies, a company focused on saving lives by making quality healthcare more accessible, particularly at the grassroots level.”
“Sunfox has built a strong foundation in cardiac diagnostics with the potential to scale meaningfully from India to global markets. We believe its focus on innovation, accessibility and long-term value creation makes this an exciting next phase of growth,” said Lashit Sanghvi, Co-Founder, Alchemy Capital Management
The company will continue strengthening the Spandan portfolio while investing in clinical evidence, engineering and new cardiac technologies. Its longer-term strategy is to extend portable ECG access across consumer, professional, institutional and public-health settings while building the regulatory and commercial infrastructure required for international expansion.
The broader ambition remains unchanged from the problem that inspired the company in the first place: bringing cardiac assessment closer to people and healthcare teams, so that appropriate action can begin earlier.
About Sunfox Technologies
Sunfox Technologies is an Indian medtech and R&D company developing affordable, portable and AI-enabled healthcare solutions, with a focus on improving access to quality diagnostics, particularly cardiac care in resource-limited settings.
Its flagship Spandan series is a portable, medical-grade ECG platform designed for use across hospitals, clinics, telemedicine networks and home-based patient monitoring. Spandan enables ECGs to be recorded closer to the patient and can flag cardiac patterns that may require urgent medical attention, helping address situations where access to timely cardiac assessment may be limited.
In public-health systems, the technology can operate through a hub-and-spoke model. A nurse or health worker at a Primary Health Centre (PHC) or Community Health Centre (CHC) can record an ECG locally and share it with doctors or cardiologists at a district hub for review. This enables smaller health centres to access specialist input, while patients requiring urgent or advanced care can be identified and referred. Sunfox also provides Spandan One, its digital service layer for remote ECG review, case coordination and tele-ECG network management.
Sunfox gained national visibility after securing investment from all five Sharks on the first season of Shark Tank India. The company has since expanded its presence to more than 15 countries, with its products reaching healthcare providers across 1,800+ PIN codes in India, as it continues to build and scale medical technology developed in India. For more information, visit www.sunfox.in
About the Investors
Ashish Kacholia is an Indian ace investor known for identifying and backing high-growth businesses, particularly across the small- and mid-cap segments. With decades of experience in Indian capital markets, he has built a widely followed investment portfolio spanning sectors including manufacturing, technology, healthcare and consumer businesses.
Alchemy Capital Management is a Mumbai-based investment management firm founded by Lashit Sanghvi, Rakesh Jhunjhunwala with other prominent investors and is one of the early pioneers of Portfolio Management Services in India. Founded in 1999, the SEBI-registered firm manages and advises approximately US$1.2 billion in group assets across PMS and alternative investment strategies for high-net-worth individuals, family offices and institutional investors. Its investment approach is centred on fundamental research, scalable businesses and long-term growth.
3one4 Capital is an India-based early-stage venture capital firm, founded by Pranav and Siddarth Pai, investing in technology-driven companies across sectors including consumer, enterprise, fintech, healthcare and deep tech. The firm partners with founders building category-defining businesses from India for domestic and global markets.
