IIT-Kanpur's health startup Noccarc secures investment from SIDBI

New Delhi: Noccarc, a healthcare startup incubated at the Indian Institute of Technology (IIT) Kanpur, on Monday announced securing investment from Small Industries and Development Bank of India (SIDBI), to fuel healthcare innovation.

Noccarc got the investment under the SIDBI Seed Equity Support Scheme (S4-SIIC) -- an exclusive investment scheme tailor-made to support startups incubated at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur launched in March 2023.

The startup gained acclaim for its pioneering efforts in developing India's first indigenous low-cost ventilator within just 90 days during the recent Covid-19 pandemic.

"Our technology business incubator SIIC had been a flag bearer during the peak of Covid for facilitating various research and development work to enrich the healthcare system," said Abhay Karandikar, Director IIT Kanpur, in a statement.

"Noccarc has been a key incubated startup in that domain. I believe that this investment from SIDBI will give more push to the healthcare innovations the startup is aiming to bring and help enrich the country's critical care sector," he added.

The new investment from SIDBI will help Noccarc expand their existing operations and make progress in developing a smart ventilator solution for a global market.

It will also help in fostering the growth of innovative startups in India, creating a promising future for healthcare innovation and technological advancement.

"We are not only thankful for SIDBI financial backing but also for their trust in us. With their unwavering support, we are poised to venture into uncharted territories of innovation, delivering even more robust and accessible products and services," said Nikhil Kurele, IIT-K alumnus and co-founder of Noccarc, in the statement.