For centuries now, the approach of doctors has been to examine a patient’s eyes to discover causes to various medical conditions. The examination has been largely subjective and restricted to physical examination and the diagnosis. In spite of the fact that medical science has some very clear pointers correlating various eye conditions with other medical conditions, there has never been a focused effort to build diagnostic platforms harnessing the power of eye tracking and imaging. The absence of such kind of a platform made the founders of Cyclops Medtech come up with a platform to address this. This has been the driving factor behind the launch of Cyclops.
About Cyclops Medtech
The idea to start Cyclops Medtech came in when way back in 2011-12 Niranjan Subbarao and Dr. Srinivas were thinking of setting up a medical equipment rental model for India. While working on building their business model, they discovered that close to 80 percent of medical equipment in India were important at staggering prices. Around the same time, Dr. Srinivas, during his regular medical practice, discovered significant gaps pertaining to diagnosing episodic neurological events. After a session of brainstorming, they realized that they would be adding more value if they were to build the devices in India.
The founders were able to identify the diagnostic gaps based on the necessary scientific and medical background and marketing acumen they had. They also succeeded in getting on board a very bright engineer specializing in computer vision and image processing with a little bit of networking. This completed their core team and they set out on a journey to build low cost, value rich diagnostic devises. They stopped working on equipment rental model and started Cyclops Medtech.
It took about 18 months to beta and a further 8 months to production of the first device Balance Eye. The company would be launching the device by first week of September this year. Besides, it is also working on a pipeline of a few more devices.
Cyclops is a Medtech company working on clinical and wearable diagnostic solutions. The company was formed in 2015. Cyclops Medtech’s vision is to create highly innovative and cost effective medical technology and devices which can dramatically expand the diagnosis horizon and thereby aid in faster and better cure.
Meet the Founders
Dr. Srinivas Dorasala, Co-Founder, Cyclops Medtech
Dr. Srinivas is an ENT Surgeon and a vestibular specialist. He has been diagnosing and treating patients suffering from episodic neurological events for close to 13 years now. He is an MBBS graduate and an MS in ENT.
Dr. Ravi Nayar, Co-Founder – Mentor, Cyclops Medtech
Dr. Ravi Nayar is an ENT and Head – Neck surgeon and a senior academician. He was earlier heading the Department of ENT at St. John’s Medical College. He is a Medtech innovator who mentors several companies and also runs Medtech innovation programs at a few engineering colleges. He has done MS (ENT) from PGMER Chandigarh in 1983 and subsequently secured a DCCF from University de Paris, France and a DLO from the Royal College of Surgeons, London. He also holds a FRCS.
Niranjan Subbarao, Co-Founder, Cyclops Medtech
Niranjan is a marketing professional with a decade and a half industry experience. This is his second startup in the medical space; the earlier one being a medical content and conferencing company. He is an MBA with specialization in marketing.
Dr. Shyam Vasudev, Chief Mentor, Cyclops Medtech
Dr. Shyam Vasudev is the chief mentor. A Ph.D. gold medalist from Indian Institute of Science, he is the founder of Forus Health, one of the celebrated Medtech companies and pioneers in building low cost ophthalmic testing equipment. Prior to starting Forus, he was serving as a Director at Philips Innovation Centre for medical devices.
Funds and Future Plans
Cyclops Medtech has raised funds from their seed round and is in the process of raising their pre series A round. Cyclops Medtech has gained pretty good traction in terms of product development, time to market, clinical validations as well as IP creation. The company looks forward to launch a series of products around eye tracking technology for both clinical as well as wearable uses in the coming months as part of its future objectives.
Competitors and Competitive Advantage
Cyclops Medtech faces competition from generic eye tracking companies, who provide eye tracking technology across domains. The startup is focused on creating diagnostic solutions using eye tracking technology. Eye tracking is an enabler, but what differentiates it from its competitors is its deep understanding of medical science and ability to transform that into applications.
The core strength of the startup is in the areas of clinical knowledge, deep understanding clinical gaps, identifying market potential, technology mapping and rapid product development. Being a new entrant in the market, it sees a need to work on its brand and value proposition and gain rapid credibility in the market.
Startups in similar fields can draw inspiration from Cyclops Medtech. Team, IP, Technology lead and barrier, and an understanding of the market are the three most important performance indicators in evaluating a startup according to the founders of Cyclops Medtech.