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Shycocan Corporation, a health-related technology start up founded by a team of industry professionals led by Apple India former MD Alok Sharma, is planning to invest around Rs. 100 crore in the business over next three years for future growth.
The company is one among the start ups which has been working on a technology which found a wider use case with the outbreak of the Covid-19 pandemic.
Incorporated during the pandemic, it has had the technology since 2018. Due to the current need of the market many devices like Air purifiers, Air ionizers and UV devices are positioning themselves in the segment. They were not built for this specific function, hence they do not really solve the problem. The core technology of Shycocan is the fundamental difference with the other technologies which is Photon Mediated Electrons vis-à-vis Ionisation, filtration or UV, he added.
Developed with over 10 years of research, the virus attenuation device technology is designed keeping viruses in mind like Swine Flu, Seasonal Flus, SARS, Respiratory infection etc. SAR-COV-2, the virus responsible for the Covid-19 pandemic, has the same mechanism for infecting humans.
The company says that while viruses have been around for more than a century now, Covid-19 made the world aware about the real threat of viruses. Prior to the pandemic, who would have thought that the whole world can be impacted by a single pandemic causing widespread loss of lives and livelihoods. Even today, most people may not be thinking beyond the current situation and Covid-19.
However, people who are going deeper in understanding this problem realise that Coronavirus is not a one-off problem. In the last two decades we had SARS, MERS, Swine Flu and other localised pandemics; apart from seasonal flus that is becoming more widespread and severe in recent years.
“The threat of even worse pandemics in the future is real as per many virologists and experts. Our customers are investing into viral defence over the next 5-10 years, and not only for Coronavirus. Safe air is a fundamental human birth right like safe water. We have built a company in one year with a presence in over 20 countries with employees in over 15 locations worldwide,” said Sharma.
Post the pandemic, the company has invested in testing the device for safety and efficacy. It has got marque customers like Sun Pharma, Tech Mahindra, LG, FICCI, Adani Wilmar Limited, ABB, Aditya Birla, Polycab, Jindal Steel & Power, Kotak Mahindra Bank, Religare, TATA Group, Indian Army, Dubai Health Authority, First Abu Dhabi Bank, Dubai Police, Singtel Sudong, Jubilant Life Sciences, Advance Valves and many other companies and institutions that have installed the device.
“We plan to invest over Rs. 100 crore in the business over the next 3 years. We have raised a “Series A” investment round last year from a family office in India which is being used to develop the market and help save lives and livelihoods from the pandemic,” he said about the future plans.
The growth strategies of the company fall into two main areas; expanding its geographic coverage and launching new products for new use cases. It currently has operations in India, Middle East and ASEAN countries. It is looking at expanding to other locations in Asia Pac and Europe in the year 2022.
In terms of new use cases, the company plans to launch new Shycocan devices that can be used in cars, buses, railways, transportation and portable personal use. It is also planning to launch the device for the poultry industry as they get impacted by diseases like bird flu and avian coronavirus attacks.
“We plan to continue our focus to build new product categories and technology platforms that focus on Health and Safety. As the company launches new products and technologies we plan to grow 10x in the next three years, and plan to raise our Series B in the later half of this year,” he added.
The company foresees “Virus Defence Device” becoming a new technology category, and a common fixture in every enclosed space like air conditioning today. The overall market size for virus defence is ~$135 billion worldwide and India alone it is close to $11 billion, he added.
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