We are very happy to announce the successful completion of IRS 90 lakhs seed funding. This investment is to be used to cover the operational expenses for the next 10-12 months. We plan to deploy this fund primarily for product development and secondarily for creating market traction for our solutions. The traction that we generate using this seed fund should enable us to tap into much larger investments for growth and acceleration a year down the line.
We announced this fund raising program in November 2016 with an aim of generating 70-80 lakhs. It was offered as private placement only to known people and close associates, who had been following the company from the beginning. The overwhelming response enabled us to increase our target to 100 lakhs and in the end we ended up with a final investment of 92.5 lakhs.
The offer was formally closed by the end of January 2017 and fund collection completed by end February 2017. We have started deployment of the funds starting with the augmentation of the product team.
The product team is projected to grow from the current 10 full time + 4 interns to 15-20 full time employees, with the main addition happening in the JAVA backed. Market outreach is another area of focus and the progress over the past couple of months have been very +ve. Apart from the in house commercial offerings, we have also making inroads in to the social and public health areas, thanks to associations with EHRC and other healthcare professionals active in the public health domain.
We thank all our investors and well wishers for their support and trust and assure you that we would do our best to live up to your expectations. The next 12 months will be crucial for the company and going by the progress so far, we are very upbeat.