Lucid Implants founded by Dr Nitin Bhola, Mr. Prashanth Ray, and Dr Pranav Sapkal designs, develops, manufactures and markets customised medical implants.
In a Nutshell
Established in 2018, Lucid Implants is a medical technology company based in Nagpur, India, which provides customized solutions for craniomaxillofacial (CMF) and neurosurgical implants. Lucid Implants designs, develops, manufactures and markets these implants that can be individually sized and shaped to fit each patient’s unique anatomy. Aided with a seed capital of 40 lakhs in August 2020, Lucid Implants set up its manufacturing facility in November 2020. They received their patent in December 2020. Thereafter, there was no looking back. Delivering and operating to Tier III and Tier IV cities of India, they have been promoting medical tourism. An official partner to AOMSI, they have done more than 250 cases till March 2022, and have generated a ₹1-crore revenue.
The Before and The After
There are very few surgical practice procedures more challenging than the repair of a head and neck, i.e., craniomaxillofacial (CMF) deformities. ‘Exceptionally complex,’ in nature, this is an area where organs, vessels, and nerves meet. It relies on a very artistic appreciation of facial aesthetics, proportion, symmetry, and balance. The success of the facial reconstructive procedure is primarily based on the surgeon’s pre-surgical planning and expertise, but a wrong step in treatment can cause lifelong trauma. Intricate, often time-consuming, ‘eye match’ manual techniques have been historically employed to obtain, at best, satisfactory results. There has been a definitive paradigm shift in Craniomaxillofacial (CMF) surgery and other orthopaedic specialities by providing virtual surgical planning for 3D pre-surgical simulation, intra-operative patient-specific tools for surgical precision and patient-specific or custom-made implants for perfect fitment.
Their approach and products promote improved surgical accuracy, increase patient outcomes consistency, and enhance the surgeons’ confidence in achieving high standards of care. This personalized approach leverages intelligent systems, software, and 3D printing technologies.
The 3D printing technology along with the scope for personalization has been responsible for enhanced surgical accuracy and surgeons’ confidence, as well as increased consistency in patient outcomes in achieving the best standards of care. Technological upgradation and innovation have brought about a great focus on high value-added, development-oriented policies that support productive activities, creativity and innovation.
AM Ventures Asks
Along with the technological innovations, it is important for start-ups to understand how their innovation is addressing the world’s biggest Environmental, Social and Governance Challenges. AM Ventures, our co-collaborator for this AM start-up series, poses a question to Lucid on their contribution to the world’s biggest ESG challenges.
Lucid Implants are well committed and aligned to the global sustainable development goals, i.e. –
GOAL 3: Good Health and well-being
Lucid Implants ensures healthy lives and promotes well-being for all at every age. Their value-based surgical solutions save and improve the quality of people’s lives.
GOAL 8: Decent work and Economic Growth
Lucid Implants promotes inclusive and sustainable economic growth, full and productive employment and a higher quality of work for all. It strives to achieve higher levels of economic productivity through technological upgrading and innovation, including a focus on high value-added, development-oriented policies that support productive activities, creativity and innovation.
GOAL 10: Reduced Inequalities
Lucid Implants reduces inequality within and among countries by providing affordable, personalized solutions for people with facial deformation due to congenital defects, cancer or trauma.
40 lakhs seed fund raised in August 2020, and 70 lakhs seed fund raised in March 2021.
The company is looking for investors and strategic partners.
Disclaimer: This AM Chronicle Startup series is powered by AM Ventures and companies mentioned in the series are not necessarily funded or supported by AM Ventures directly, unless otherwise mentioned.