Fischer Medical Ventures Invests in Wonder Tech Group for Mental Health Innovation

On June 18, 2024, Fischer Medical Ventures Ltd (Fischer MVL), previously known as Fischer Chemic Ltd, informed in an exchange filing its investment in Wonder Tech Group, a Singapore-based company focused on advancing mental healthcare through AI-driven solutions.

Fischer MVL is known for producing cost-effective, high-quality MRI systems via its subsidiary Time Medical International Ventures (India) Pvt. Ltd. It became the first in India to manufacture such advanced medical imaging equipment domestically. Beyond medical imaging, Fischer MVL actively invests in diagnostic solutions, with a particular emphasis on mental health.

This investment in Wonder Tech follows Fischer MVL’s recent collaboration in mental health therapy with “The Therapy Platform,” underscoring its dedication to enhancing innovations in mental healthcare offerings.

Wonder Tech has pioneered a groundbreaking biomarker technology in the mental health industry, enabling rapid and accurate diagnostics through a 60-second voice sample. Their AI-driven acoustic-based platform assesses mental health instantly and objectively, transcending language barriers. This innovation, developed over nine years with extensive technology mapping, data collection, and clinical research, has gained recognition for its ability to detect depression with 83% accuracy, surpassing clinical standards. Wonder Tech’s solution is validated across multiple languages and has garnered acclaim, including the “Best Healthcare Innovation award/grant” from the Singapore Temasek Foundation in 2023.

The company stated that a report from The Lancet Global Health reveals that nearly 1 billion people globally experience mental disorders. Despite the substantial market size of USD 399.7 billion in 2023, projected to reach USD 530.5 billion by 2032, mental health diagnostics have seen limited innovation. Traditionally reliant on psychiatrists, this method is costly, time-consuming, and stigmatising, deterring early patient assessment and treatment.

In contrast, Wonder Tech’s voice biomarker diagnostic solution offers several advantages: it is user-friendly, unbiased, and scalable via mobile phone capture without additional hardware. Serving as an AI triage, it provides personalised and discreet diagnosis, addressing the limitations of traditional methods.

Speaking of this investment, the Chairman and Managing Director of Fischer MVL, Mr Ravindran Govindan, said, “Our alliance with Wonder Tech further underscores our commitment to invest in mental healthcare solutions. We consider this sector as essential healthcare yet heavily under-served and intend to take global leadership in this space. This investment brings along the exclusive rights to market Wonder Tech’s paradigm-shifting technology in ASEAN, India, and Middle East markets to scale up their impressive acoustic-based depression diagnostic solution that works across languages, including hundreds of diverse Indian languages.”

On June 18, 2024, the share price of Fischer Medical Ventures Ltd opened at ₹700.00, touching the day’s high at ₹760.00, as of 12:33 PM on the BSE.

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