India, June 19 -- Quadria Group-backed VC firm HealthQuad has announced the first close of its Rs.1,700 Cr (about $180 Mn) Fund III with commitments of Rs.550 Cr (about $58.2 Mn).

In a statement, the firm said that new institutional, family office limited partners (LPs) as well as existing LPs backed the fund.

HealthQuad's Fund III targets investments in 13-15 healthtech startups across AI-driven healthcare, digital therapeutics, ambulatory care, enterprise SaaS, and point-of-care devices. The fund's allocation is predominantly for India, with a discretionary share for other markets in Southeast Asia.

The fund has already made its first investment of an undisclosed sum in AI-driven patient monitoring platform LifeSigns and is pursuing ...