By: Shivani Persad, July 18 2024
Imagine a world where cancer survivors have access to a game-changing screening method: a simple blood test that can detect the recurrence of any type of cancer at just a fraction of the cost and speed of current methods. This is the vision driving Shalini Gupta, founder of Asima Health. Her early-stage molecular diagnostic company is poised to transform cancer surveillance, offering a fast, easy, and affordable solution that could bring peace of mind to millions of cancer survivors.
Here’s our interview with Shalini about her company, Asima Health, and her time in Elevate and The Firehood’s Women+ Entrepreneur Incubator.
Can you tell us about your background and what inspired you to become an entrepreneur?
My background is that I did a PhD in Chemical and Biomolecular Engineering back in 2007. After a short postdoc stint, I became a faculty member at IIT Delhi in India in 2010. I was an experimentalist by training, and during my academic tenure, I set up my entire lab. There, I enjoyed working on interdisciplinary aspects and focusing on Applied Science. I applied for patents and always wanted to see how lab work translates into the real world. This interest led me to my entrepreneurial journey.
Can you describe Asima Health and the problem it aims to solve?
We are developing a liquid biopsy test, which is a blood test for cancer screening focusing on cancer survivors. We want to make the screening process simpler for them. Our patent-pending blood test can rule out multiple cancers from a single blood draw at a low cost, very quickly, and can be accessed through your local lab. We’re aiming to make it more accessible and frequent than current screening methods.
What were some of the key challenges you faced when starting Asima Health?
I think I just didn’t know a lot about the space. I kept asking the questions I was trained to ask in academia, whereas as an entrepreneur, I realized that ‘how does it work’ is less important than ‘why does it work’ or ‘what can it be used for?’. The first few months were spent struggling with making the right kind of PowerPoint that conveys the business side of things. Finding the product market fit and a business case for my platform technology was the biggest challenge.
What makes Asima Health unique in the market?
The uniqueness comes from the fact that the technology is super fast. We’re using an alternate technology called impedance spectroscopy. It’s low-cost, scalable, easily accessible through your local lab, and has a quick turnaround time. We want to make the tests $150 or $200, compared to the current average cost of $2500 to $3000.
How has your company evolved since its inception?
We’ve hit multiple milestones. We filed two patents early this year. We’ve been finding the right product-market fit by talking to doctors and specialists. We partnered with Ontario Tumor Biobank for samples and submitted a scientific manuscript recently. Also, we got a conversation going with LabCorp, the biggest blood testing company in the US.
What motivated you to join the incubator program with Elevate and The Firehood?
I met Blake last year during CIX, where I got an opportunity to enter their pitch competition. I also met Danielle at various events. A common friend introduced me to the program and suggested I apply. It’s been phenomenal, honestly.
How has the program helped you overcome specific challenges you faced as an entrepreneur?
It gave me the opportunity to reach out to more investors and gain more visibility. I’ve attended events like UP24, which Elevate sponsored. I pitched in front of a lot of people on stage and was one of the five finalists. I also got one investor to sign in.
Can you share a memorable experience or key learning from the program?
I think UP24 would be the most relevant experience. I got a chance to pitch, and that was a validation in itself. We had to cross two stages to get to the final stage. Just getting the confidence to pitch in front of people, seeing other co-founders and their amazing companies, and getting there on the stage would be my memorable experience from this entire program.
What are your future plans for Asima Health?
I’m actively raising my pre-seed round right now. I’m also simultaneously working on the technology because technology de-risking is the biggest part. We have to make the test work exactly like it was working in India. We’re working on those aspects right now, the translational part, and also working on the side to build our MVP. MVP development and fundraising are my two topmost priorities at this point.
What advice would you give to other entrepreneurs who are starting their journey?
I would say learn to cut out the noise. There’s a lot of noise and a lot of people giving you advice, and it can get really confusing and frustrating. Find a few people that you really trust in different aspects. Find your go-to mentors who sometimes help you cut the noise out. Also, find a good product market fit because sometimes that’s a make-or-break point for people.
Is there anything else you want to share about your experience?
When I ventured into this, I didn’t realize how hard it would be. I felt like I chose one of the hardest problems in one of the most difficult domains. Being in Canada sometimes doesn’t help because a lot of the R&D and tech innovation in my space is happening in the US. But hopefully, some of the Canadian shared programs, which I’ve not tapped into yet, will be helpful.
We encourage you to follow Shalini’s journey with Asima Health as they develop their technology further and help millions of people detect early recurrence of cancer. If you want funding and support to scale your tech company globally and identify as a woman or gender-diverse founder, apply to our next Entrepreneur Incubator.
