Remote patient monitoring (RPM) solutions company Dozee announced that it has raised INR 44 Cr in Series A funding. The funding was led by existing investor Prime Venture Partners, with participation from YourNest Venture Capital and 3one4 Capital.
So far, Dozee has raised over INR 68 Cr. In September, 2020, it raised INR 12.5 Cr funding. In the past, the company was also among the 11 deeptech startups selected in the 12th batch of Jio’s startup programme JioGenNext
The startup will use the fresh capital in R&D to launch new products and enhance its platform capabilities. It will also use the funds to increase its presence in HDU ward monitoring, home monitoring, and to deliver a cloud-enabled continuum of care.
Founded in 2015 by IIT alumni Mudit Dandwate and Gaurav Parchani, the company offers Contactless Remote Health Monitoring services that tracks heart health, respiration, sleep quality and stress levels with 98.4% accuracy, the company stated. Dozee’s AI-based module Advanced Health Intelligence, detects early signs of health deterioration by continuously assessing user’s vitals data and conducting a risk analysis.
Dozee is witnessing an increased adoption of its Remote Patient Monitoring solution with over 216 hospitals across India partnering with the startup in the last 6 months, the company stated. Additionally, according to a statement by the company, it has deployed its platform in over 5,000 beds in hospitals to monitor patients continuously. Hospitals are currently using Dozee’s platform to convert any bed into a step-down ICU to continuously monitor a patient’s cardiac and respiratory cycles, and notify the critical care response teams of any abnormalities that may be detected before it becomes critical.
Sanjay Swamy, managing partner, Prime Venture Partners “The Indian healthcare sector has seen a rapid transformation in the last year with hospitals, healthcare workers and patients embracing technology to access better care. Dozee is not only transforming the lives of doctors, nurses and patients but it has brought about massive changes in the critical care infrastructure in public hospitals. Mudit and Gaurav are amazing founders and are building a truly world class team swiftly. We are delighted to partner with 3one4 and Yournest to continue to help take this company to the next stage. We see a huge potential for Dozee in bringing about a shift in the healthcare sector by enabling hospitals to provide affordable critical care infrastructure and upgrade rapidly without huge capital investments.”
Currently, the startup stated that it is working towards partnering with over 1,000 hospitals across India to help them upgrade critical care infrastructure through remote patient monitoring. It plans to install its platform in more than 50,000 step-down ICUs and set-up 24×7 Central Monitoring Cells in these hospitals, enabling them to quickly augment the critical HDUs and ICUs and save more than 1 Mn nursing hours per month.
The COVID-19 pandemic brought to the fore both challenges and opportunities in the healthcare sector in India. According to experts and doctors, India will need an extra 500,000 ICU beds, 200,000 nurses and 150,000 doctors in the next year alone. This problem brought in new opportunities and areas of growth for the Indian healthtech secor.
According to data from Inc42 Plus, India’s healthtech market is expected to reach a market value of $21 Bn by 2025. Between 2014 and March 2020, over $2.3 Bn was infused in Indian healthtech startups. As of now, there are more than 290 funded healthtech startups in India.