Bengaluru-based healthtech startup HealthSignz has raised $5 Mn in a Pre-series A funding round led by New Zealand-based Nirvana Health Group founder, Dr Kantilal Patel.
The startup plans to utilise the fund towards scaling its artificial intelligence (AI)-based health intelligence engine (HIE) that monitors users’ health records and comes up with apt solutions — whether it be medicines, yoga, meditation, or doctor consultation — based on their age and sex.
According to Hanumantha Rao, co-founder and CEO of HealthSignz, the platform, which caters to both B2B and B2C users, is currently running in a pilot mode. The startup plans to commercially launch the platform by August this year.
“Accessibility and affordability to basic healthcare treatment continues to be a challenge in India. We see HealthSignz delivering great value for capital intensive tertiary care centre to stand alone practicing providers for treating illness, and enhancing overall wellness through disease prevention,” Rao said.
HealthSignz was launched in 2014 by Rao along with three other co-founders Dr Vinod P Nair, Dr Rampapa Rao Ambati and Surendranath Ch. The founders had infused around $2 Mn to start the platform. Currently in its pilot phase, the platform has already gathered over 10 lakh individual users and 400 B2B partners. It charges a flat rate to its B2B clients who can also customise their healthcare services for its clients using the platform.
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As part of its offerings, the startup has also developed an application Enliva for consumers, which is powered by HIE, for mobile users. The application is available to individual users and even doctors, diagnostic labs and pharmacists to manage patients appointments, creation and sharing of personal health records (PHR) along with financial records.
Nirvana Health Group founder Dr Kantilal Patel said, “HealthSignz digital platform creates a unified connect between every consumer and multiple facets of the healthcare ecosystem enabling scalability, geo-spread and efficient medical delivery to all. We are excited to partner with the HealthSignz team.”
Healthtech Startups And The Industry
Just today, another Bengaluru-based SaaS platform HealthPlix raised $3 Mn in a Series A round from IDG Ventures and Kalaari Capital. HealthPlix offers a full-stack solution for doctors and clinics by automating lab reports, billing, e-prescriptions, etc.
Similarly, other healthtech players like MedPlus, 1mg, NetMeds, Punit Soni’s Suki, Visit, Innovaccer, Zoctr, Lybrate, and Tricog, among others are offering various healthcare solutions in India.
According to Inc42 India Tech Startup Funding Report 2017, the sector witnessed an all-time high with 111 deals in 2017. The healthtech startups raised over $333 Mn in funding in 2017.
The sector continues to be one of the biggest revenue and employment generating sectors in India. IBEG report suggests the sector is poised to reach $280 Bn by 2020, from the current $100 Bn. With the latest funding, HealthSignz looks ready to diversify its offerings and cater to a wider audience in this growing market.