Norwest Venture Partners Will Merge Multiplier Solutions & ABI Health In 12-18 Months
Hyderabad-based healthtech startup Multiplier Solutions has raised $1.5 Mn from Norwest Venture Partners. Apart from this, Norwest has also invested $1.5 Mn in Bengaluru-based ABI Health.
The investment was done with an intent to merge both the B2B ventures, and is likely to take place over the next 12-18 months.
Mohan Kumar, Partner at Norwest Venture Partners said, “This is part of our connected healthcare network vision, and we keep looking for innovative health tech startups.”
He also added that both, Multiplier and ABI provide innovative patient engagement and collaboration solutions to healthcare providers. S “Together, they provide a suite of products for connecting hospitals, laboratories, medical clinics, doctors, and patients into a network.”
Multiplier Solutions was founded in 2013 by Vikram Kumar and Saumya Prakash. It works with hospitals diagnostics chains, clinics. It offers a product platform to integrate artificial intelligence and machine learning for improved diagnostics as well as predicting clinical outcomes.
The company has about 50 employees. It earns revenue through a subscription-based model.
On the other hand, Bengaluru-based ABI Health was founded in 2013. It is an image management cloud software provider. It operates in the US and in Peru. The startup claims to have its imaging suite, called Spectra, which connects all stakeholders – doctors, hospitals, and patients. The healthtech platform works on a SaaS-based revenue model and also works with consumer devices manufacturers and a telecom operator that have healthcare services on the cloud, as part of their data rollout.
Ajit Veerappan, founder and Managing Director, ABI Health said, “We are moving away from the traditional markets, where you have your films or CDs, to the cloud and web, completely. There is no need for huge investments in hardware and software. We take care of the entire image management for a hospital or a network of hospitals.”
In August 2016, healthcare analytics startup Tricog raised Series A funding from Blume Ventures, Inventus Capital Partners, and others. In March 2017, home-based medical services provider HealthCare at HOME (HCAH) secured $38.5 Mn (INR 250 Cr) from healthtech-focussed PE firm Quadria Capital.
Other competitors in the healthtech space include Practo, Curofy, and Portea among others.
(The development was reported by ET.)