Mumbai-based healthtech startup Clinivantage Healthcare Technologies has raised $1 Mn from US-based investor group Metaform Ventures LLC.
Clinivantage will use the newly raised funds to scale and expand across the globe, for product development, deployment of resources for implementation, and for travel and administration.
Commenting on the development, Nilesh Jain, director and co-founder, Clinivantage, said, “Clinivantage has been doing some prolific work and will redefine medical practice to improve the existing healthcare delivery the system with the integrated use of technology.”
Founded in 2016 by Abhay Chopada, Nilesh Jain, and Dinesh Samudra, Clinivantage is an integrated digital platform that connects doctors, hospitals, caregivers, and service providers with the patient in real time and puts patients in control of their health, bringing speed, simplicity, transparency, and efficiency to patient care.
It offers a flagship PaaS (Platform-as-a-Service) across IoA (Internet of Applications) products and the DoTTM (Doctor of Things)-connected IoT medical devices.
The company claims to have registered over 5,000 outpatient practices, more than 1,000 secondary and tertiary hospitals, over 3,000 allied services providers, and more than 6.5 Mn consumers on its HealthHuddle.in platform.
On the development, Abhay Chopada, co-founder and director, Clinivantage, said, “We have a comprehensive and collaborative healthcare platform for providers and consumers with scalable tools to manage and improve administrative, operational, clinical and personal health management services with the use of latest technology and connected medical devices.”
The consumer health application — Clinivantage MyLife — is used by various hospitals, doctors and clinics. A combination of over 40 primary, secondary and tertiary healthcare providers deploy Clinivantage Pro Care, PMS & OTIMS-Surgery Safety Solutions to improve patient care and more than 50 healthcare providers deploy Clinivantage MyLifeTM to increase patient engagement.
At present, its MyLife platform holds over 10 Mn records of users and enables access to their personal health records, prescriptions, and mobile telemedicine with their preferred doctors.
Clinivantage has its offices in the US, UK, and Asia, and has marked its footprints in the rest of Europe, the MENA region, the rest of Africa, the Indian Subcontinent, and Southeast Asia.
The startup is pioneering remote and proactive health and wellness management through DoT devices, which enable people from remote areas to be a part of the connected healthcare ecosystem.
The global healthtech market is anticipated to reach $104.5 Bn by 2020, according to a new report by Grand View Research, Inc. The Indian healthcare market is further expected to reach $280 Bn by 2020, from the current $100 Bn, according to an IBEF report.
According to Inc42 DataLabs’ Indian Tech Startup Funding Report 2017, healthtech witnessed 111 deals and raised over $333 Mn in 2017, making it the second-most funded segment of 2017.
Further, in Q1 2018, healthtech saw 25 deals for $109.72 Mn. In the healthtech space, we have players like Suki, Innovaccer, Zoctr, Lybrate, and Tricog etc, who have identified the right use cases of new age technologies.
Going forward with continuous innovations in technologies, Clinivantage has found the right push for the growth in the segment with the latest round of funding.