AI focussed healthtech startup mfine has raised $4.2 Mn in a Series A funding round led by Prime Venture Partners. Existing investors Stellaris Venture Partners, and healthcare entrepreneur Mayur Abhaya also participated in this funding round.
The startup, which offers an app-based on-demand healthcare service, will use the fresh funding to build the hospital networks across cities and further strengthen its technology team. It is further planning to achieve over 1 Lakh consultations by the end of 2018 and also partner with more than 50 hospitals across the country.
mfine is catering to the Bengaluru healthcare delivery market and aims to expand its operations in other cities, such as Delhi, Pune, Gurugram, Hyderabad and Chennai.
Prasad Kompalli, CEO and co-founder of mfine stated, “We see a huge opportunity to bring the much needed, tech-driven transformation in the $50 Bn primary healthcare delivery. We are effectively creating a ‘cloud clinic’ where quality healthcare can be accessed on demand from anywhere. We believe we can scale this across the country and beyond and help people gain much more control over their health.”
mfine was founded by former Myntra executives Prasad Kompalli and Ashutosh Lawania in December 2017. At Myntra, Lawania was one of the co-founders and Kompalli was the Chief Business Officer. The duo was joined at mfine by former Myntra CTO Ajit Narayanan and Arjun Chaudhary, former head of Digital Marketing at Myntra.
The healthtech startup offers patients access to online consultations and care programmes from different hospitals. The startup is collaborating with hospitals like Cloudnine Group, Ovum Hospitals and Femiint health increase the reach, and provide standardised care for patients. mfine’s AI platform helps improve doctor productivity and quality of diagnosis. The consumer app for mfine was launched in Bengaluru in September 2017.
The startup offers examinations, sample collections for lab tests and medicine ordering at the comfort of user’s home. It maintains medical records, sends health reminders and updates based on AI-powered data. It also tracks and follows up on medical conditions of the users.