Bengaluru-based disease management platform Phable Care, on Wednesday (February 10), announced that it has raised $12 Mn in Series A funding from multi-speciality healthcare provider Manipal Hospitals. The transaction was initiated by Manipal Hospitals’ financial advisor Allegro Capital and Phable’s financial advisor Skyroute Capital.
Existing investor SOSV, a US-based early-stage tech-focused venture capital firm, along with US-based funds Fresco Capital and Social Starts also participated in this round.
With its latest round, Phable said that it will be using the fund to enhance its technology capabilities and IP, widen its user base of doctors and patients, and implement expansion plans across multiple cities in India.
Prior to this, Phable had raised $1 Mn in a Pre-Series A bridge round led by venture capital firm Inflection Point Ventures (IPV) in May 2020, followed by a $162K in Pre-Series A from nearly 40 investors, including LetsVenture, Betatron Venture Group among others in August 2020. The startup had made it to the Inc42 30 Startups To Watch list in May 2020, a few weeks before that funding round.
Founded by Mukesh Bansal and Sumit Sinha in 2018, Phable looks to solve patient treatment compliance, particularly in the chronic ailments like heart diseases, cancer, and diabetes where it focuses on continuous patient monitoring using machine learning-enabled Internet of Things (IoT) devices. The company claimed that its tech-driven platform is currently being used by 200K+ patients and 5K+ doctors across the country.
It primarily works with chronic disease patients only such as women undergoing IVF treatments, diabetes and others. Once the prescription is shared, the patient can order medicines, lab tests, schedule next appointments, connect with dieticians, etc all at one place.
The Phable Care team gets in touch with the patient and keeps track of the progress of treatment while also sending feedback to the doctor. This helps doctors intervene at an early stage in case the current treatment is not showing the desired results. Also, it works on the basis of a prediction engine, which is created on the basis of current and historical data. The AI engine is said to be able to predict how much time a patient will take to complete the treatment.
As per Inc42 Plus analysis, India’s healthtech market is estimated to touch $21 Bn in 2025, fuelled by telemedicine, preventive healthcare adoption. Further, it revealed that preventive healthcare in India is expected to reach a market size of $170 Bn by 2025, primarily driven by fitness and wellness apps and diagnostics solutions.