Mumbai-based healthtech startup Wellthy Therapeutics has raised $4 Mn in its Pre-Series A funding round from Saama Capital. As part of this deal, Saama Capital has received a 16% stake in the company. Managing partner at Saama Capital Suresh Shanmugham will also join Wellthy’s board.
With the funds, Wellthy Therapeutics will enhance its product suite to enhance user experience on the platform. The startup is also planning to add more therapy categories and grow its international business.
Also, keeping mind the current coronavirus circumstance, the startup is going to launch a new product portfolio which will have options such as respiratory digital therapeutics. CEO and cofounder of Wellthy Therapeutics Abhishek Shah said that the funding will allow us to invest further into improving patient outcomes and generate further real-world evidence while expanding therapeutic portfolio, geographic and stakeholder reach.
Founded in 2015, the startup was largely self-funded until its $2.1 Mn seed round which came in 2018. The startup works with insurance, pharmaceutical, medical device companies and large hospital systems to deliver clinically-validated digital therapies. Wellthy says that these therapies improve the health outcomes and quality of life of those who are living with a chronic condition.
Wellthy’s platform provides therapeutic support to patients with cardiology, diabetes and nephrology conditions. The startup has over 20 publications for its real-world evidence in multiple therapeutic indications.
Virus Fears Brings Attention To Healthtech
According to DataLabs by Inc42, the healthtech sector recorded total funding of $586.93 Mn in 2019, an increase of over 10% in the amount of funding from the previous year.
However, given the recent trends, this number is expected to grow many times in 2020, thanks to the coronavirus driven fears which have made investors bullish on healthtech startups.
Leveraging new-age technologies such as artificial intelligence (AI) and internet of things (IoT) to develop solutions, the healthtech startups have now the preferred choice of investors. A recent survey by 100X.VC, 89% of investor respondents said that healthtech is going to attract most of the investment in 2020.
Recently, B2B healthtech startup Akna Medical has raised $7 Mn (INR 54 Cr) in a funding round from LGT Lightstone while Bengaluru-based healthtech startup MedGenome has raised $55 Mn from LeapFrog Investments, Sequoia Capital and Sofina.
Also, Pune-based MyLabs has also received a grant of INR 1 Cr from Action Covid-19 Team (ACT). It is worth mentioning that MyLab was the first company to develop an indigenous Covid-19 testing kit.