A global, multi-stage investment firm, Norwest Venture Partners has invested $1.5 million each in two early-stage healthcare-focused startups, Multiplier Solutions, and ABI Health. This is the first institutional round of funding raised by both the companies.
According to a media report, Norwest has initiated this investment with the intent of merging both B2B Ventures which is expected to take place over the next 12-18 months. The report further adds, Norwest, who has not yet announced the investment had closed this round in the second quarter of the last fiscal.
Hyderabad-based Multiplier Solutions was founded in 2013 by IIM Calcutta and SP Jain alumna, Vikram Kumar and Saumya Prakash. The startup works with leading hospitals diagnostics chains, clinics, and offers a product platform that integrates artificial intelligence and machine learning. It claims to provide improved diagnostics as well as predicting clinical outcomes to its users.
Generating revenue through a subscription-based model, Multiplier has its presence in all top metros of India.
Talking about ABI Health, this four-year-old startup works with consumer devices manufacturers and a telecom operator that have healthcare services on the cloud, as part of their data rollout. It is a health exchange and image management cloud software provider which has its own imaging suite, called Spectra, which connects all stakeholders – doctors, hospitals, and patients.
Headquartered in Bengaluru, startups also operates in the US and Peru.
Norwest has an extensive healthcare portfolio in India which includes, Thyrocare, Nationwide Primary Care, paediatric and neonatal care hospital chain Ovum, Perfint and cloud-based healthcare information technology company Attune.