Bangalore-based mfine, an app-based on-demand healthcare service provider, has raised $4.2 million in Series A funding led by Prime Venture Partners along with participation of existing investors Stellaris Venture Partners and Mayur Abhaya (CEO and MD of LifeCell).
The startup will use freshly raised funds to build larger hospital network, and further strengthen the technology team of the startup, which presently counts 50 employees in Bengaluru.
Founded in 2017 by Ashutosh Lawania and Prasad Kompalli, mfine brings in instant and continuous connectivity with top doctors of the best hospitals. The startup had earlier raised $1.5 million from Stellaris Venture Partners, in September 2017. The startup has raised over USD 6 million in total, to date.
“We see a huge opportunity to bring the much needed, tech-driven transformation in the USD 50 billion primary healthcare delivery. With our deeply tech driven approach and working with reputed providers, 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,” said mfine co-founder and CEO, Prasad Kompalli.
The mfine platform ensures that patients can reach the doctors on the network within 60 seconds and start the consultation. Users get access to the same doctors and other integrated experiences as visiting a hospital, virtually and when they need. mfine is also planning to launch additional services such as monitoring of vitals, collection of sample for lab tests and medicine delivery at home.
Additionally, the startup has built an AI-powered technology system that improves doctors’ efficiency and effectiveness dramatically. The system is built on the foundation of standard medical ontologies and protocols and is able to learn and replicate high quality diagnosis and treatment methods. The system takes care of structured data collection, reminders for follow up based on signs/symptoms and execution of care protocols for chronic conditions, thereby building a platform that’s unique and globally competitive.
Recent Health Tech Startups’ Fundings
Last month, Mumbai-based Doxper, a health tech startup which has created a digital pen and coded paper system for doctors to record patient information, has raised $1.1 million in a pre-series A round led by Vidal Healthcare, a health insurance company.
In the same month, Bangaluru-based startup PregBuddy, a health-tech startup for women pregnancy, has raised an undisclosed amount in a seed round of funding from Indian Angel Network (IAN).
Last month Karma Healthcare, an Udaipur, Rajasthan-based startup in the technology-led healthcare space, has raised INR 3 crore in equity funding from early stage investment firm 1Crowd.
In January, Sridhar Vembu, founder of Zoho, has announced that he has invested about $10 million in vTitan, a medical device startup based out of Chennai.
Via – Business Standard