Japanese healthcare firm M3, Inc has acquired a majority share in Bengaluru-based startup Neuroglia Health, which provides web-based applications for doctors and medical students in India.
Neuroglia Health owns and operates a mobile app called ‘DailyRounds’ (fomerly known as Medengage), which enables case-based problem-solving for doctors. DailyRounds has raised a total of $500K in funding over five rounds from investors including Accel, Kae Capital and Microsoft Ventures, among others, according to the data by Crunchbase. Beenos Partners, which is also Tokyo, Japan-based investment firm, is also an investor in Dailyrounds.
Neuroglia Health also runs an another app called ‘Marrow, which is a test-preparation platform aimed at post-graduate specialty courses in medical schools in India.
This move marks M3’s foray into case-based problem-solving community platform and medical test preparation business in India, in addition to its existing business Health Impetus Private Ltd. (HIPL), which is owned by M3 India, the Indian Joint Venture of M3 Inc, which currently runs an online portal that help doctors stay up-to-date with the latest research material, medical news, evidence-based medicine, practice guidelines, and expert articles.
“With this majority acquisition, M3 India will now be able to reach out to 450,000 doctors in India on a consolidated basis, while enhancing the utility and satisfaction levels among Doctors by leveraging the strengths of both platforms. It will also enable M3 India to escalate its marketing support and market research businesses to pharmaceutical and medical devices,” said Amit Singh, chief executive of HIPL in a statement.
Founded in 2013, by Deepu Sebin, Nimmi Cherian and Priyaank Choubey, Dailyrounds was part of both GSF India and Microsoft Ventures accelerator programs and is inspired by Stack Overflow, a developers’ tool. Like Stackoverflow, DailyRounds is a place where doctors can seek advice from others in their field. DailyRounds now has 300,000+ Doctors and 400 new Doctors join the platform everyday, according Linkedin company profile of Dailyrounds.
“We are very excited with this development. With the support of M3 we will be offer better services to the existing doctors. Further, we hope to bring in new doctors as well. The goal is to be largest doctor network in India, not just by registered numbers, but in terms of active users as well,” added Dr. Deepu Sebin, chief executive of Neuroglia Health.
Established in September 2000 under the service name of So-net, with Sony Communications Network Corporation, M3 also intends to import services and technologies developed in Japan and internationally into India, such as job placement support services and AI applications, with an aim to build next-generation healthcare technologies in India.
Source – Livemint