Pune-based health-tech startup LiveHealth, which operates a cloud-based platform for managing medical reports, has raised $1.1 million (Rs 7 crore) in its seed round of funding from Nexus Venture Partners, a company statement said.
The startup will use the funds to expand its platform across India, explore international markets and to strengthen its product and technology, the statement added.
LiveHealth, operated by Creliant Software Pvt. Ltd, was founded in 2013 by computer engineers Abhimanyu Bhosale and Mukund Malani, who set up the venture soon after graduating from college. The company initially started off as a management information systems platform for healthcare providers.
Subsequently, it began operating as a software-as-a-service platform, expanding its product offerings to individuals and corporates, as part of the health benefit package to employees. The startup also offers its services via a mobile app available on both Android and iOS.
For healthcare providers and diagnostic centres, it helps manage patients, financial transactions, automates between medical instruments and inventory. Besides, it provides them with actionable insights to drive revenue and profitability and simplifies information exchange with other healthcare providers, according to the statement by the company.
For doctors, the platform provides them standardised medical records, while patients can use the app to understand reports, analyse past health data, and monitor their health using health trackers, both for themselves and their family, even on a remote basis. The five-year-old startup has also tied up with health service providers who can collect samples at the individual’s doorstep.
“Our platform becomes a one-stop solution for care providers to improve their operations, reduce costs and errors and to enhance collaboration among stakeholders. This also helps us gather huge amounts of data to generate insights and models to improve healthcare outcomes,” said co-founder Bhosale, who is also the chief executive.
LiveHealth has tied-up with more than 650 diagnostic centres across India and Africa. The company claims to have already digitised more than 72 million records and is delivering over 50,000 digital medical records to doctors and patients every day.
“More than 80% of clinical decisions are made with the help of lab and diagnostic tests. LiveHealth has chosen to transform the diagnostic industry first and then extend its offerings to other medical areas,” Sandeep Singhal, co-founder and managing director of Nexus Venture Partners stated in the release.
Deals in health-tech
The broader healthcare sector has seen a considerable number of investments recently. On Monday, Mumbai-based Wellthy Therapeutics Pvt Ltd, which operates a mobile-based diabetes management platform, raised a seed round of Rs 13.5 crore led by the family office of Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG).
Earlier this month, Mumbai-headquartered online drug delivery platform PharmEasy raised Rs 196 crore (around $30 million) in a Series C round of funding led by existing investors Bessemer Venture Partners and Orios Venture Partners.
Last month, clinical research and data analytics startup THB, operated by Sekhmet Technologies Pvt Ltd, raised $2.1 million (Rs 14 crore) in a round led by early-stage venture capital firm Blume Ventures and healthcare-focused VC firm Healthquad.
In the same month, health and fitness app HealthifyMe raised $12 million (around Rs 77 crore) in a Series B round of funding from a clutch of investors led by Russia’s Sistema Asia Fund.