Health-tech startup HealthPlix raises $3 mn in Series A round
Bengaluru-based HealthPlix Technologies Pvt. Ltd, which runs an artificial intelligence-based medical records platform, has raised $3 million (around Rs 20.7 crore) in a Series A funding round from venture capital firms IDG Ventures India and Kalaari Capital, a company statement said.
The startup will use the funds to strengthen its technology and expand its team and services in other geographical markets, the statement added.
HealthPlix’s AI platform digitally assists doctors in their clinics and outpatient departments of hospitals. The software also allows them to give prescriptions in more than 18 languages.
“In India, 90% of care is delivered in an outpatient setting i.e. clinics and hospital OPDs. That's our target segment. We are trying to empower doctors and hospitals digitally by eliminating the conventional pen and paper prescriptions and shift to new age EMR,” Raghuraj Sunder Raju, co-founder of HealthPlix, said in the statement.
Between 2015 and 2017, the startup had raised $500,000 in multiple rounds from a group of angel investors, according to a company spokesperson.
HealthPlix Technologies was co-founded by Raju, Sandeep Gudibanda and Prasad Basavaraj in 2014. It claims that 60% of its user base is in Tier 2 and 3 towns and beyond.
An MBA from the National University of Singapore, Raju is also an engineer with prior stints at companies like Chinese telecom firm Huawei and electronics manufacturer Honeywell.
Gudibanda, the chief executive of the startup, is an MBA from Indian School of Business and has previously co-founded NephroPlus, a network of dialysis centres, and JobeeHive, an employer and salary review portal.
Basavaraj, the chief technology officer, is a computer science graduate from PES University, Bengaluru. Prior to setting up HealthPlix, he was head of engineering at QuietGrowth, an investment management firm based in Sydney, Australia. He has also worked as a software engineer at tech consulting firm Accenture and IT services major Wipro.
Recent deals in health-tech
A number of startups offering a wide variety of healthcare services through disruptive technologies have recently caught the attention of investors.
Last week, healthcare investment firm IQGEN Holdings invested in two health-tech ventures Stelvio Therapeutics, a San Diego-based company which will move its headquarters to India; and Skin Electronics, a Japanese startup operating in stealth mode. In May, it had also put money in RadiomicsAi a Canada-based AI firm that will transfer its operations to India and other Asian regions. IQGEN made the investments from its maiden health-tech fund Vantage.
In June, digital health management platform Navia raised a bridge round of $100,000 (Rs 67 lakh) from existing investor Benori Ventures LLP, which is led by research major Evalueserve’s former chief operating officer Ashish Gupta.
In the same month, social impact investment firm Unitus Ventures invested in medical technology company Cyclops Medtech Pvt. Ltd.
In April, Doxper, an app that helps doctors maintain patients’ medical records, had raised $1.1 million (Rs 7.2 crore) in a pre-Series A round of funding from existing investors led by Vidal Healthcare.
In the same month, LetsMD, a fintech startup in the healthcare space, raised $1 million (Rs 6.5 crore) in a pre-Series A round of funding led by SRI Capital. Existing investors Waterbridge Ventures and ThinKuvate, a Singapore-based venture capital firm, also participated in the round.
Around the same time, Delhi-based diabetes management app BeatO raised $1.3 million (Rs 8.45 crore) in a funding round co-led by Blume Ventures and Leo Capital.