Health tech startup HealthSignz said on Tuesday it had raised $5 million in a funding round led by Kantilal Patel, founder of Nirvana Health Group, New Zealand’s largest primary healthcare group, and others. Other financial details of the transaction were not disclosed.
HealthSignz is an artificial intelligence-driven healthcare platform startup founded in 2014 which uses its proprietary Health Intelligence Engine (HIE) to provide targeted solutions for all healthcare stakeholders.
Founded in 2014 by Hanumantha Rao Ch, Dr Vinod P Nair, Dr Ram Papa Rao and Surendranath C, HealthSignz offers a diverse range of business-to-business products to serve the specific needs of stakeholders, including the likes of hospitals, pharma, diagnostics, healthcare devices and essentials, and wellness.
“We see tremendous market opportunity in health tech. Accessibility and affordability to basic healthcare treatment continues to be a challenge. With exponential rise in mobile usage the market is ripe for us to reach healthcare solutions to remote corners across India,” Hanumantha, chief executive and co-founder, HealthSignz, said in a statement.
“We see HealthSignz delivering great value for capital intensive tertiary care centre to stand alone practicing providers, transforming scalable and effective healthcare care delivery, enabling digital and mobile care for treating illness, and enhancing overall wellness though disease prevention.”
According to a PricewaterhouseCoopers report, the healthcare delivery system in the country will require an investment of around $245 billion by 2034 and will need to pump in around 3.6 million doctors and 6 million nurses in the next 20 years. At present, there are only 1.1 hospital beds, 0.7 doctors and 1.3 nurses per 1,000 people.
“With increasing population and healthcare needs, we see huge potential for AI solutions to restructure how medical care is delivered,” said Dr Patel. “As an asset-light venture with investments focussed on where highest returns can get generated, the HealthSignz digital platform creates a unified connect between every consumer and multiple facets of the healthcare ecosystem.”
Healthcare startups have been garnering strong interest amongst investors in recent months.
Healthcare and wellness startup Cure.fit has raised $120 million—led by existing investors IDG Ventures, Accel Partners and Kalaari Capital—in its series-C funding round. Chiratae Ventures and Oaktree Capital also participated in the fresh round of funding.
Bengaluru-based health tech startup HealthPlix has also raised $3 million in its series A round from investment firms IDG Ventures and Kalaari Capital. Last month, Mumbai-based health tech startup Zoctr Health said it raised an undisclosed amount in its pre-series A funding round from NB Ventures and several others angel investors.