An interesting health tech startup announced a funding of USD 10 million
Let us have a discussion on the health tech industry. We all know that the healthcare industry is the basis of any economy, the development of any country. To have modern and updated healthcare facilities is what every country looks out for. The healthcare industry goes back to the time when none of us were born, starting with the natural ayurvedic with treatment using natural herbs and ways, then came the qualified doctors with modern medicines.
But now we are seeing that with changing and progressing times, technology is playing a crucial and in many cases the main role in almost every phase of our lives. Be it education, finance, shopping, even agriculture, technology is there. So why leave behind the healthcare industry?
Healthcare + technology= health tech industry. This industry means the use of sophisticated technology, software, and services in the field of healthcare. The technology in the healthcare industry is finding its way as it is providing a simple, less complicated, safe way for the patients and the doctors.
If we come to the health tech industry of our country, it has been predicted that the market value of the country will reach USD 50 billion by the end of the year 2033, till then the industry will be growing at a CAGR of 39% in the period of 2020 to 2023. The health tech industry is predicted to reach USD 5 billion by the end of the year 2023. The health tech sector of the country has more than 5000 startups working and the number is predicted to keep increasing every day.
Let us now have a review on the funding of a health tech startup that has taken place recently and has gained huge popularity.
Announcement of funding of a health tech startup
The health tech startup DeepTek has raised funds worth USD 10 million, which is almost equal to INR 77 crore, as announced on March 07, 2022. This round of funding that has been conducted and is being discussed is the Series A round of funding which was led by Tata Capital Healthcare Fund II (TCHF II). The other investors who were a part of this round of funding were Pentathlon Ventures and GHV Accelerator.
The startup has planned to divert the funds raised in further investment in order to reach around the world. The startup also plans to use some amount of the funds raised in getting important approvals of regulation. Before this round of funding, the startup also had raised some funds in a round of funding that was led by NTT Data, which is an IT firm based in Japan.
About the health tech startup that has announced its funding
Founded in the year 2017 by Ajit Patil and Dr. Amit Kharat, and having its headquarters in Pune, Maharashtra, DeepTek is an AI-powered radiology optimization platform. It plans to equip healthcare caregivers with the power of AI. The power and capacity of AI has the potential to transform healthcare radically. The startup uses in-house innovative “augmented and assisted” (AaA) imaging-focused algorithmic tools designed by the experts and covers a wide sphere of medical imaging like radiographs, CT scans, and MRI. The startup has the aim to save time, give caregivers additional reach in treating more individuals in need of care, and give prompt results.
The startup in the future looks ahead as to provide cutting-edge solutions powered by deep-learning algorithms that will bridge the wide gap in the imaging sector. Bridging this gap will empower imaging experts, radiologists, physicians, patients, governmental decision-makers, and not-for-profit organizations with a power that can systematize the imaging workflow dynamics.
The products offered by the health tech startup are Augmento, GENKI, and TELERADIOLOGY. The startup has served more than 150 hospitals, has touched the lives of more than 300000 people, and has more than 30 AI Algorithms. The partners of the startup are NTT Data, NOBORI, Doctor Net, Microsoft Azure, GHV Accelerator, Pentathlon Ventures, and Edison. The customers of the startup are the hospitals and imaging centers across India, Japan, Singapore, the Philippines, and other Asia Pacific countries.
About Tata Capital Healthcare Fund II
Tata Capital Healthcare Fund has a focus on those companies that have long-term appreciation through private equity growth- capital investments in the companies working in the domain of healthcare and which have a significant amount of their operations in or revenues from India. The typical size of the investment by Tata Capital Healthcare Fund is in the range of USD 5 million to USD 15 million and the average holding period is for 5 years. The fund has an investment strategy that is predicated on the themes of high growth consumption and competency.
The portfolio of Tata Capital Healthcare Fund II consists of companies like Intas Biopharmaceuticals Ltd, Novalead Pharma, Amanta Healthcare Limited, Sandor Nephro Services Pvt Ltd, Lokmanya Hospitals Pvt Ltd, Shriji Polymers (India) Limited, Sai Lifesciences Limited, Brinton Pharmaceuticals, Konverge Healthcare Private Limited, and many others.
About Pentathlon Ventures
With headquarters in Pune, Maharashtra, Pentathlon Ventures is engaged in helping early-stage technology companies with expertise, eco-system, and capital. Pentathlon Ventures invests much more than money. The team of the venture company brings global connections and deep technology expertise to help the startups with the hardest aspects of scaling. The goal of Pentathlon Ventures is to provide support to technology entrepreneurs who are busy in creating sustainable, transformational change. Returns are a byproduct of the right focus and effort.
The portfolio of Pentathlon Ventures consists of companies like DeepTek, TurboHire, Riskovry, ShopSe, Extraaedge, Superpro, Fable Fintech, Tripeur, Mogi I/O, SaleAssist, Botman, Rezolve, Manch, Dista, Knorish, Spyne, Cyborg Intell, SellerGeni, and many more.
About GHV Accelerator
With having headquarters in Gurugram, Haryana, GHV Accelerator actually means Green House Ventures Accelerator. GHV Accelerator, thus acts like a greenhouse, which is engaged in providing startups with an environment that is controlled, optimized, and has appropriate resources, along with the sustainability funding, thus helping them to grow many times to a large extent in a shorter frame of time. This enables greater control of the growing environment of ventures.
The portfolio of GHV Accelerator consists of companies like Peer Robotics, MyTaxiIndia, Pick My Laundry, Health Assure, Applop, CaRPM, Flutin, RoadGods, IStyleYou, Propre, Blue Tokai, Dave.AI, DeepTek, Glue Design, Sattviko, and many others.
The health tech startup is doing something very different and innovative. We wish the startup a bit of good luck and a bright and successful future ahead.
edited and proofread by nikita sharma