Interesting funding news- A health-tech startup announced funding of USD 7.45 million
Technology has entered the health industry and is called the health-tech. Will technology be able to disrupt the health industry and bring out positive outcomes?
Let us talk about the health-tech industry. Health+ technology= health-tech. The health-tech industry refers to the use of technology that is developed with a single aim to improve the different parts of the healthcare system. This in a way is improving the lives of the patients by providing them with customizable treatment plans and eventually making the operations at the hospital efficient. Health-tech includes medical devices, IT systems algorithms, artificial intelligence, cloud, and blockchain.
These technologies are bringing a change to the healthcare system. They are introducing the data-based system, in which the data of the patients is stored and is resued in the future. This somewhere helps the medical practitioners and doctors to make fewer errors, thus reducing the cases of death, the overreaction of drugs, and many others.
Talking about the health-tech industry of the country, the industry is seeing huge growth. According to a report which was published by RBSA Advisors, an advisory firm, the health-tech in India will grow at a rate of 39% from the Financial Year 2020 to 2023. According to the report, the value of the health-tech market in India will reach USD 50 billion by the year 2033.
There is much news of fundings, mergers, and acquisitions that we have been hearing in this sector. According to the research and the analysis done, the Indian health-tech startups in the year 2021 have raised a total of USD 2 billion in 127 deals. This amount is huge, thus showing that this industry is uprising.
The year 2021 has been called the ‘startups year’. This year saw the coming of four health-tech startups as unicorn startups. This trend started with Innovaccer, which is a health-tech startup based in Delhi and California. This startup entered the unicorn club with USD 115 million of funding. The other three health-tech startups which made the list were Curefit, PharmEasy, and Priystn Care.
Let us now talk about the funding of a health-tech startup that has taken place recently and has flooded the news.
Announcement of funding of a health-tech startup
The health-tech startup, Heaps Health Solution, has raised funds worth USD 7.45 million, as announced on January 18, 2022. This round of funding that has taken place was the Series A round of funding and was led by NVS Wealth Managers and Rajiv Dadlani Group.
The startup plans to use the funds raised in strengthening its team and speeding up the process of product development. The startup also has plans to strengthen itself so that it can have a dominant position in the existing markets and even enter the new markets in the coming time.
About the health-tech startup that has announced its funding
The health-tech startup, Heaps Health Solution, was founded by Suman Katragadda, in the year 2021 and is based in Mumbai. The startup is a health-tech SAAS platform that is engaged in using advanced data analytics, artificial intelligence, and machine learning, in order to bring a revolution in the healthcare delivery and payments model by building a “Healthcare Network” and “Value-Based Care” model.
The products offered by the startup are health compliance and risk management, clinical outcomes management, behavioral health module, and medical value travel. The key stakeholders of the startup are patients, the one who pays (insurance companies), the service providers (hospitals), and large corporations.
The startup currently has its operations in India and the USA. There is a strong demand for the services of the startup in places like South Africa, the UAE, and Bangladesh. The platform of the startup allows the management of the care of the patients and the coordination. The ML and AI features of the platform give in the option of plans for care management that are customized for every patient and policyholder.
What has been said about the deal?
The founder and the CEO of the startup, Heaps Health Solution, Suman Katragadda, made a statement saying that the startup has the aim to bring a change and revolution in the healthcare delivery and models of payment across the globe. He further said that the startup has made sure that there is no breach of data privacy and confidentiality. He even said that the startup will be using the data to provide some insights that are actionable for payers, providers, and patients.
Nalin Shah, who is the managing director of NVS Wealth Managers said that the startup is one of the most high-tech, intelligent, and scalable platforms in the healthcare sector. He even said that he expects that the startup will be creating a huge success story.
Rajiv Dadlani, who belongs to the Family Office of Rajiv Dadlani Group, made a statement that said that he and his Group is impressed with the strategy the startup has been taking AI and ML into consideration. He said that with this strategy the startup has created a business model that has been well proven and is of a global nature.
The startup has proven itself to be worthy of. We wish the startup moves ahead in this long journey of continuously rising health-tech industry and we wish it a bright time ahead!
Edited and published by Ashlyn