AFRICA – Byon8, a Swedish-based Digital Health startup has raised a US$1.5 million seed round to fuel its growth in Africa, a move that will see it put accessible and affordable healthcare into the hands of those that need it the most.
BYON8 has developed a medical diagnostic software intended to improve people’s lives by building a foundation for the next generation of health care.
The company’s software utilizes mathematical algorithms and medical artificial intelligence to transform patient data into calculated diagnosis propositions, thereby improving the healthcare process and customer experience regardless of their economic wealth.
BYON8 Digital Health app aims to increase users’ access to high-quality doctors directly from the mobile phone.
The company intends to fuel its growth through close and synergistic collaboration with strategic partners within, and in the periphery of, the healthcare ecosystem.
The Swedish startup says the round was led by Danish early-stage technology investor People Ventures with continued participation from current investors Jellyfish Invest, as well as new investor T&W Holding.
“With 4 bn people living around the world without access to basic healthcare, there is an incredible opportunity for a product like BYON8 to improve access to healthcare,” said Claus Zibrandtsen, Managing Partner at People Ventures.
Over recent times, Africa has emerged as a new breeding ground for innovative digital health solutions attributed to Africa’s vast population bearing the world’s greatest disease incidence.
Additionally, there exists significant healthcare shortages and a challenge and opportunity to increase the use of digital health solutions to benefit local populations, as just but a few factors fueling growth in this sector.
The global digital health market size was valued at US$145,884.3 million in 2020, and is projected to reach US$767,718.9 million by 2030, registering a CAGR of 17.9% from 2021 to 2030, according to data published by allied market research.
Growth of the global digital health market is majorly driven by an increase in demand for remote monitoring services; rise in funding from private & government organizations for mHealth startup; rise in prevalence of chronic disease; and increase in technology in the healthcare sector.
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