INDIA – MedTel Healthcare, an India-based business to business (B2B) and business to business to consumer (B2B2C) connected care and remote patient monitoring platform, has announced it is planning to raise around US$10 million in Series A.
Existing investors and leading venture capitals have already expressed interest in the series A fund raise, MedTel said in a statement.
The firm aims to raise series A for rapid business expansion, product improvement and conducting relevant clinical validation studies. It is expecting to close the fresh round within the ongoing financial year itself.
The brand had earlier raised around US$1 million in Pre-Series A in August 2021 led by a Singapore-based institutional investor.
It had raised its pre-series A round from a group of angels, HNIs, Meta Health (a Singapore based listed company), Physician VC (A global healthcare-focused venture capital firm founded and managed by doctors), and KIIT-Technology Business Incubator.
Dr. Lalit Ranjan Manik, a United Kingdom-trained Public Health Professional, Co-Founder and Chief Executive Officer, MedTel Healthcare said, “Last year was a real test for us. The healthcare industry was extended to unforeseen limits with the spread of the Coronavirus pandemic.
Healthcare providers needed to find ways to deal with the surge in emergency care while ensuring on-going and routine care for patients.
Digital health provided the solution and provided new possibilities for hospitals, clinics and care delivery organizations to connect with patients.”
The global connected care market is estimated to grow by US$85 billion by 2028. The value of the global DTx (discontinuous transmission) market is estimated at US$1.8 billion in 2018, which is expected to reach US$7.1 billion by 2025.
Based in Bangalore, MedTel was founded by Dr Lalit Ranjan Manik, Dr Timiresh Das, Dr Soumyakant Das and Ajit Choudhury, caters to doctors, hospitals, health insurance companies, telemedicine providers, home care providers, governments, and other care delivery organizations.
MedTel helps them to have plug and play remote care and hospital at home solutions bundled with population health management, connected internet of things (IoT) devices and digital therapeutics.
The firm started with a vision, to ensure that no health problems or complication of a patient goes undetected.
To accomplish this, it built a connected care ecosystem, using IoT enabled devices and a smartphone app, which is especially needed in chronic disease management.
MedTel further aims to tackle healthcare challenges by increasing patient engagement and compiling patient data such that doctors can draw insights faster and in real-time while motivating patients to stay on track.
Striving to empower patients
The company said it strives to make healthcare accessible, affordable, and user-friendly for all patients and integrates technology and healthcare approaches to ensure that every patient is empowered to improve their lives.
The global connected care market is estimated to grow by US$85 billion by 2028. The value of the global DTx (discontinuous transmission) market is estimated at US$1.8 billion in 2018, which is expected to reach US$7.1 billion by 2025.
A recent report estimates the biggest applications for DTx to be diabetes and weight loss shortly, with other applications likely to be observed in conditions such as chronic obstructive pulmonary disorder (COPD), pregnancy, developmental disorders and post-traumatic stress disorder, with the use of virtual reality.
MedTel now provides solutions in Singapore, Indonesia, Africa, North America and is partnering with leading care delivery organizations in India, with a strong revenue pipeline for the year 2022-2023, and funding would help it scale-up operations.
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