Hyderabad-based healthtech startup HealthSignz has raised ₹34.3 crores ($5 million) in a funding round led by Dr Kantilal Patel, the founder of New Zealand’s largest primary healthcare group Nirvana Health Group.
Talking about the investment, Hanumantha Rao, Co-founder and Chief Executive Officer, HealthSignz said, “The funds raised will be used to build additional features for Health Intelligence Engine (HIE) and to enhance services from HealthSignz platform to reach all healthcare providers. This will also be used to address sweet spots in health service delivery gaps in the ecosystem.”
HealthSignz was founded by Hanumantha Rao, along with Dr Vinod P Nair, Dr Ram Papa Rao and Surendranath in 2014. It is a technology human-centric company that provides an AI-driven platform, that enables multi-dimensional people to connect for a “happier and healthier living”. Its proprietary HIE uses medical intelligence driven innovative engine to enhance healthcare for its users by providing suitable solutions.
There are a number of healthcare startups in the country but there is a lack of an all-inclusive platform that can be customised to cater to the individual users. HealthSignz is looking to fill that gap in the healthcare industry and it has an opportunity to establish itself in the market. Indian healthcare industry is expected to grow and there is an opportunity to integrate technology to provide a better experience for patients.
HealthSignz has completed its pilot phase and is getting into commercial operations from next month.
According to a report by PricewaterhouseCoopers, the healthcare delivery system will require an investment of around $245 billion by 2034 and will need to pump in around 3.6 million doctors and six million nurses in the next 20 years. At present, there are only 1.1 hospital beds, 0.7 doctor and 1.3 nurses per 1,000 people.
In recent news, another healthtech startup HealthPlix has raised ₹20.5 crores from IDG Ventures and Kalaari Capital in series A funding.
Other startups in the Indian healthcare domain include MedPlus, 1mg, NetMeds, Zoctr, Lybrate, LifCare, among many others.