The healthcare industry was extended to unforeseen limits last year, says MedTel Healthcare co-founder Dr Lalit Ranjan Manik.
NEW DELHI, July 12 (The CONNECT) - MedTel Healthcare, a B2B and B2B2C connected care and remote patient monitoring platform, is planning to raise around USD 10 mn in Series A.
The brand had earlier raised around USD 1 mn in Pre-Series A in August 2021 led by a Singapore-based institutional investor. MedTel is expecting to close the fresh round within the ongoing financial year itself.
MedTel aims to raise series A for rapid business expansion, product improvement and conducting relevant clinical validation studies. Existing investors and leading VCs have already expressed interest in the series A fund raise.
MedTel Healthcare 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 VC firm founded and managed by doctors), and KIIT-Technology Business Incubator.
The healthcare startup has been witnessing a splendid Year-on-Year growth of 3x in revenue. The Bangalore-based startup MedTel, founded by Dr Lalit Ranjan Manik, Dr Timiresh Das, Dr Soumyakant Das and Mr Ajit Choudhury, caters to doctors, hospitals, health insurance companies, telemedicine providers, home care providers, governments, and other care delivery organisations, helps them to have plug & play remote care and hospital at home solutions bundled with population health management, connected iot devices and digital therapeutics.
“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 organisations to connect with patients. While digital health was once a personal choice, the pandemic has turned it into indispensable. We at MedTel proved ourselves and became the best choice for the providers like top Insurance providers, leading Hospitals, Pharma companies & for government projects in Odisha and Maharashtra,” said Dr. Manik, also a UK-trained Public Health Professional.
Global connected care market is estimated to grow by $85 Billion by 2028. The value of the global DTx market is estimated at USD 1.8 billion in 2018, which is expected to reach USD 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 organisations in India, with a strong revenue pipeline for the year 2022-2023, and looking to raise Series A Funding,” said Dr Soumyakant Das, an IIM Lucknow Alumni, Co-founder & Head, Business and Strategic Partnerships, MedTel Healthcare.
MedTel started with a vision to ensure that no health problems or complication of a patient goes undetected. It built a connected care ecosystem, using IoT enabled devices and a smartphone app, which is especially needed in chronic disease management.