MyHealthcare, a digital integrated healthcare ecosystem said on Monday it has raised $3 million from Sixth Sense Ventures, as part of its ongoing Series A fund raise.
MyHealthcare works with hospitals, diagnostics and speciality health institutions in building their digital health business. The platform works with private healthcare providers across India, in improving the accuracy, efficiency of healthcare delivery and enhancing their digital patient engagement.
MyHealthcare had raised $2 million in 2018, led by Hunch Ventures and Ajay Nanavati. The company is in the process of closing out its remainder fund raise activity over the next couple of months. Client Associates Investment Banking (CAIB), acted as the exclusive financial advisor to the transaction. CAIB is a part of Client Associates, the leading multi-family office firm.
MyHealthcare has at its core a hospital enterprise collaboration platform — MyHealthcare SPINE, a HIPAA (U-based Health Insurance Portability and Accountability Act of 1996) compliant middleware that integrates into various systems in the hospital, its pharmacy and offers user-friendly digital platforms for its doctors, nurses, paramedics and patients.
Using data driven care processes, MyHealthcare is able to enhance patient engagement, improve the care continuum process and offer a holistic diagnosis to cure digital journey. The business has launched its first deep clinical AI offering – MyHealthcare AI, in partnership with one of India’s leading super speciality hospital.
“Over 30% of India’s population continues to have limited or no access to primary healthcare. Discrepancy between rural and urban healthcare is evident with 70% of the country’s healthcare infrastructure and speciality care remaining limited to top 20 cities and over 67% doctors present in the urban centres,” noted Shyatto Raha, Founder and CEO of MyHealthcare, in a press statement.
“Our endeavour is to build the digital healthcare delivery protocols in partnership with the best hospitals in the private health sector and work towards enhancement of primary and secondary public healthcare needs in partnership with national and state governments,” he added.
Founded by Shyatto Raha, Aneesh Nair and Divya Laroyia, MyHealthcare began operations in January 2018, based out of Bangalore, Gurgaon and is now expanding their operations across South East Asia.
This is the first healthcare technology investment by Sixth Sense Ventures, India’s first domestic, consumer-centric venture fund. It has made successful investments across multiple sectors such as retail, logistics, services and consumer products, to name a few.
Commenting on the investment in MyHealthcare, Nikhil Vora, Founder & CEO of Sixth Sense Ventures said, “The digital healthcare system has seen the entry of various players who have tried to solve for various gaps in the broken chain of healthcare in India. Our sense is that for any player in this space to scale and sustain, it would be imperative for all the stakeholders in the value chain to benefit and create value.”
Healthcare in India is growing at a rapid pace, expected to touch $280 billion by 2020. – Livemint