Healthtech startup Neurosynaptic raises Series A funding from Healthquad, Indian Angel Network, and Axilor Ventures
Bengaluru-based Neurosynaptic Communications, a remote healthcare delivery solutions provider, has raised an undisclosed amount in Series A funding from Healthquad, Indian Angel Network (IAN), and Axilor Ventures.
The company plans to utilise the investment for international certifications and product launches. It aims to scale business across in Africa and South East Asia, besides further penetration into the Indian market. Post the funding, Healthquad and IAN will join the board of Neurosynaptic.
“We have been working at building solutions that are most beneficial for people who have limited or no access to quality healthcare. Our patented safe devices technology helps curb the misuse of devices and eliminates human errors,” says Sameer Subhash Sawarkar, CEO, Neurosynaptic.
Launched in 2002 by Sameer and Rajeev Kumar, Neurosynaptic aims at eliminating the health complications faced by the developing world. It enables access of quality and affordable healthcare to masses in rural and semi-urban remote areas through its low cost and quality remote access telemedicine solution.
The company achieves this through its cloud-based telemedicine platform ReMeDi® (remote medical diagnostics) that provides screening, primary diagnosis, and triaging capabilities by connecting the different stakeholders (patients, doctors, and point-of-care service providers) of the healthcare delivery ecosystem. It offers over 35 point-of-care diagnostics including physiology, urine and blood chemistry tests, and various others, along with electronic medical records.
The company has till date reached over 50 million people by deploying its ReMeDi® solution in over 2,000 villages across India.
Subhash adds that not only does ReMeDi® connect the entire fragmented ecosystem for last-mile delivery, but also offers several features like workflow configuration and the latest sensor and wireless communication technologies. “The soon-to-be-launched ReMeDi®-NOVA and pay-per-use model with cloud, mobile technologies, UX, and analytics shall revolutionise the last-mile healthcare access.”
The company has earlier received strategic investment from e-Zest Solutions Ltd, a global digital experience engineering company.
Demand in market
According to Mordor Intelligence, the global telemedicine market was estimated to be worth around $23,224 million in 2015. It is expected to reach $66,606 million by 2021, growing at a CAGR of 18.8 percent during the forecast period (2016–2021).
According to experts, increased technological improvement, rise in the incidence and prevalence of chronic diseases, along with increase in aging population has enhanced the demand for remote monitoring.
Medisoft Telemedicine, TeleVital, ZOLT, and many other platforms are offering telemedicine service in India and across third world countries.
Experts says that only 2 percent of doctors are in rural areas where 68 percent of India lives; thus the medical expenses for them are triplefold — loss of wages, travel to nearby towns, and the expenses incurred in having a person accompany them. This makes them avoid healthcare until it’s very late. Healthcare, thus, is one of the top reasons for the poor not being able to come out of poverty. Digital health solutions aim to improve this situation.