LiveHealth raises $1.1 M seed round from Nexus Venture Partners
LiveHealth, a platform that digitises diagnostic lab workflows, announced on Monday that it had raised a seed round of $1.1 million from Nexus Venture Partners.
The funding will be used to expand its platform across India, explore international markets and to strengthen the product and technology.
Story so far
LiveHealth, headquartered in Pune, was founded by Abhimanyu Bhosale and Mukund Malani in November 2013. The duo started up after graduating from Pune Institute of Computer Technology to pursue their passion of digitising healthcare in India.
The startup had earlier raised an angel funding round of $300,000 from healthcare veterans like Rajaram Samant, CEO of Akumentis Healthcare, and Pramod Dhembare, founder and MD, Fidelity Diagnostics.
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With a team of 38 employees, LiveHealth digitises records from diagnostic laboratories through its SaaS platform and makes them available on the cloud to patients and doctors. The price ranges between Rs 1,999 and Rs 11,999 per month for each provider depending on the complexity of the offering and their needs.
LiveHealth noted that its USP is giving diagnostic centres actionable insights to drive revenue and profitabilty and also simplifies information exchange with other healthcare providers. LiveHealth's platform has digitised more than 72 million records, so far, and is delivering over 50,000 digital medical records to doctors and patients every day.
The startup noted that it currently works with more than 650 diagnostic centres across India and Africa to automate their operations -- to manage patients, financial transactions, automation between medical instruments, and inventory.
Doctors and consultants get access to their patient records using a mobile app. Patients can use the LiveHealth app to understand reports, analyse past health data, and monitor their health using trackers, both for themselves and their family, even on a remote basis.
Sector overview and future plans
Talking about the sector and about their investment in LiveHealth, Sandeep Singhal, Co-founder & MD, Nexus Venture Partners, added,
More than 80 percent of clinical decisions are made with the help of lab and diagnostic tests, LiveHealth has chosen to transform the diagnostic industry first and then extend its offerings to other medical areas. We are excited to partner with the team on this journey.
With a fast-growing middle class and increased usage of Internet and mobile broadband, there is a high demand for quality and affordable healthcare in India. Healthcare market in India is poised to grow from $100 billion in 2016 to $280 billion in 2020. Practo is one of the largest players in both the doctor discovery platforms and hospital management software space. Then there are other players like Portea Medical and Lybrate etc., in the medtech space.
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Going forward, LiveHealth aims to extend its value offerings to other stakeholders in healthcare and widen its offerings to build a more tightly connected healthcare ecosystem enabling stronger digital interaction between them.
Abhimanyu, Co-Founder & CEO, LiveHealth, noted that their focus is on addressing the tech gap in healthcare, and enable more seamless interactions among all stakeholders and also reduce costs and errors. He noted,
This [our processes] also helps us gather huge amounts of data to generate insights and models to improve healthcare outcomes. Our vision is to build an ecosystem of data-driven applications that enable seamless healthcare data management.