Healthtech startup HealthSignz has raised $5 million funding led by Dr Kantilal Patel, the founder of New Zealand’s largest primary healthcare group Nirvana Health Group.
“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,” Co-founder and CEO Hanumantha Rao told YourStory.
Started in 2014, and based out of Bengaluru and Hyderabad, HealthSignz was founded by Hanumantha, Dr Vinod P Nair, Dr Ram Papa Rao and Surendranath. An AI-driven healthcare platform, HealthSignz’s proprietary HIE uses medical heuristic and medical intelligence with AI and machine learning to enhance healthcare at all operational levels enabling an inclusive healthcare ecosystem.
Hanumantha added that they see tremendous market opportunity in healthtech. The team believes that accessibility and affordability to basic healthcare treatment continues to be a challenge.
While there are several healthtech players, Hanumantha believes that the ecosystem lacks an all-inclusive, open-ended healthcare solution that can be customised and implemented across heterogeneous environments and break the silos the healthcare stakeholders currently find themselves in.
“We see HealthSignz delivering great value for capital-intensive tertiary care centre to standalone practicing providers, transforming scalable and effective healthcare delivery, enabling digital and mobile care for treating illness, and enhancing overall wellness through disease prevention,” he added.
In a statement, Dr Kantilal Patel commented on the investment: “As an asset-light venture with investments focused on where highest returns can get generated, HealthSignz digital platform creates a unified connect between every consumer and multiple facets of the healthcare ecosystem enabling scalability, geo-spread and efficient medical delivery to all. We are excited to partner with the HealthSignz team and help drive the technology into other markets."
HealthSignz has completed its pilot phase and is getting into commercial operations from next month.
“The medical intelligence coupled with HealthSignz’s Clinical Decision Support technologies enables the ‘Shift Left’ method of treatment to increase the reach of real-time and efficient medical care to more users,” Hanumantha explained.
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.
Hanumantha said that HealthSignz is driven by HIE to cater to ‘Cradle to grave’ wellness needs, without containing itself to just serve the sick, but also covering healthy and borderline stages which is almost 95 to 98 percent of life stages for all people.
“We aim to expand across India and offer services to B2B players and consumers; asset-lite services for value enhancement in the ecosystem and chronic disease care,” he added.