[Funding alert] AI-driven health benefits platform ekincare raises $3.6M in Series A round
Health benefits startup ekincare has raised $3.6 million in a Series A funding round led by a new Bengaluru-based investor, with participation from existing investors including Venture East, Eight Roads, and Touchstone equities.
The name of the new investor is undisclosed by the Hyderabad-based company. The funds will be used to strengthen ekincare’s technology platform, business development, marketing and expand its portfolio of offerings in the corporate health benefits market.
Srikanth Sundarajan, Partner at Ventureast, said,
“We have seen tremendous growth from our initial investment in ekincare, both in terms of patient-engagement, employers adoption as well as revenue growth. Hence through this round of investment, we reinforce our commitment to support ekincare management team in their vision to build a world class healthcare platform.”
The latest round takes the total funding raised by ekincare to $5.6 million. The startup previously secured $1.5 million as part of its Series A round in January 2018.
Founded by Kiran Kalakuntla and Srikanth Samudrala in October 2014, ekincare helps companies administer benefits efficiently, optimize their healthcare spends and show real health outcomes. Its patent-pending AI-powered health assistant reads medical data from disparate data sets to create a health graph, predicts health risks, and provides timely personalised recommendations to beat those risks.
ekincare today caters to more than 200 companies including multiple Fortune 500 clients and managing 300,000+ employees health on their patent-pending platform. With ekincare, organizations can reduce healthcare costs by up to 25 percent, the company claims.
It offers preventive health services like telemedicine, e-pharmacy, health checks, vision and dental care, access to gyms, and other services for every individual, through a personalized journey on the platform.
“Healthcare services industry in India is broken and full of disconnected parts,” said Kiran Kalakuntla, CEO and Founder, ekincare. “Our patent-pending technology recognizes patterns across disparate health data sets, discerning differences between consumer segments and behaviours to engage people better.”
ekincare wants to be the health benefits platform of choice across South Asia in the near future, it added in a statement.
(Edited by Saheli Sen Gupta)