[Funding alert] Healthtech startup Phable raises additional seed funding of $220K from LetsVenture, others
According to the healthtech startup, it will use the funds to scale operations in India and the Middle East through its hospital contracts.
After raising $150,000 (about Rs 1 crore) from US-based accelerator SOSV in August, healthtech startup Phable on Thursday said it has raised an additional $220,000 (about Rs 1.5 crore) as part of its seed funding.
LetsVenture, 91 Springboard, and IKP Knowledge Parks participated in the round. Angel investors and senior professionals from AbInbev-Serge DeVos and Wouter Peeters also participated.
With this infusion, the startup has raised a total of $370,000 (about Rs 2.5 crore) in its seed round.
According to the startup, it will use the funds to scale operations in India and the Middle East through its hospital contracts. Meanwhile, Phable is also looking to close another funding round.
Phable was started in 2018 by Sumit Sinha, along with two of his former colleagues from global digital market research company Borderless Access.
Prior to this, Sumit had founded food delivery firm Kristys Kitchen, which was acquired by fitness startup Cure.fit for an undisclosed amount.
At present, Phable is building an 'operating system' for healthcare in India and claims to help patients improve treatment compliance to 80 percent via continuous monitoring.
The platform helps create an engagement loop between doctors, hospitals, and their patients via its apps. It helps monitor patients continuously through a range of medical IoT devices. Using the platform's solutions, doctors can leverage continuous and longitudinal data to effectively drive healthcare outcomes. Phable takes care of all patient needs such as medicines, lab tests, insurance, doctor consultations, nursing, etc.
Speaking on the growth trajectory of the company, Sumit, Co-founder and CEO, Phable, said,
“Our vision is to drive better healthcare outcomes and lower the cost of care. We aim to impact the health of 1.4 billion Indians over the next five years. We will be on every mobile phone, smartphone or feature phone. By bringing all the elements of the value chain on a single digitised platform, Phable makes healthcare accessible, autonomous, and predictive.”
At present, the company works with 25,000 patients, offering the services of 300-plus doctors, in Bengaluru. It started monetisation three months ago and has raked in Rs 50 lakh (or $80,000) in revenue until now.
Phable claims to have built intellectual property on how to use device data for diseases such as diabetes, hypertension, dyslipidemia, hyper/hypo thyroidism, and atrial fibrillation, as well as pre- and post-operative care scenarios.
(Edited by Athirupa Geetha Manichandar)