[Funding alert] Dozee raises Rs 44 Cr Series A investment led by Prime VP, others
Healthtech startuphas raised Rs 44 crore Series A funding led by existing investor Prime Venture Partners. The round also participation from YourNest Venture Capital and 3one4 Capital. The funding will be used towards R&D to launch new products and enhance its platform capabilities.
Dozee will utilise the funding to increase HDU ward monitoring, home monitoring, and to deliver a cloud-enabled continuum of care. The company stated that it has set an audacious goal of partnering with over 1,000 hospitals across India to help them upgrade critical care infrastructure through remote patient monitoring.
[LtoR] Founders of Dozee
Dozee also plans to install its platform in more than 50,000 step-down ICUs and set up 24x7 Central Monitoring Cells in these hospitals, enabling them to quickly augment the critical HDUs and ICUs, and save more than one million nursing hours per month.
In a conversation with YourStory, Mudit Dandwate, CEO and Co-founder, Dozee said, "During the pandemic, India was left with a shortage of key resources like doctors, nurses, and ICU facilities. Under these circumstances, our technology transformed critical care by converting regular hospital beds into step-down ICU in less than two minutes at a fraction of a cost, saving nursing hours and providing AI powered alerts."
He added that Dozee is witnessing an increased adoption of its Remote Patient Monitoring solution, with over 216 hospitals across India partnering with the startup in the last six months. It has deployed its platform to over 5,000 beds in hospitals to monitor patients continuously, and to help them enhance patient care and clinical outcomes.
In a conversation with YourStory, Sanjay Swamy, Founding Managing Partner, Prime Venture Partners said,
"Investing in Dozee was both an opportunity and a responsibility! Rarely do you find a perfect blend of investing in an attractive technology business that can be truly transformative to people’s lives at scale."
Dozee has monitored more than 32,000 patients, helping save thousands of lives by early identification of risk and health deterioration. The platform offers remote monitoring capabilities of key vitals like heart rate, respiration rate, oxygen saturation, and blood pressure, along with an AI-powered early warning system.
"Blood pressure was released just prior to the second wave in February. Our R&D team is currently working to enhance the platform to get ECG and the temperature as well. The results are encouraging and will be rolled out soon," said Mudit.
He explains that Dozee brings remote patient monitoring to every bed that can change the way healthcare is delivered in India.
Dr Vivek Mansingh, General Partner, YourNest said, “Apart from its growing adoption in hospitals across India, we believe that there is a real need to bring Dozee’s proprietary sensing technology and advanced AI algorithms to individuals and their family members at home. With the current debilitating medical infrastructure, Dozee has immense potential to deliver timely large-scale impact in healthcare delivery in India, and actually save human lives.”
The startup's platform automates the workflows of doctors and nurses, saving crucial man-hours, improving patient safety by ensuring round-the-clock AI-powered health monitoring, and making the entire decision-making process data-backed and transparent.
Sanjay said, "Through the past year, the Dozee product has been proven to save hundreds of lives and the data science team is able to launch new capabilities at breathtaking speed. Mudit and Gaurav are amazing founders — quick learners, open to constructive feedback, ready to push back, and are building a truly world-class team swiftly."
Dozee’s 24x7 Central Monitoring Cell in hospitals enables healthcare staff to monitor multiple patients remotely, who were previously monitored manually only every couple of hours. The Central Monitoring System helps save crucial nursing hours and, on an average, Dozee saves around five hours of quality nursing time per patient. Custom alerts can be set for every patient, helping doctors optimise treatment plans, focus on deteriorating patients, and provide improved proactive care at scale.
Pranav Pai, Managing Partner, 3one4 Capital said, “Cloud and intelligence-enabled technology will fundamentally transform healthcare delivery in India. The Dozee team has developed grounds-up innovation to make hospital-grade vitals monitoring contactless and affordable, radically reimagining the matrix of care delivery across segments."
"This platform approach has helped hundreds of hospitals transform their install base of beds to smart step-down ICUs without the burden of up-front capex. Such technology will help every hospital enhance its quality of care, optimise the time spent by medical professionals, and improve the visibility and coverage of vitals of patients on premise as well as at home,” he added.
The team also recently launched MillionICU, a not-for-profit initiative that aims at elevating public healthcare in India using transformative technology. Under the initiative, they are working with the CSR arms of corporates and foundations.
Dozee has upgraded over 2,000 hospital beds to step-down ICUs in 30 hospitals across India, continuously and remotely monitored through control rooms and thus saving over 75,000 nursing hours and over 850 timely interventions with AI-powered alerts. The initiative aims to upgrade 50,000 public hospital beds to step-down ICUs. Dozee was also a part of the 12th batch of JioGenNext.
"The MillionICU initiative has also seen great support from the ecosystem — because it fundamentally addresses the key problem in healthcare, nurse/patient or doctor:patient ratios in India that are abysmal, and never catching up with the WHO minimum requirements. All this tells us it’s a one-of-a-kind company — not just for India, but for the world, including developed economies. We are thrilled to partner with 3one4 and YourNest to continue to help take this company to the next stage," said Sanjay.