SG Investor Backed MedTel to Scale Pan-India to Raise USD 10mn in Series A
Bengaluru: MedTel Healthcare, a B2B & B2B2C connected care and remote patient monitoring platform, is planning to raise around USD 10 mn in Series A. Earlier, the brand raised around USD 1 Mn in Pre-Series A in August 2021, led by a Singapore-based institutional investor. MedTel expects to close the fresh round within the ongoing financial year itself.
MedTel aims to raise series A for rapid business expansion, product improvement & conducting relevant clinical validation studies. Existing investors & leading VCs have already expressed interest in the series A fundraise.
MedTel Healthcare had raised its pre-series A round from a group of angels, HNIs, Meta Health (A Singapore based listed company), Physician VC (A global healthcare-focused VC firm founded and managed
by doctors), and KIIT-Technology Business Incubator.
The healthcare startup has been witnessing a year-on-year growth of 3x in revenue. The Bangalore-based startup MedTel, founded by Dr Lalit Ranjan Manik, Dr Timiresh Das, Dr Soumyakant Das and Mr Ajit Choudhury, caters to Doctors, Hospitals, Health Insurance Companies, Telemedicine Providers, Home Care Providers, Governments, and other Care Delivery Organisations, helps them to have Plug & Play Remote Care and Hospital at Home solutions bundled with Population Health Management, Connected IoT Devices and Digital Therapeutics.
“Last year was a real test for us. The healthcare industry was extended to unforeseen limits with the spread of the Coronavirus pandemic. Healthcare providers needed to find ways to deal with the surge in emergency care while ensuring ongoing and routine care for patients. Digital health provided the solution and new possibilities for hospitals, clinics and care delivery organisations to connect with patients. While digital health was once a personal choice, the pandemic has turned it into indispensable. We at MedTel proved ourselves and became the best choice for the providers like top Insurance providers, leading Hospitals, Pharma companies & for government projects in Odisha and Maharashtra,” said Dr. Lalit Ranjan Manik, a UK-trained Public Health Professional, Co-founder & CEO, MedTel Healthcare.
Global Connected Care Market is estimated to grow by $85 Billion by 2028. The value of the global DTx market is estimated at USD 1.8 billion in 2018, which is expected to reach USD 7.1 billion by 2025. A recent report estimates the biggest applications for DTx to be diabetes and weight loss shortly, with other applications likely to be observed in conditions such as chronic obstructive pulmonary disorder (COPD), Pregnancy, developmental disorders and post-traumatic stress disorder, with the use of virtual reality.
“MedTel now provides solutions in Singapore, Indonesia, Africa, and North America and is partnering with leading care delivery organisations in India, with a strong revenue pipeline for the year 2022-2023, and looking to raise Series A Funding,” said Dr Soumyakant Das, an IIM Lucknow Alumni, Co-founder & Head, Business and Strategic Partnerships, MedTel Healthcare.
MedTel started with a vision to ensure that no health problems or complications of a patient go undetected. To accomplish this, we built a connected care ecosystem using IoT-enabled devices and a smartphone app, which is especially needed in chronic disease management.
We aim to tackle healthcare challenges by increasing patient engagement and compiling patient data so that doctors can draw insights faster and in real-time while motivating patients to stay on track!
Our mission is to make healthcare accessible, affordable and user-friendly for all patients and integrate technology and healthcare approaches to ensure that every patient is empowered to improve their life!
For more details, please visit our website www.medtel.io