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AI-based healthcare services start-up mfine has bagged $4.2 million in Series A funding led by Prime Venture Partners. Existing investors Stellaris Venture Partners, and healthcare entrepreneur Mayur Abhaya, also participated in this funding round.
Founded by ex-Myntra executives Prasad Kompalli and Ashutosh Lawania in December 2017, mfine connects doctors in hospitals to patients for real-time online consultations. Former Myntra CTO Ajit Narayanan and former head of Digital Marketing Arjun Chaudhary, are also part of the founding team at mfine.
“We see a huge opportunity to bring the much needed, tech-driven transformation in the $50B primary healthcare delivery. With our deeply tech driven approach and working with reputed providers, we are effectively creating a 'cloud clinic' where quality healthcare can be accessed on demand from anywhere,” said Prasad Kompalli, CEO and co-founder of mfine.
The startup plans to strengthen its network of hospitals and build on the existing technology platform, along with expanding beyond Bengaluru, with the latest funding.
Having completed about 10,000 consultations from about 8,000 registered users in the last 5 months, the company is targeting 1 lakh consultations by end-2018.
The company will look at entering tier one and two cities initially, including Pune, Delhi-Gurugram, Hyderabad, and Chennai, taking the hospital network to about 50 by the year-end. Currently, more than 15 leading and reputed hospitals in Bengaluru including CloudNine, Aster, and Ovum consult with patients across nine specialties. mfine connects a patient to a desired doctor within 60 seconds for a consultation, the company has claimed.
“Tele-consult and on-demand healthcare is poised to fundamentally transform healthcare delivery in India. mfine has taken an innovative hospital-first approach where experienced doctors and specialists from established hospital brands are available directly on the app,” Shripati Acharya, Managing Partner of Prime Venture Partners said.
The start-up offers examinations, sample collections for lab tests and medicine ordering and also face-to-face virtual communication between a doctor and patient. It maintains medical records, sends health reminders and updates based on AI-powered data. It also tracks and follows up on the medical condition of a user.
The company plans to launch long-term care programs for medical conditions that require constant monitoring, such as diabetes.
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