Bengaluru-based remote health-monitoring startup Dozee has raised Rs 12.5 crore in a pre-Series A round of funding from Prime Venture Partners, and other investors like YourNest Venture Capital and 3one4 Capital.
With this, the total funding of Dozee stands close to Rs 20 crore, which include a clutch of grants and some angel investments as well.
Dozee will use the fresh capital to partner with more hospitals, and to expand its consumer base across the country. The funds will further be used to enhance product capabilities, complete FDA formalities and other global certifications and eventually to expand to markets outside India.
Dozee was started in 2015 by Mudit Dandwate and Gaurav Parchani, who were colleagues at Altair Engineering. The duo wanted to develop an unobtrusive sleep-tracking device, which could track the vitals of the user and keep a tab on their health parameters.
The device has been built after a four-year research and development phase at NIMHANS and Sri Jayadeva Institute, both nationally reputed hospitals in Bengaluru.
“The device is based on the science of ballistocardiography, which tracks the vitals of the heart. It tracks all the data it uploads onto our cloud and anomalies can be tracked by the near and dear ones through the Dozee app,” Parchani told Moneycontrol.
The device can be laid out below the mattress on which the user lies down. It will constantly track the heartbeat of the user and analyse any sort of unnatural behaviour.
The founders believe that a constant level of monitoring will allow users to keep a tab on their health and also keep family members informed about the health condition of the users, who, in most cases, are senior citizens.
“Even if multiple people are sleeping on the mattress, Dozee is intelligent enough to pick up the heart rate of the nearest person, thereby switching off other vibrations as noise,” he said.
Changes for COVID-19
To make the device relevant during COVID-19, Dozee comes with an attached pulse oximeter variation as well. It is priced between Rs 8,000 and Rs 10,000. It is sold to hospitals for a higher price but comes with a web dashboard for doctors to monitor the vitals of the patients through the day.
“Constant monitoring is a huge global healthcare problem. Further, COVID-19 has given a massive tailwind to this sector,” said Sanjay Swamy, partner at Prime Venture Partners. It is not everyday that India sees a company which has dedicated four years into active research and development.
“Dozee has huge amount of data and has already generated massive amount of intelligence through these years of research,” he added.
The company is looking to get the system deployed at all the general wards across the country, which counts to somewhere around 19 lakh. They do not want to penetrate into the ICU which already has all the sophisticated devices built in.
It currently has partnership with 30 hospitals like Kauvery Hospital, IGMC Nagpur, ILS Kolkata and many others. Among retail consumers, the device is being used at 1,000 homes to monitor the elderly. Around 1,200 devices have been deployed in over 20 COVID-19 quarantine centres across eight states.
As systems and services get more digitised, more so because of COVID-19, startups like these are ideally positioned to take advantage of the growing demand. As Swamy pointed out, Dozee’s sale cycles are reducing from two months to a few weeks as more doctors understand the usefulness of the product and are looking to deploy them to monitor patients through the day.