Watch sustainability champions reveal key solutions, innovations accelerating India's SDGs at ‘The Sustainability 100+ Dialogues 2021’-Haryana Roundtable on March 5 at 12pm
you are here: HomeNewsBusiness

Health startup MFine raises $16 million in a bridge round

The company will use the funds to strengthen its leadership team and technology platform to create a virtual hospital network for its users

January 18, 2021 / 05:52 PM IST

Health tech platform MFine has raised $16 million in a new funding round led by Heritas Capital fund along with the Singapore-based family office of Y’S Investment, the company said on January 18.

Existing investors—SBI Investment, SBI Ven Capital, Beenext and Alteria Capital—also participated in the round that comes in the backdrop of massive business growth reported by health tech platforms during the coronavirus pandemic. The platform has reportedly grown ten times in 2020.

“Our vision of digital health as a solution to scale quality healthcare delivery has been accelerated by two years. The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack,” said Prasad Kompalli, cofounder, MFine.

MFine, which in 2019 raised its series B round of $17.2 million, will use the fresh funds to strengthen its leadership team and its technology platform to create a virtual hospital network for its users.

The company will increase its investments in technology by three times and expand its network of doctors and hospitals with these funds, it said in a note.


COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more

With more than 4,000 doctors from 600 hospitals covering 35 specialties on the platform, MFine provides users on-demand access to medical care online. More than one million users have used the MFine platform to tele-consult with doctors on a variety of illnesses such as diabetes, arthritis, viral infections and others.

In 2020 MFine expanded its coverage beyond physical boundaries of the cities to serve people from more than 1,000 towns and launched several new services such as AI-based self-assessment of various health conditions and long-term care programmes for chronic conditions.

“We believe that MFine’s collaborative partnership model with hospitals and doctors powered by the application of AI will enable smart optimisation of limited healthcare resources to address unmet needs throughout India and beyond,” said Chik Wai Chiew, CEO & Executive Director of Singapore-based Heritas Capital.
Moneycontrol News
first published: Jan 18, 2021 11:48 am

stay updated

Get Daily News on your Browser