Health-tech startup MyHealthcare gets Series A cheque to enter Southeast Asia

Gurugram-based InnoCirc Ventures Pvt. Ltd, which operates digital integrated healthcare technology platform MyHealthcare, has raised $2 million (Rs 13.7 crore) in its Series A funding round led by investment firm Hunch Ventures.

Angel investor Ajay Nanavati, non-executive chairman at state-run Syndicate Bank and a former managing director at 3M India, also put money in this round.

Shyatto Raha, founder and director of InnoCirc Ventures, said the company will use the funds to scale the platform and expand its operations to Indonesia and Malaysia.

MyHealthcare offers services such as electronic medical records (EMR), health trackers, emergency services, video consult and health monitoring. It acts as a technology partner for the hospital network across all its patient-facing services. It counts hospitals under Fortis Healthcare Ltd among its clients.

The company has launched operations across India and is now expanding its services to Malaysia, Indonesia and Myanmar.

“Our platform works with hospitals in enhancing their care solutions by transitioning the care process from paper to digital form. In the next phase we are working towards the use of artificial intelligence and machine learning for predictive analysis, to aid care givers in the diagnosis process,” said Raha.

Incorporated in October 2017, InnoCirc Ventures was founded by Shyatto Raha, Aneesh Nair and Divya Laroyia.

Hunch Ventures is a private investment firm floated by Karanpal Singh. It focuses on investments across core sectors such as health, retail, hospitality, education, media and new age technology.

Client Associates Investment Banking acted as the financial adviser to InnoCirc Ventures on this transaction.

Deals in health-tech

A number of tech startups offering a wide variety of healthcare services have caught the attention of investors.

At least two other health-tech startups raised funding on Tuesday. HealthSignz raised $5 million from a New Zealand healthcare group's founder and other investors while HealthPlix mopped up $3 million in a Series A round.

Last week, healthcare investment firm IQGEN Holdings bet on two health-tech ventures: San Diego-based Stelvio Therapeutics and Japan’s Skin Electronics.

In June, digital health management platform Navia raised a bridge round of $100,000 (Rs 67 lakh) from existing investor Benori Ventures LLP. The same month, social-impact investment firm Unitus Ventures bet on medical technology company Cyclops Medtech Pvt. Ltd.