Health-tech startup Dozee raises $6 mn Series A funding led by Prime Venture

Dozee, a startup that provides contactless remote patient monitoring solutions, on Thursday said it has raised Rs 44 crore ($6 million) as part of its Series A funding round.  

The funding was led by existing investor Prime Venture Partners, Dozee said in a statement.   

Other existing investors YourNest and 3one4 Capital also participated in this investment round, it added.  

Dozee, Turtle Shell Technologies Pvt Ltd, will use the fresh capital to launch new products and enhance its platform. Part of the funds will also be deployed to increase its presence in high dependency unit (HDU) ward monitoring, home monitoring, and to deliver a cloud-enabled continuum of care.  

Dozee was set up in 2015 by Mudit Dandwate and Gaurav Parchani. The startup aims to partner with over 1000 hospitals across India to upgrade their critical care infrastructure.   

Currently, over 216 hospitals have adopted its remote patient monitoring solution. It claims its platform has monitored over 32,000 patients and has helped in early identification of risks in their health.  

Dandwate, CEO and cofounder, Dozee, said that during the peak of the pandemic the startup worked with major public and private institutions to automate critical care delivery in high dependency units, saving over 70,000 nursing hours and more than 1,000 lives.  

"We see a huge potential for Dozee in bringing about a shift in the healthcare sector by enabling hospitals to provide affordable critical care infrastructure and upgrade rapidly without huge capital investments," Sanjay Swamy, managing partner, Prime Venture Partners, said.  

Prior to this funding, Dozee had raised Rs 12.5 crore ($1.7 million) in funding from Prime Venture Partners, YourNest, and 3one4 Capital in September last year.  

The pandemic has accelerated fundraising for health-tech startups, with epharmacy hogging the limelight with huge growth stage funding.  

PharmEasy in April raised a new funding round at a valuation of $1.2 billion, propelling it into the unicorn club.  

In June, PharmEasy also surprised markets with an agreement to acquire a majority stake in Thyrocare, in a defining moment that saw a venture backed startup acquire a listed traditional healthcare company in India.  

Last month, Tata Digital, a 100% subsidiary of Tata Group holding entity Tata Sons, also acquired a majority stake in e-pharmacy and health technology platform 1mg.