Including the current round, the start-up has raised over $6 million.
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.
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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.