Bengaluru-based MedTel Healthcare raised $500K in its Pre-Series A funding in a round led by undisclosed investors from the US, India, and Australia.
According to the official statement, the funds will be deployed for scaling up, product improvement, disease portfolio expansion, developing wearables, and foray into the health sensors segment.
Founded in 2017, by Dr Lalit Manik, Dr Timiresh Das, Dr Soumyakant Das, Ajit Choudhury, and Siba Prasad Panda, MedTel provides connected care and remote patient monitoring (RPM) solution.
“MedTel Healthcare plans to lead disease based connected care solutions encompassing chronic health conditions, pregnancy, oncology and mental health. MedTel’s tech-based approach in providing healthcare is rooted in smart connected care, digital therapeutics, and interoperability of data, ” Dr Soumyakant said in a statement.
MedTel, incubated in KIIT – TBI, Bhubaneswar, had also raised seed funding from INVENT, Startup Odisha and Bharat Petroleum Corporation Limited in 2018.
“Patients usually miss their routine monitoring for different chronic diseases. MedTel’s device agnostic proprietary platform with evidence-based clinical algorithms, remind patients in every step to adhere to the treatment protocols. 90 percent of consumers believe remote health monitoring devices help better manage chronic conditions. MedTel intends to make hospitals, clinics, individual practitioners, and corporations empowered with its product MedTel iLab and iRPM,” the startup said in a statement.
In an earlier interaction with YS, Dr. Lalit had explained that the startup provides two main solutions: kits- including connected IoMT devices such as digital blood pressure machine, body composition analyser, glucometer, pulse oximeter, portable ECG, and others; and an integrated SaaS web platform and mobile app to monitor the readings.
The product was mainly launched to monitor patients suffering from conditions such as diabetes, hypertension, and obesity among others to ensure timely interventions. Amid the pandemic, the startup had also launched StopCov solution to monitor coronavirus symptoms.
The startup claims to have over 700 doctors onboard and has served over 1 Lakh patients to date.
“The patient monitoring devices market is projected to reach $25.31 billion by 2023 and we envision building traction in the developing nations and go global. We have already served market leaders like Apex Hospitals, Fortis Healthcare, Apollo Hospitals, Corporates, and have over 30 national and international clients,” the statement noted.