Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Health-tech AI startup mfine raises $17.2m in series B funding

Health-tech AI Startup mfine has raised $17.2 million in a Series B funding led by SBI Investment and with participation by BEENEXT and existing investors Stellaris Venture Partners and Prime Venture Partners, the company revealed on Tuesday.

The firm said the new investments will go towards hiring over 2500 doctors from 250 hospitals and reaching 150,000 consultations per month in the next year.

The news comes after the company’s exponential growth in the past year. According to the company, in the last 15 months alone, over 100,000 customers have consulted on mfine and customer base is growing 30% month over month.

The app is currently serving thousands of people across over 800 towns in India, with people consulting mfine for chronic diseases such as diabetes and arthritis, but also specialities such as cardiology, oncology, orthopaedics and fertility.

The way the mfine works is by partnering with leading hospitals rather than individual doctors. This allows the startup to make high-quality care of trusted doctors available on a digital channel. On the other hand, hospitals manage to reach more patients this way and offer premium services through the cloud.

The Specialist Doctors on the system are supported by mfine’s AI system, which improves the efficiency & effectiveness of the workload substantially. The AI can diagnose over 1200 common diseases and it is able to read hundreds of health parameters in the diagnostic reports therefore saving significant time for the doctors.

“We believe that India will leapfrog the methods of healthcare delivery that were adopted in the developed nations, and mobile will be at the centre of this disruption”, said Prasad Kompalli, CEO & co-founder.

“The current funding is an endorsement to mfine’s unique model of working with reputed & accredited hospitals and using technology to make quality healthcare accessible to millions of people”, he added.

With an estimated one doctor for every 1700 people in India and roughly more than 350 million active smartphone users, services like mfine are in high demand.

“mfine’s AI healthcare delivery platform has the potential to bring in huge transformation in the Indian healthcare system where quality doctors are far and few and access to quality is limited”, said Tomoyuki Nii, Executive Officer of SBI Investment

“With an on-demand model and state-of-the-art AI and mobile tech, mfine stood out for us with great potential to deliver large scale impact in healthcare delivery in India”, he explained.

With the new funding, which brings the total raised by the company to $24 million, mfine plans to strengthen its leadership position in delivering an AI-driven, on-demand healthcare service across India.

“The consumer traction proves that our model works and with this investment we want to scale the service across the country.” Kompalli said.

“We are delighted to have SBI and BEENEXT on board as they share our vision of providing quality healthcare on-demand using AI and mobile tech. We see in them long term partners, in building one of the largest healthcare platforms in the world.”

Image via Max Pixel

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