Health tech AI startup MFine has raised $16m in a new funding round led by Heritas Capital with participation from Singapore-based family office of Y’S Investment Pte Ltd. Existing MFine investors including SBI Investment, SBI Ven Capital, BEENEXT and Alteria Capital have also followed-on in the round.
Heritas Capital is a Singapore-based private equity and venture capital investment firm that invests in companies across the healthcare, education and technology sectors.
WHAT’S IT ABOUT
Through its Android and/or iOS app, MFine provides users with on-demand access to quality medical care in the form of virtual consultations and connected care programs. According to the startup, there are over 4,000 doctors including some of India’s top doctors from 600 reputed hospitals covering 35 specialties on the platform.
With this fresh funding, MFine plans to reinforce its leading position in delivering an AI-driven, on-demand healthcare service across India, and aims to be one of the largest virtual hospitals in the world with services across primary care, secondary care and chronic care management in collaboration with its trusted partners.
It will deploy the funds towards tripling its investments in AI, mobile engineering and device integration; expanding its hospital network across the country; scaling the recently launched services which include delivering medicines, preventive health screenings and diagnostic tests. The company will also initiate Series C fund raising in the coming months.
THE LARGER TREND
In 2020, MFine expanded its geographical coverage beyond physical boundaries of the cities to serve people from over 1,000 towns in India and launched several new services such as AI-based self-assessment of various health conditions, long term care programs for chronic conditions and membership to offer benefits on all the services for its direct consumers and also corporates.
Back in April 2019, MFine raised $17.2M in Series B funding led by BI Investment, a Japan-based venture capital firm and a subsidiary of the SBI Group, MobiHealthNews reported.
ON THE RECORD
“The year 2020 has been very significant for us. During the pandemic, with the introduction of strict lockdowns and social distancing measures, we found ourselves in a unique position to help millions of people with access to essential healthcare services. We are seeing incredible traction on the provider and consumer side. Our vision of digital health as a solution to scale quality healthcare delivery has been accelerated by 2 years. The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack. India is on the cusp of redefining healthcare delivery and we are actively engaged in shaping and leveraging this big shift,” said Prasad Kompalli, Co-founder & CEO of MFine.
