Medtel will use the funds in growing the business, product improvement, disease portfolio expansion and developing wearables, and foray into the health sensors segment.
Medtel Healthcare, Bengaluru based health company raised $500K in its pre-Series A funding round which was led by investors from US, India and Australia.
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
Dr Soumyakant said “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, ”.
Medtel had raised seed funding from INVENT, Startup Odisha and Bharat Petroleum Corporation Limited in 2018 and also incubated in KIIT – TBI, Bhubaneswar.
The startup in a statement said “Patient usually miss their routine monitoring for different chronic diseases, but in that situation Medtel comes into picture, the agnostic proprietary platform developed by Medtel 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”
Brief about Medtel
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 developing nations and going 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.