mfine, a health-tech AI startup from India has raised $17.2M in Series B funding. The investment was led by SBI Investment, a Japan-based venture capital firm and a subsidiary of the SBI Group. Singapore-based SBI Ven Capital which is SBI Group’s Southeast-Asian investment arm and tech-focused global venture capital firm BEENEXT also participated in the round alongside existing investors, Stellaris Venture Partners and Prime Venture Partners.
The company raised $4.2M in Series A funding in May 2018 and $1.5M in its venture round funding in 2017.
What’s it about
Founded in 2017, mfine's AI healthcare delivery platform currently provides its users access to virtual consultations and connected care programmes from 100 reputed hospitals practice across 20 specialties in India. Users of the mfine app (available on iOS and Android), can consult doctors from their preferred hospitals via chat or video to get prescriptions and/or routine care.
The new funds will be used to expand its hospital network across the country, build its AI technology and expand the recently launched additional services which include delivering medicines, conducting preventive health screenings and diagnostic tests.
In the next 12 months, the company aims to bring together over 250 hospitals from 10 cities with more than 2500 doctors in India onto its virtual hospital platform. It will be tripling its investments in AI, mobile engineering and hardware integration.
On the record
“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. 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.
The consumer traction proves that our model works and with this investment we want to scale the service across the country. 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,” said Prasad Kompalli, CEO & cofounder, mfine in a statement.