Mumbai: Dozee, a healthtech startup offering contactless remote patient monitoring (RPM) solutions, has raised Rs 44 crore in a Series A funding round led by existing investor Prime Venture Partners, with participation of YourNest Venture Capital and 3one4 Capital.
The startup will use the capital to ramp up its R&D and launch new products, among other things. The six-year-old startup has raised a total of Rs 63 crore from investors till date.
Founded in 2015 by Mudit Dandwate and Gaurav Parchani, Dozee helps track heart health, respiration, sleep quality and stress levels. Dozee’s AI-based module ‘Advanced Health Intelligence’, detects early signs of health deterioration by continuously assessing user’s vitals data and conducting a risk analysis.
It currently offers its RPM solutions to more than 216 hospitals across India and has seen an uptick in business in the last six months. It has deployed its platform in over 5,000 beds in hospitals to monitor patients continuously.
“We plan to partner over 1000 hospitals across India in the next 12 months,” Dandwate said.
The company plans to install its platform in more than 50,000 step-down intensive care units (ICUs) and set up 24×7 central monitoring cells in these hospitals, enabling them to quickly augment the critical high dependency units and ICUs.
The Covid-19 pandemic has brought to the fore both challenges and opportunities in the healthcare sector. According to experts and doctors, India will need an extra 500,000 ICU beds, 200,000 nurses and 150,000 doctors in the next one year alone.
“The Indian healthcare sector has seen a rapid transformation in the last year with hospitals, healthcare workers and patients embracing technology to access better care,” said Sanjay Swamy, managing partner at Prime Venture Partners. “We see a huge potential for Dozee in bringing about a shift in the healthcare sector by enabling hospitals to provide affordable critical care infrastructure and upgrade rapidly without huge capital investments.”
“Cloud and intelligence-enabled technology will fundamentally transform healthcare delivery in India. The Dozee team has developed ground-up innovation to make hospital-grade vitals monitoring contactless and affordable, radically reimagining the matrix of care delivery across segments,” said Pranav Pai, managing partner at 3one4 Capital.