Ekincare, an artificial intelligence-based healthcare startup, has raised $3.6 million (Rs 25.81 crore at current exchange rates) in a Series A funding round led by a new investor.
The latest funding takes the total capital that ekincare, operated by Aayuv Technologies Pvt. Ltd, has raised so far to $5.6 million, the company said in a statement on Wednesday. It didn’t disclose the name of the new investor.
Other investors that participated in the funding round include existing investors such as venture capital firm Venture East, Eight Roads Ventures and Hyderabad-based Touchstone Equities.
The startup says it helps companies efficiently administer benefits, optimise their healthcare spends and show health outcomes using its AI-based assistant.
The company said it will use the latest fund infusion to strengthen its technological platform, business development and marketing. It will also expand its portfolio of offerings for the corporate health benefits market.
Co-founder and chief executive officer Kiran Kalakuntla said ekincare’s platform recognises patterns across different health datasets and makes out differences between different consumer segments to serve customers better.
Venture East partner Srikanth Sundarajan said the firm was confident in committing itself to ekincare because of the growth from its initial investment in terms of patient engagement, employer adoption and revenue growth.
Ekincare was founded in 2014 by Kalakuntla and Srikanth Samudrala. According to its website, it helps companies create measurable wellness programmes and reduce healthcare costs. Some of the companies it has worked with include Apollo Clinic, Medall, SRL Diagnostics, Medanta, Titan Eyeplus, Prima Diagnostics and Fortis.
Advay Capital Advisors was the exclusive financial adviser on the funding transaction.
Deals in the health-tech segment
There has been a significant increase in investor attention given to the health-technology segment. This comes as startups seek to address gaps in India’s existing system as well as adopt frontier technologies to make the delivery of healthcare and its auxiliary services more affordable and efficient.
Last month, NeuroLeap, a brain enhancement and mental health startup based in Mumbai, raised funding from philanthropist Rajashree Birla and Jindal SAW Ltd managing director Sminu Jindal.
In September, Meddo, a health-technology startup that integrates physical and online healthcare services, raised $3 million (about Rs 21.53 crore). Similarly, PlusPin Healthcare raised Rs 5.25 crore in its seed round of funding from a clutch of investors of the Indian Angel Network (IAN) including former Google India head Rajan Anandan.
AI-based startups have also received capital commitments from investors. In June, Wysa, a startup that focusses on mental health through the use of chatbots, raised Rs 15 crore (around $2.15 million) in a pre-Series A funding round led by pi Ventures.