Dozee plans to use the funding to onboard more than 2,000 hospitals across the country in the next 2 years
The startup will use the capital to shore up its R&D capabilities
Including the latest fundraise, Dozee has raised over $15.8 Mn across four funding rounds to date
Healthtech startup Dozee on Tuesday (April 4) said it has raised $6 Mn as part of its Series A2 funding round from existing investors Prime Venture Partners, 3one4 Capital and YourNest VC.
The funding round also saw participation from new backers such as State Bank of India, J&A Partners family office, and Dinesh Mody Ventures.
Dozee will use the new funds to penetrate deeper into the Indian healthcare market and expand operations globally. The capital will also be deployed to shore up the platform’s differentiated research and development (R&D) capabilities.
Commenting on the fundraise, Dozee cofounder and CEO Mudit Dandwate said, “Dozee plans to further tap over 2,000 hospitals in more than 100 districts in the next two years…The current Series A2 fundraise is a part of the company’s plan to further its reach to every nook and corner of the country and to begin the era of ‘Made in India’ products in the global market.”
Founded in 2015 by Dandwate and Gaurav Parchani, Dozee’s contactless patient monitoring system allows healthcare workers to remotely keep an eye on the vital parameters of a patient such as heart rate, respiration rate, blood pressure, and temperature. It also offers an early warning system that alerts doctors about clinical deterioration of a patient’s health.
The startup last raised a funding of INR 44 Cr as part of its Series A funding round from YourNest Venture Capital and 3one4 Capital. Including the latest fundraise, Dozee has raised over $15.8 Mn across four funding rounds till date.
The platform competes with the likes of global giants such as US-based Biofourmis and iRhythmTech across multiple categories.
The fundraise comes at a time when the Indian startup ecosystem is reeling under the funding winter. Complicating matters for the healthtech space has been the terse regulatory environment which has seen the government even mull a possible ban on online pharmacies.
Global macroeconomic pressures and inflation have also hit the sales of most Indian startups. While the downturn has hit most segments of healthtech space, healthcare SaaS appears to have made big gains in terms of funding numbers so far this year.
While healthtech SaaS platform HealthPlix recently raised $22 Mn funding, telemedicine major MediBuddy acquired the Indian business of US-based Aetna in February.
According to Inc42, India’s healthtech market is expected to reach a size of around $21 Bn by 2025.