Digital therapeutics firm Wellthy Therapeutics has raised Rs 13.5 crore ($2.1 million) from Ranjan Pai’s family office Manipal Education & Medical Group (MEMG) family office LLP along with Apoorva Patni-led Currae Healthtech Fund, Singapore-based Beenext Ventures, GrowX Ventures, IIFL Select Equity Fund amongst other individual investors.
The Mumbai-based firm that plays into digital therapeutics, enables treatment of type-II diabetes using a hybrid of AI and human paramedical coaches to improve health literacy and facilitate behaviour change for better outcomes in patients.
Founded by Abhishek Shah, Wellthy’s first digital therapeutic for type II diabetes has been endorsed by Asia’s largest diabetes association RSSDI (Research Society for the Study of Diabetes in India).
“Digital health interventions are a necessity to enhance the effectiveness of current chronic disease care. Our product suite directly boosts outcome efficacy in incredibly significant ways, well beyond what current healthcare is able to do,” said Abhishek Shah, CEO, Wellthy Therapeutics.
Wellthy Therapeutics will use the capital raised to enhance the efficacy of its existing diabetes digital therapeutic while developing solutions for other disease areas for which clinical trials are set to begin in the second half of 2018.
“Wellthy Therapeutics’ product suite has the potential to be the glue that binds healthcare providers, insurers, pharma and diagnostics one step closer to better patient outcomes. We can see the opportunity for their solution suite to elevate the standard of care for multiple therapy areas,” said Ranjan Pai, MD & CEO of MEMG.
Wellthy Therapeutics which works with medical insurance firms, clinics, and the allied pharma industry is looking to build deeper integrations with industry stakeholders in Asia as also expand its team.
2017 has been a comeback year for health tech startups with investor sentiment picking up, to touch $162 million as compared to a paltry $84 million in 2016 as per data from News Corp VCCEdge.
In contrast, investor interest peaked in 2015 with $259 million being poured into the sector. 2017’s investment revival in the space follows a wave of AI-powered health tech startups which investors are betting big on.