Health-tech startup Doxper on Wednesday said it has raised $4 million (Rs 28.4 crore) in its Series A round of funding led by healthcare and wellness-focused investor Alkemi Venture Partners.
Existing investor GrowX Ventures and some angel investors also participated in the round. Other investors that contributed to the round include Rainforest Venture Network and a group of individual investors.
The startup, which is operated by InformDS Technologies Pvt. Ltd, will use the funds for market expansion in the country apart from investing in technology, research and development, Doxper said in a statement.
Doxper is a machine learning (ML) and artificial intelligence (AI) powered data capture solution. It has developed an encoded pen-and-paper system, through which doctors can write prescriptions and patient information, and the data automatically gets transferred to the cloud.
The startup is processing close to 500,000 case sheets every month. It has digitized case sheets of over 3.25 million unique patients, with a total of nearly 5 million records. The company has partnered with 1600 independent clinics and 20 corporate hospitals in the country, the statement added.
Doxper was founded in 2015 by Shailesh Prithani, Pawan Jain, and Randeep Singh. Prithani is an alumnus of IIT Roorkee and has previously worked with oilfield services firm Schlumberger Limited, while Jain and Singh are alumni of IIT Bombay. In their prior stints, Jain worked with financial research firm Visible Alpha and online content solutions firm SnapStick Inc, and Singh was a former scientist at Philips Research and director of the biomedical informatics division at SAP Labs.
The startup had raised $750,000 in a seed round of investment led by Vidal Healthcare and GrowX Ventures in August 2017. Others who participated in that round include angel investment platform Capier Investments, online venture capital firm Globevestor, and other angel investors including a leading onco-surgeon. In April 2018, it had raised $1.1 million (Rs 7.2 crore) in a pre-Series A round of funding from existing investors led by Vidal Healthcare.
Health-tech startups have seen significant investor interest in recent months.
Earlier this month, healthcare services aggregator Plunes raised angel funding.
In July, Bengaluru-based startup Mfine had raised Rs 31 crore ($4.5 million) from venture debt firm Alteria Capital.
In the same month, online aggregator of primary healthcare services HealthAssure raised $2.5 million from early-stage venture capital firm Blume Ventures in its Series A round of funding.
In June, VCCircle exclusively reported that venture debt provider Trifecta Capital had offered to invest Rs 70 crore ($10 million) in Practo Technologies Pvt. Ltd. Practo had last raised equity funding in 2017, when it secured $55 million in a Series D roundled by existing investor China's Tencent.