Healthcare software-as-a-service (SaaS) startup Spry on Wednesday said it has secured over $7 million (around Rs 54 crore) in a Series A funding round led by Eight Roads Ventures, with participation from F-Prime Capital and existing investor, Together Fund.
The startup has raised over $10 million in less than six months. Last year in December, Spry raised $3 million in a seed funding round led by Together Fund. The latest proceeds will be deployed to boost Spry’s aim to build the future of practice management for physical rehabilitation.
Founded in 2021 by Ola’s former chief technology officer, Brijraj Bhuptani and Riyaz Rehman, Spry aims to democratize accessibility and affordability of movement health through its full-stack digital health platform. It enables practitioners and owners of physical therapy centres to manage their clinical and administrative functions using a single tool.
The platform supports a clinic's end-to-end operations, from patient intake to scheduling, communication, assessments, electronic medical records, revenue cycle management, home exercise plans, adherence tracking and patient lifecycle management.
“Our mission is to create a patient-first, tech-driven solution that anticipates their needs before they step into the therapist’s clinic and guide them through the duration of the treatment” said Brijraj Bhuptani, co-founder and chief executive officer of Spry.
“With our 25-member team, we have been able a platform to enable physical therapists to manage an omnichannel practice and improve the quality of patient care. We look forward to working with our new investors, Eight Roads Ventures and F-Prime Capital, as we accelerate our mission to be the platform of choice for physical therapists globally.”
Eight Roads Ventures is a global venture capital firm backed by Fidelity, managing $11 billion of assets across offices in China, India, Japan, UK and the US. In May, Eight Roads launched its first dedicated $250 million healthcare and lifesciences fund for India.
With over $1.9 billion in funding from venture capitalists in the Indian healthtech sector through 2021, the country has ranked fourth globally for healthtech investments by VCs since 2016, new data from London & Partners and Dealroom.co shows.
“Spry’s platform is a compelling value proposition to the growing number of physical therapy practices who aspire to provide a continuum of care to their patients, in-clinic and at home,” said Prem Pavoor, senior partner and head of India and healthcare investments at Eight Roads Ventures.
Eight Roads Ventures’ India active and exited healthcare partner companies include Ashish Life Science, Caplin Steriles, Carestack, Cipla Health, Core Diagnostics, Denali Therapeutics, Doceree, eKincare, Eywa Pharma, Immuneel Therapeutics, Laurus Labs, Medwell Ventures, NOCD, Plasmagen Biosciences, Proximie, OZiva, PharmEasy, Richcore Lifesciences, Specsmakers, Spry, Toothsi, Trivitron Healthcare and Ujala Cygnus.