mfine raises $4.2 mn to strengthen tech team

App-based on-demand healthcare service provider, mfine, has raised USD 4.2 million in Series A funding, which will be used to build larger hospital network, and further strengthen the technology team.

The company aims to achieve over one lakh consultations by the end of 2018 and also partner with more than 50 top hospitals across the country.

"We see a huge opportunity to bring the much needed, tech-driven transformation in the USD 50 billion primary healthcare delivery. With our deeply tech driven approach and working with reputed providers, we are effectively creating a 'cloud clinic' where quality healthcare can be accessed on demand from anywhere. We believe we can scale this across the country and beyond and help people gain much more control over their health," said mfine co-founder and CEO, Prasad Kompalli.

Launched in December 2017, mfine follows a model of partnering with leading and trusted hospitals, instead of aggregating individual doctors on the platform. Hospital partnerships enable mfine to make high-quality care of trusted doctors available on a digital channel.

The platform ensures that patients can reach the doctors on the network within 60 seconds and start the consultation. Users get access to the same doctors and other integrated experiences as visiting a hospital, virtually and when they need. mfine will soon launch additional services such as monitoring of vitals, collection of sample for lab tests and medicine delivery at home.

The company has built an AI-powered technology system that improves doctors' efficiency and effectiveness dramatically. The system is built on the foundation of standard medical ontologies and protocols and is able to learn and replicate high quality diagnosis and treatment methods. The system takes care of structured data collection, reminders for follow up based on signs/symptoms and execution of care protocols for chronic conditions, thereby building a platform that's unique and globally competitive.

Including the current funding round, the startup has raised over USD 6 million and has 50 employees in Bengaluru.

The current round of funding was led by Prime Venture Partners, alongside existing investors, Stellaris Venture Partners and healthcare entrepreneur, Mayur Abhaya.