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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.
Using a hybrid of AI and human paramedical coaches to improve health education and mood improving for better results in patients, the Mumbai-based firm plays into digital therapeutics enables treatment of type-II diabetes.
Wellthy’s first digital therapeutic for type II diabetes, which was founded by Abhishek Shah has been endorsed by Asia’s largest diabetes association RSSDI (Research Society for the Study of Diabetes in India).
Abhishek Shah, CEO, Wellthy Therapeutics said, “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.”
He said 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.
Ranjan Pai, MD & CEO of MEMG said, “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.”
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.
The investor interest peaked in 2015 with $259 million being poured into the sector. 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.
