healthi, the digital preventive health startup, has raised funding of US $3.1 mn led by Montane Ventures, a VC firm anchored by the Piramal Family Office. Montane Ventures is an early stage venture capital fund investing in core technology start-ups.
healthi has developed scientifically validated and patent-pending prediction models and personalization algorithms that empower users to easily understand their state of health and nudge them towards seeking appropriate help and making suitable lifestyle changes. 92% of healthi’s users either liked or loved the solution offered, leading to increase in adoption rates of such programs by up to 300% and family member enrollment rates by at least 400%. healthi has rapidly scaled up to work with 120+ corporates and insurance groups to roll out preventive health programs that are engaging, insightful and impactful for organizations, employees and their family members. In doing so, healthi has developed deep business and technology partnerships with top high-quality healthcare brands to deliver services across 180 cities in India and has seen its revenue grow at an impressive cumulative growth rate of 3.5x+ over the last 3 years.
Speaking on the funding, healthi’s founders, Rekuram Varadharaj and Mr. Krishna Ulagaratchagan, said, “This funding round, led by a seasoned investor like Montane Ventures, gives us the confidence and resources to power forward in our mission to empower millions of users to live fuller lives by taking control of their health. The feedback and increasing traction that we have seen to date reinforces our vision that a strong focus on user experience and the right combination of technology and analytics can effectively help users to lead healthy lives. Our plans to use the funds are twofold:
– To boot up applications that empower users to understand, engage with and take control of their health. We plan to accelerate our product development efforts by significantly growing our product and technology teams
– To scale up the go-to-market efforts for the first application that is seeing increasing traction, namely driving engaging health benefits programs for corporate employees and family members”
Commenting on this, Josh Bornstein, Partner/Director, Montane Ventures, said, “The burden of non-communicable disease is on the rise today, making preventive health extremely important. Historically, the focus of healthcare in India has mostly been curative in nature. As spending in the sector increases, prevention will play an increasing role where AI and digital leveraged effectively, can enable that change. healthi is a game changer – leading the way in utilizing cutting-edge technology to not just enable people to get preventive health checks but also encourage them to take action and make necessary lifestyle changes. They have developed an innovative digital health platform with significant IP around predictive analytics and personalized engagement, that has applicability in many realms going forward, as already demonstrated by the traction that they have witnessed. The solid background of the team and its passion for scale is impressive. Montane Ventures stemmed from the idea of supporting companies like healthi that aim to create an impact in crucial areas. We are committed to supporting them in scaling out this technology and its applications. We look forward to accomplishing new milestones together.”
With this support coming its way, healthi is on track to sign about 1.4m users in 2018. In addition to growing its user base in India, healthi has also attracted keen interest from providers in the ASEAN and EMEA regions for its analytics and engagement platform. The organization aims to roll out international pilots to this end in the next 12 to 18 months.