New Delhi: Reveal HealthTech on Thursday said it had raised $4 million in seed round from W Health Ventures, a healthcare-focused venture capital firm that invests in early-stage companies.
Reveal HealthTech provides cross-functional technology services to healthcare companies with its engineering, clinical, and strategic support, and aims to partner with US-based healthcare organisations to maximize patient health outcomes, the company said in a prepared statement.
The company’s team, spread across India and the US, will access an available pool of over 1,50,000 engineers who have built products for the US healthcare industry, the statement added. ‘W Health Ventures’ global expertise and focus on the health-tech sector gives us an inside track on the challenges faced by the industry and will help accelerate our journey to being an industry leading player in this domain,” Sanchit Mullick, founder and CEO, Reveal HealthTech said.
Reveal HealthTech said it will utilise the capital to invest in further developing its service suite, establishing a wider customer base, and expanding its talent acquisition, training, and development efforts.
Reveal HealthTech aims to address three talent challenges faced by healthcare organisations – talent identification and selection, lack of healthcare domain expertise and high turnover among software teams at healthcare organisations.
“With technology spending in the US healthcare sector growing at 13 per cent CAGR, and healthcare regulations constantly changing, there is a clear need for an agile and sector-focused technology services company that understands the challenges faced by other healthcare companies,” Pankaj Jethwani, partner, W Health Ventures, said.
Set up in 2019, W Health Ventures invests in companies that address critical unmet healthcare needs to improve care delivery leveraging technology in the US and India.