Healthtech Startup Neodocs Raises Pre-Seed From Y Combinator, 9Unicorns And Titan Capital The AI-based platform will be utilizing the proceeds from the fundraise to strengthen its core technology framework, increase its presence and expand its team.
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AI-enabled healthtech platform NeoDocs announced on Wednesday to have raised pre-Seed funding round led by idea-phased accelerator VC fund 9Unicorns, along with Y Combinator and Titan Capital. Other investors that participated in the fundraise include Gemba Capital, Prophetic Ventures, Rohit MA (Cloudnine Hospitals), Ramakant Sharma (LivSpace), Abhishek Goyal (Tracxn), Bain & Co. partners Arpan Sheth and Prashant Sarin, Nipun Goyal (LikeMinds), Sumit Chhazed (Oto Capital) and Dr. Rohit Srivastava (IIT Bombay), among others.
"Testing is shifting to an at-home, instant and high-frequency model. And this shift has been further catalyzed by the pandemic. NeoDocs lets people take control of their health into their own hands, quite literally," said Nikunj Malpani, co-founder and chief executive officer, NeoDocs.
The company will be utilizing the proceeds from the fundraise to strengthen its core technology framework, increase its presence and expand its team.
"Most common nutritional deficiencies that Indian adults grapple with are due to inadequate consumption of proteins, vitamin D, iron, vitamin B12, and folate. The majority of these people never get to not know about this," shared Anurag Meena, co-founder, and chief operating officer, Neodocs.
The platform essentially transforms users' smartphones into a mini-lab – one can simply take the test, click a picture, and instantly receive the results on their phone. Currently, NeoDocs has tests covering panels including hydration, pH levels, sleep, energy, mood, skin, liver health, kidney health, ketones, UTI, immunity, etc.
"The tech is now ready to track your biomarkers at home, using your smartphone," noted Pratik Lodha, co-founder, and chief technology officer, NeoDocs.
"NeoDocs's proprietary AI engine offers a great value proposition for both consumers and the healthcare industry at large. While the state-of-the-art, first-of-its-kind product caught our eye, it was the futuristic yet attainable vision of the founding team that clinched the deal for us. Their strategies are well aligned to address the need gaps in the diagnostic testing market. We are delighted to support such a dynamic, disruptive startup like theirs and will provide 360-degree to their growth journey," commented Dr. Apoorva Ranjan Sharma, co-founder and managing director, 9Unicorns.
"Today, home sample collection is the fastest-growing revenue channel in diagnostics and is expected to further grow exponentially in the post-covid era. Anurag, Pratik, and Nikunj are looking to disrupt the Indian diagnostics industry by bringing the entire lab into one's smartphone, at a fraction of the cost. Excited to back them and their ambitious vision," added Rohit MA, founder, Cloudnine Hospitals.
