Bengaluru-based health-tech AI startup mfine this week announced that they had raised $17.2 million in Series B funding. Founded in 2017 by Ashutosh Lawania and Prasad Kompalli, mfine offers professional diagnostics and check-up services by connecting consumers with doctors and medical professionals.
The investment was led by Japan-based venture group SBI Investment, SBI Ven Capital, BEENEXT, Stellaris Venture Partners, and Prime Venture Partners. Last year, mfine had bagged Series A funding of $4.2 million.
With this fresh funding, mfine plans to solidify its position in delivering an AI-driven, on-demand healthcare service across India. The startup will reportedly use the funds to expand its hospital network across the country, build its AI technology and expand the recently launched additional services which include delivering medicines, conducting preventive health screenings and diagnostic tests.
In an official statement, the startup also announced its plans to bring together India’s top 250 hospitals, from 10 cities with more than 2,500 doctors onto its virtual hospital platform over the next year. The company will be tripling its investments in AI, mobile engineering and hardware integration.
Kompalli, CEO and co-founder, mfine, said in a statement, “We believe that India will leapfrog the methods of healthcare delivery that were adopted in the developed nations, and mobile will be at the centre of this disruption. The current funding is an endorsement of mfine’s unique model of working with reputed and accredited hospitals and using technology to make quality healthcare accessible to millions of people. The consumer traction proves that our model works and with this investment, we want to scale the service across the country. We are delighted to have SBI and BEENEXT on board as they share our vision of providing quality healthcare on-demand using AI and mobile tech. We see in the long term partners, in building one of the largest healthcare platforms in the world.”