India-based Phable, a healthtech startup that is serving patients with chronic illnesses, raised US$ 12 million in a new funding round on 8 February 2021.
Investors: The Series A funding round was led by Manipal, one of India’s largest healthcare providers. Existing investor SOSV (New Jersey headquartered) also participated in the round.
Purpose of the funding: The funds will be utilized by Phable to scale further and broaden its offering, including allowing patients to purchase insurance from the app or website.
Phable has built a full-stack solution that helps process the transactions of appointments with doctors and labs for tests, purchasing of medicines, medical devices and insurance, and keeping a log of the patient’s test results. It aims to make it simpler for the people suffering from chronic diseases to keep a tab of the huge volume of transactions they have to face every day.
Phable has also developed integration with medical IoT devices. This automatically collects patients’ data, helping doctors to keep a better track of their progress. Patients can also share what medicine they are taking and the frequency of the intake through the app. This especially helps the patients who become less disciplined about taking full doses of their medication once they start to see improvements in their conditions. Phable sells a range of medical IoT devices through its platform. The app is compatible with most devices as well.
Phable’s transparent and real-time communication channel enables the doctors to nudge their patients reminding them to take medicine on time, make changes to the lifestyle or medication cycle, or even request a follow-up appointment. Phable allows for teleconsultation as well. The demand for teleconsultation has peaked recently due to COVID-19.
The company serves patients with cardiovascular and endocrinology related chronic diseases. It claims that it has served over 220,000 patients and will reach 5 million patients and 35,000 doctors by the end of the year.
What the investors have to say: “The growing burden of chronic diseases in India is exacerbated by issues around compliance of patients with the treatment regime – including medication, lifestyle changes and periodic follow-ups. Phable would help to fill that gap and would enhance the quality of life for many patients. Manipal Hospitals is pleased to have this opportunity to work with the team at Phable to enhance and grow their offerings,” said Dr. Ranjan Pai, Chairman of Manipal Education and Medical Group, in a statement.
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