Mfine, an AI health-tech startup based out of Bangalore, has raised USD 17.2 million in a Series B round from SBI Holdings, a Japan-based venture capital firm, and other investors. Singapore-based SBI Ven Capital and SBI Group’s Southeast-Asian investment arm and tech-focused global venture capital firm BEENEXT also participated in the round alongside existing investors Stellaris Venture Partners and Prime Venture Partners.
Mfine partners with hospitals instead of aggregating individual doctors on its cloud platform. Specialist doctors from these hospitals are assisted by mfine’s AI system in improving efficiency and effectiveness. Mfine's care team consists of over 60 in-house doctors. The AI engine also claims to have the ability to diagnose over 1200 common diseases and read hundreds of health parameters in the diagnostic reports, saving significant time for the doctors.
Mfine will use the funds to expand its hospital network across the country, build its AI technology and expand the recently-launched services including delivering medicines, conducting preventive health screenings and diagnostic tests.
Tomoyuki Nii, executive officer of SBI Investment, said, “Mfine's AI healthcare delivery platform has the potential to bring in huge transformation in the Indian healthcare system where quality doctors are far and few and access to quality is limited. With an on-demand model and state-of-the-art AI and mobile tech, mfine stood out for us with great potential to deliver large scale impact in healthcare delivery in India.”
Prasad Kompalli, CEO and cofounder of mfine, said that the current funding is "an endorsement to mfine’s unique model of working with reputed and accredited hospitals and using technology to make quality healthcare accessible to millions of people."
The startup was founded in February 2017 by Ashutosh Lawania (Myntra co-founder) and Prasad Kompalli, a former business head at Myntra. They were later joined by Ajit Narayanan, ex-Myntra CTO and Arjun Choudhary, ex-Myntra head of growth marketing. The company has until now raised over USD 24 million and has 200 employees in Bengaluru and Hyderabad.