AI-Powered Healthcare Startup Ekincare Secures $3.6M Series A to Expand Corporate Health Benefits Platform

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on November 13, 2019, local time, Indian healthcare startup Ekincare announced it had secured $3.6 million in Series A financing. The round was led by a new investor whose name was not disclosed, with participation from existing investors including venture capital firms Venture East, Eight Roads Ventures, and Touchstone Equities. To date, the company has raised a total of $5.6 million.

It is reported that Advay Capital Advisors served as the exclusive financial advisor for this financing transaction. Ekincare stated that it will utilize the latest funding to strengthen its technology platform, expand its business operations, and carry out marketing initiatives, while also broadening its product portfolio in the health benefits marketplace.

Ekincare was founded in 2014 by co-founders Kiran Kalakuntla and Srikanth Samudrala. The company leverages AI assistants to help enterprises establish measurable health programs, optimize healthcare spending, and provide health-related recommendations. Some of its corporate partners include Apollo Clinic, Medall, SRL Diagnostics, Medanta, Titan Eyeplus, Prima Diagnostics, and Fortis.

Kiran Kalakuntla, Co-founder and CEO of Ekincare, stated, “The mobile application developed by Ekincare consolidates all personal medical history data from healthcare providers onto a single platform. It then leverages an AI-powered personal health assistant to extract medical data from health records and various diagnostic information. Furthermore, the Ekincare mobile app can predict users’ potential health risks and provide personalized health recommendations.”

Srikanth Sundarajan added, “Ekincare has demonstrated strong performance in patient engagement, employer adoption rates, and revenue growth, giving us confidence as we enter the next stage of development.”

Looking back at the market, investor interest in the medical technology sector has increased significantly. Meanwhile, startups are also seeking solutions to address gaps in India’s existing healthcare system, leveraging cutting-edge technologies to make healthcare and its ancillary services more cost-effective and efficient.

Last month, NeuroLeap, a startup focused on applied neuroscience and mental health, raised funds from philanthropist Rajashree Birla and Sminu Jindal, Managing Director of Jindal SAW Ltd.

This September, medical technology startup Meddo raised $3 million. Similarly, PlusPin Healthcare secured ₹52.5 billion in seed funding from a group of investors within the Indian Angel Network, including former Google India head Rajan Anandan.

AI-based startups have also secured funding commitments from investors. In June, Wysa, a startup that uses chatbots to address mental health issues, raised 15 million rupees in its Series A financing round led by pi Ventures.

Venture East is one of India’s longest-standing venture capital fund managers, having made over 100 investments in technology, healthcare, and clean environment sectors since 1997, with nearly $32.5 billion in assets under management. Furthermore, Venture East is the only Indian firm to maintain dedicated funds and teams specifically for life sciences and healthcare as well as for technology-driven businesses.

Eight Roads Ventures is a venture capital fund with offices in China, India, Japan, and the United Kingdom. Eight Roads Ventures is the proprietary investment arm of FIL.

Touchstone Equities is an investment firm that backs India’s most ambitious enterprise technology startups led by experienced founders.

(Compiled by: Xiong Hui)