Health Tech Startup Doxper Secures $4 Million Series A Funding to Expand into Chinese Market

On August 15, 2019, VCBeat (WeChat ID: vcbeat) learned that health startup Doxper announced it had raised $4 million (approximately ₹284 crore) in its Series A financing round. The round was led by Alkemi Venture Partners, with participation from GrowX Ventures, Rainforest Venture Network, as well as several angel and individual investors.

Doxper stated in a press release that the startup, operated by InformDS Technologies Private Limited, will allocate funds to expand its presence in the Chinese market, in addition to investing in technology and research and development.

Doxper is a data capture solution powered by machine learning (ML) and artificial intelligence (AI). It has developed an encoded pen-and-paper system that allows physicians to write prescriptions and patient information, with the data automatically transmitted to the cloud.

Doxper processes nearly 500,000 cases per month, maintaining digital case records for over 3.25 million specialized patients and comprising close to 5 million entries. In its statement, Doxper announced that the company has partnered with 1,600 independent clinics and 20 corporate hospitals across India.

Doxper was founded in 2015 by Shailesh Prithani, Pawan Jain, and Randeep Singh. Prithani is an alumnus of the Indian Institute of Technology (IIT) Roorkee and previously worked at the oilfield services company Schlumberger Limited, while Jain and Singh are alumni of the Indian Institute of Technology (IIT) Bombay. Jain formerly worked at the financial research firm Visible Alpha and the online content solutions company SnapStick Inc., whereas Singh served as a scientist at Philips Research and headed the Biomedical Informatics Department at SAP Labs.

The startup raised $750,000 in a seed funding round led by Vidal Healthcare and GrowX Ventures in August 2017. Also participating in this round were the angel investment platform Capier Investments, the online venture capital firm Globevestor, and other angel investors. In April 2018, the company secured an additional $1.1 million from Vidal Healthcare.

In recent months, investors have shown significant interest in health tech startups. Earlier this month, healthcare services group Plunes completed its angel financing round. In June, venture debt provider Trifecta Capital announced a $10 million investment in Practo Technologies Pvt. Practo’s last equity fundraising occurred in 2017, when the company raised $55 million in its Series D round from Chinese tech giant Tencent. In July, Bangalore-based startup Mfine secured $4.5 million from venture debt firm Alteria Capital. That same month, HealthAssure, an online aggregator of primary healthcare services, raised $2.5 million in its Series A round from early-stage venture capital firm Blume Ventures.

Doxper is a health tech startup headquartered in Mumbai. Doxper has created a digital pen and coded paper system for physicians to record patient information. Handwritten notes have always been the biggest obstacle to achieving “digital health.” InformDS Technologies digitizes and automates pen-and-paper clinical workflows, seamlessly integrating with existing solutions.

Alkemi Venture Partners is an India-based venture capital firm that focuses on investing in startups in the healthcare sector.

Growx is an early-stage investment firm headquartered in New Delhi. Growx helps startups scale by investing time and capital into their businesses, working closely with portfolio companies at both strategic and operational levels.

Rainforest Venture Network is a professional investment firm composed of seasoned investors, investing in seed-stage companies within the Indian startup ecosystem.

(Compiled by Tian Shuhang)