HealthAssure Secures $2.5M Series A to Enhance AI-Powered Healthcare Data Analytics and Files for IPO

On July 29, 2019, VCBeat (WeChat ID: vcbeat) learned that health-tech startup HealthAssure had completed a $2.5 million Series A financing round, with investment from Blume Ventures, a firm focused on early-stage venture capital.

Following this round of financing, HealthAssure will leverage artificial intelligence and machine learning tools to enhance its data analytics capabilities and develop new products, thereby more effectively addressing various primary healthcare needs. The company also plans to further strengthen its operations in Dubai.

HealthAssure completed a $1 million seed funding round last March, with investment from the human resources venture capital firm HR Fund. To date, the startup has raised a total of $4 million in funding.

HealthAssure was founded in 2011 by Varun Gera and is headquartered in Mumbai, India. The company specializes in providing primary healthcare services and collaborates with hospitals, clinics, laboratories, physicians, and insurance companies to deliver healthcare programs for its partners. HealthAssure claims that its platform encompasses a network of over 4,000 primary healthcare centers across 1,100 cities, offering dental, pediatric, and ophthalmic diagnostic services to more than 1.5 million customers.

Varun Gera, Founder and CEO of HealthAssure, stated, “We will pursue several acquisitions over the next two years. We are currently evaluating health technology companies in nutrition, fitness, and other sectors that can help us enhance customer engagement, with the goal of serving more clients next year.”

Sajid Fazalbhoy of Blume Ventures stated, “HealthAssure is developing high-quality technology products with significant growth prospects. Consumers engaging with HealthAssure can proactively monitor their health status, which not only improves their well-being but also reduces their healthcare expenditures. Meanwhile, insurance companies partnering with HealthAssure also stand to benefit, as a decline in customer morbidity rates leads to lower claim ratios.”

Blume Ventures, founded in 2010 and headquartered in Mumbai, India, was established by Karthik Reddy and Sanjay Nath. The firm has invested in over 100 startups and was one of the most active investors in the first half of this year. Blume Ventures plans to allocate 35–40% of its new fund to sectors such as cloud computing, artificial intelligence, analytics, software services, blockchain, robotics, and the Internet of Things (IoT). Its health technology investments include THB, a clinical research and data analytics company, and BeatO, a diabetes management application.

HR Fund, established in 2011, is India’s first private investment firm dedicated to human resources investments, committed to institutionalizing HR entrepreneurship and thereby transforming the human capital sector.

(Compiled by Hu Yifan)