Norwest Venture Invests Rs 9.65 crore each in 2 Health Startups-Multiplier Solutions and ABI Health
New Delhi: Norwest Venture Partners, a multi-stage investment firm has invested $1.5 million (Rs 9.65 crore), each in Hyderabad-based Multiplier Solutions and Bengaluru-base ABI Health. Both the companies are early-stage healthcare-focused startups and both raised the first institutional round of funding.
Speaking with VCCircle, Mohan Kumar, a partner at Norwest said that the investment in Multiplier Solutions and ABI Health would subsequently result in setting up of a single specialised healthcare platform. The merger of the two companies is expected to be complete in 12-18 months.
Mohan Kumar further told Economic Times, "This is part of our connected healthcare network vision, and we keep looking for innovative health tech startups,"
"Both, Multiplier and ABI provide innovative patient engagement and collaboration solutions to healthcare providers... Together, they provide a suite of products for connecting hospitals, laboratories, medical clinics, doctors and patients into a network," he added
Hyderabad-based Multiplier Solutions was founded in 2013 by IIM Calcutta and SP Jain alumna, Vikram Kumar and Saumya Prakash. It works with leading hospitals diagnostics chains, clinics, and offers a product platform that integrates artificial intelligence and machine learning. The startup claims to provide improved diagnostics as well as predicting clinical outcomes to its users.
Generating revenue through a subscription-based model, Multiplier has its presence in all top metros of India.
ABI Health, a Bangalore-based company was founded in same year by Balaji Sundarajan and Ajit Veerappan. It provides healthcare products and services to healthcare providers.
While speaking with ET, Ajit Veerappan, founder and managing director, ABI Health, said “We are moving away from the traditional markets, where you have your films or CDs, to the cloud and web completely. There is no need for huge investments in hardware and software. We take care of the entire image management for a hospital or a network of hospitals.”
The managements of both companies have already started collaborating on various projects.
“It’s already happening in the US, and the merger will be a definitive step in us pioneering this step in India. We can do much more together, as one single unit. There’s a much larger game to play, and a much larger problem can be solved,” said Kumar.