The Healthy Billion (THB), clinical research and analytics firm, has secured $2.1 million in an investment round led by Blume Ventures and Venture Capital firm Healthquad. The round also saw participation from Fireside Ventures, Apoorva Patni and Arpan Sheth. The investment is an add-on round to their seed investment. Further, the company plans to use these funds to expand its team, on the technical side.
Founded by Akansh Khurana, Rajesh Pachar, Rohit Kumar and Gagandeep Singh in 2015 the company leverages technology to automate data analytics for healthcare companies. Also, they provide personalised health care to patients, helps doctors to diagnose patients, enables pharmaceutical firms to leverage its data and also helps government stakeholders with data analysis.
The Healthy Billion’s enables user-friendly integration with multiple information technology systems creating a detailed view of datasets, giving them the ability to run analytics the way they want. The company uses LIONCS and ICD code to provide data in real-time, which makes sure that there’s no mismatch in the data. The company uses a proprietary algorithm — a combination of fuzzy logic, demographics and clinical markers to identify unique patients
The Healthy billion raised seed round of investment in December 2016. The round saw participation from Ashok Patni’s son Apoorva Patni, Fireside Ventures, Ajith Sukumaran and Kanwaljeet Singh.
Healthcare has become one the largest sectors in India, in terms of revenue and employment. The Indian healthcare sector is growing rapidly because of its strong coverage, services and increasing expenditure by public and private firms.
A recent report by Deloitte India states that as digital adoption grows, the Indian helthcare market which is currently at $100 billion will grow at a rate of 23 percent CAGR to $280 billion by 2020. The healthcare market will grow almost three times to $372 billion in 2022.
The report further added that the Healthcare Information Technology (IT) market is expected to grow by one and a half times by 2020.