IIT Madras incubated health tech startup Mocero Health has raised Rs 1.3 crore (approx. $157K) in a seed funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.
Mocero Health, incubated at the Healthcare Technology Innovation Centre (HTIC), IIT Madras Research Park (IIT-MRP), was founded by SPJIMR alumnus N. Palaniappan, a digital tech professional with over 15 years of experience in mobile banking and digital payments.
The startup said it will use the raised capital for product development and to widen its sales channel through which it aims to build a digital health platform with seamless data and service interchange.
Mocero Health Solutions aims to develop the digital, omnichannel infrastructure for healthcare facilities through a novel Healthcare Management System (HMS), creating modules that address patient engagement needs.
“Hospital without walls” – Mocero has been conceived with the idea to create a digitally connected community rather than a circumscribed physical space. It involves creating a platform where the care providers, patients, and patients’ families are on the same platform exchanging health information and services," said Palaniappan Narayanan.
"The healthcare sector has trailed behind in the digitalization wave and is several decades behind the general adoption of technology. Mocero aims to fill this gap through digital transformation in care delivery, engagement, and connected care, focusing on patient-centric and personalized care, telehealth, in-the-home care, omnichannel connectivity, transparency, and interoperability," Palaniappan added.
Speaking on the investment, Madhukar Bhardwaj, VP, Business Development & Investments at Inflection Point Ventures, says, “In the last 2 years, the health tech sector has seen an accelerated growth curve. Traditional healthcare infrastructure giants have also understood the need to be tech savvy to meet the growing healthcare demands. However, the large Tier 2 & Tier 3 healthcare facilities still lag from the rest of the world in smart digital adoption."
"This need for transparency and better patient management is driving micro themes within the sector. Mocero is positioned rightly as the founding team understands the medical and the tech pieces to offer a relevant solution for an ever-expanding healthcare market in India," Madhukar added.
According to the startup, India’s tech adoption in healthcare has projected to grow at a CAGR of 39% from 2020 – 2023. However, it still lags dreadfully behind the rest of the world in adopting health technology in primary care, secondary care, and even many tertiary care facilities.
By offering a carefully thought-out solution that is user-friendly, patient-focused, and intuitive, Mocero seeks to accelerate the adoption of IT in healthcare, it said.
The startup said it also facilitates the accomplishment of a critical need for NABH accreditation of healthcare facilities and providers of prescription digitization.