Healthtech Sector is Booming With Investments!
India based health tech venture Abita Innovations received an undisclosed amount of investment from an Ann Arbor-based global incubator and an early-stage fund Sky7 Ventures. The startup, uses its integrated tech ecosystem to automate and optimize practice management for its partner medical practitioners, simultaneously providing the patients a standardized and superior in-clinic experience. The company is currently working with 30+ doctors across 3 cities that are using its proprietary platform and services under its first product exclusively built for Dentist named Doc32. In addition to the monetary support, the fund will help the startup in further enhancing its technology interface, develop strategic ties in US & UK markets and scale up its operations in Indian and global markets.
Vineet Katial, Managing Director of Sky7 Ventures and founding member, Detroit TIE angels said “India’s healthcare sector is set to surpass $200 billion by 2020, currently it is a highly fragmented market suffering from a dearth of qualified doctors to serve the semi-urban and rural markets. It is exactly where the healthtech companies can contribute the most by enabling the practitioner and also driving change in the way people consume healthcare. Abita Innovations has a great team with experienced doctors, top management graduates and tech experts, I am looking forward to the collaboration and working with a business that we feel is built around pretty strong fundamentals”
In his address at TIECON Detroit also Mr. Katial apprised the audience about the innovative work the startup was doing in leveraging artificial intelligence and related technologies to improve patient’s understanding and connect them to the right providers for a superior dental care experience. Hitesh Kakrani, CEO of Abita Innovations, an IIM Lucknow alumni and having work experience with Fortune 500 companies like P&G said “We are very excited to have Sky7ventures and Vineet by our side as we look to disrupt some traditional business models in the healthcare space using some great technology.”
Health Tech Sector in India
As per a renowned publication in 2018, there is a total of 4892 startups in the Indian health tech space. During the last year, there was an increase of around 45 per cent in the total investments in health tech startups. Funding in this sector has been somewhat around $504 million between 2014-18.