Healthtech startup Dozee raised $6 million in Series A2 from existing investors Prime Venture Partners, 3one4 Capital and YourNest VC where new backers such as State Bank of India, J&A Partners family office, and Dinesh Mody Ventures also participated.
Dozee plans to use the new funds to expand its operations globally and further penetrate the Indian healthcare market. The funds will also be used to strengthen the platform’s distinct research and development (R&D) capabilities.
Dozee cofounder and CEO Mudit Dandwate commented on the fundraising, saying, “Dozee plans to further tap over 2,000 hospitals in more than 100 districts in the next two years… The current Series A2 funding round is part of the company’s plan to expand its reach to every corner of the country and usher in the era of ‘Made in India’ products in the global market.”
Dozee’s contactless patient monitoring system enables healthcare professionals to remotely monitor a patient’s vital parameters such as heart rate, respiration rate, blood pressure, and temperature. It also has an early warning system that alerts doctors when a patient’s health is deteriorating clinically.
In multiple categories, the platform competes with global behemoths such as US-based Biofourmis and iRhythmTech.
The fundraising comes at a time when the Indian startup ecosystem is experiencing a funding drought. The terse regulatory environment, which has seen the government consider a possible ban on online pharmacies, has complicated matters for the healthtech space.
India’s healthtech market is expected to reach a size of around $21 billion by 2025.