With the commitment to make quality healthcare affordable to the masses, Neurosynaptic Communications has raised an undisclosed amount in Series A round of funding from healthcare focused venture fund – Healthquad, World’s largest group of angel investors – Indian Angel Network and Infosys co-founders backed – Axilor Ventures.Healthquad and IANwill be joining the board of the company.
The Company has earlier received strategic investment from e-Zest Solutions Ltd, a global digital experience engineering company, with large international organization on healthcare product innovation.
As population in both rural and urban India struggles with the challenge of access to quality healthcare, Neurosynaptic offers proven, highly scalable e-health and m-health technology solutions that bring together products, partners and processes in the healthcare delivery ecosystem.
Established in the year 2002 by Sameer SubhashSawarkar and Rajeev Kumar, Neurosynaptic aims at eliminating the health complications faced by the developing world. It enables access of quality and affordable healthcare to masses in rural and semi urban remote areas through its low cost, high quality remote access telemedicine solution. The Company achieves this through its Unique,cloud-based telemedicine platform ReMeDi® (Remote Medical Diagnostics), that provides screening, primary diagnosis and triaging capabilities by remotely connecting the different stakeholders (patients, doctors and point-of-care service providers) of healthcare delivery ecosystem and offering 35+ point of care diagnostics including Physiology, Urine and Blood Chemistry tests, and various others, along with Electronic Medical Records. The company has reached over 50 million populationtill date by deploying itsReMeDi® solution in over 2,000 villages across India.
Commenting on the announcement, Sameer SubhashSawarkar, CEO at Neurosynaptic said, “Access to basic healthcare is a daunting challenge in rural India and most of the developing world, and there is a dire need for a solution like ReMeDi® which is targeted at the rural population. We have been relentlessly working at building solutions that are most beneficial for people who have limited or no access to quality health care. Not only does ReMeDi® connect up the entire fragmented ecosystem for last-mile delivery, but it also offers several features like workflow configuration, and the latest sensor & wireless communication technologies. Our Patented Safe Devicestechnology helps curb the misuse of devices and eliminates human errors. We are looking at exciting times ahead. The soon-to-be-launched ReMeDi®-NOVA and pay-per-use model with Cloud, Mobile Technologies, UX and Analytics, shall revolutionize the last-mile healthcare access. We are delighted to have such strong support from our investors who are equally focused in bringing about large scale impact and building a Global Enterprise for social change.”
The company plans to utilize the investment for International Certificationsand launch of its products and to scale international business in Africa and South / South East Asia, besides further penetration across India. They are also in the process of launching the upgraded version of its flagship ReMeDi®platform which would offer SaaS based (pay-per-use) telemedicine and m-health solution along with a wider range of diagnostics.
“Telemedicine as a concept and solution is gaining traction world over, equally in developed and developing markets. This solution takes care of accessibility, which is a primary driver in the under developed markets and affordability, which drives the need in developed markets. Governments and insurance agencies are working towards building a conducive environment for accelerated acceptance of such solutions. We feel that Neurosynaptic, with its proprietary product and solutions offering and deep experience is best placed to capture the opportunity in this region. We will work closely with the company to help build their growth plan as they move along in expanding their network & adding the services on their platform”commented Dr. Amit Varma, Sponsor of Healthquad
Increased technological improvement, rise in the incidence and prevalence of chronic diseases along with increase in aging population has enhanced demand for remote monitoring. Global telemedicine market is expected to hit the US$ 35,500 Mn mark by 2020 at a CAGR of 15%.
Lead IAN investor Nagaraja Prakasam commented on the investment saying,“As only 2% doctors are in rural area where 68% of India lives, the medical expenses for them is triplefold– loss of wages, travel to nearby town, expenses for the person to accompany. This makes them not to seek health care until it’s in very late, thus health care expenses are one of the top reason for poor not able to come out of poverty or puts them back in poverty. Neurosynatpic with its patented ReMeDi® digital health solutions aims to improve this situation, and has successfully demonstrated scale on the ground. The team has phenomenal talent and we believe they will continue to excel in the industry to be a market leader.” Naga has led 6 other IAN investments including Uniphore, GoCoOp, Freshworld, Saahas, SP Robotics,Soloron through IAN Impact, encouraging entrepreneurs solving real problems.
“We welcome the new investors aboard. This is big endorsement of e-Zests’ strategic investment, and we look forward to the Company growing Global by leaps and bounds”, says Shrikant Shingane, a serial entrepreneur, and e-Zests’ representative on the Company’s Board.
“Of the three important healthcare outcomes of access, affordability and effectiveness, access is perhaps the first and most important problem to solve. The Neurosynaptics team is one of the few with a world-class telemedicine and point of care diagnostic solution for solving the access problem at a scale when it can make a real impact. This investment will help them expand their reach to smaller towns in India as well as replicate their model in other emerging markets.” commented Mr. SD Shibulal, Co-Founder Axilor Ventures.
The company is focused on building a telemedicine solution model & a SaaS model for hospitals, clinics, governments, NGOs across the globe. Together with its partners, Neurosynaptic'sReMeDi® solution today brings access to healthcare in 30 districts with over 2,000 village centers and over 8,000 village health operators reaching to 50 million people in India. With an aim to co-create a healthier surrounding, Neurosynaptic has demonstrated the impact of technology solutions at a large scale in tackling this global problem.
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