Norwest places early-stage bets in Multiplier Solutions, ABI Health

Published on Jun 08, 2017, Source: Economic Times

The company, which has about 50 employees, and has a presence in India’s top metros, earns revenue through a subscription-based model, based on the requirements of the customers

Norwest Venture Partners has placed two early-stage bets in healthcare-focused startups, Multiplier Solutions and ABI Health, that have been made with the intent of merging both entities, as it looks to create a specialized healthcare platform.Norwest has invested $1.5 million each in Hyderabad-based Multiplier Solutions and Bengaluru-headquartered ABI Health, and the anticipated merger of both B2B ventures is expected to take place over the next 12-18 months.

While such early-stage transactions are a rarity for Norwest Venture Partners in India, which typically begins with ticket sizes of $5-6 million, it is even rarer for VC firms in the country to scout for, and invest in, startups with the intent of merging them, as part of its long-term strategy.
“This is part of our connected healthcare network vision, and we keep looking for innovative health tech startups,” Mohan Kumar, partner at Norwest Venture Partners, told ET.

The venture capital firm had closed the investments in the second quarter of the last fiscal, but had not announced the same.

Norwest, which invests out of its $6-billion global fund, already has an extensive healthcare portfolio in India, a list that includes, diagnostics services provider Thyrocare, primary care clinics NationWide Primary Care, paediatric and neonatal care hospital chain Ovum, medical equipment company Perfint and cloud-based healthcare information technology company Attune.

“Both, Multiplier and ABI provide innovative patient engagement and collaboration solutions to healthcare provider ..
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Together, they provide a suite of products for connecting hospitals, laboratories, medical clinics, doctors and patients into a network.”Founded by IIM Calcutta and SP Jain alumna, Vikram Kumar and Saumya Prakash in 2013, Multiplier Solutions works with leading hospitals diagnostics chains, clinics, and offers a product platform that integrates artificial intelligence and machine learning that claims to provide improved diagnostics as well as predicting clinical outcomes.The company, which has about 50 employees, and has a presence in India’s top metros, earns revenue through a subscription-based model, based on the requirements of the customers.

Separately, ABI Health, a four year-old Bengaluru-based, health exchange and image management cloud software provider, also operates in the US and in Peru. The startup has its own imaging suite, called Spectra, which connects all stakeholders — doctors, hospitals and patients.

“We are moving away from the traditional markets, where you have your films or CDs, to the cloud and web completely. There is no need for huge investments in hardware and software. We take care of the entire image management for a hospital or a network of hospitals,” Ajit Veerappan, founder and managing director, ABI Health, told ET.

According to the University of Warwick alum, ABI Health, which has a SaaS-based revenue model, also works with consumer devices manufacturers and a telecom operator that have healthcare services on the cloud, as part of their data rollout. He, however, declined to share the names citing confidentiality agreements signed with them.

Both entrepreneurs are on board for the impending merger, and have begun collaborating on various projects.

“It’s already happening in the US, and the merger will be a definitive step in us pioneering this step in India. We can do much more together, as one single unit. There’s a much larger game to play, and a much larger problem can be solved,” Kumar told ET.

According to the University of Warwick alum, ABI Health, which has a SaaS-based revenue model, also works with consumer devices manufacturers and a telecom operator that have healthcare services on the cloud, as part of their data rollout. He, however, declined to share the names citing confidentiality agreements signed with them.

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Hyderabad co helping Hospitals

Published on Aug 11, 2017, Source: Telangana Today

Multiplier solutions provides revenue-driven solutions, look to break-even by 2018

Though advent of digital marketing has become allpervasive, the healthcare sector is still struggling to get a hold of this. Being highly capital driven sector, healthcare has not concentrated much on marketing for a long time. Thus, to fill this void Hyderabad based Multiplier Solutions was formed.

Started by Saumya Prakash and Vikram Kumar, the company provides machine learning and artificial intelligence-based solutions for hospital chains, diagnostics centres and clinics to improve their patient diagnostics and generate more revenues. Launched in 2012, the company’s primary focus hasbeen to provide revenue solution for healthcare by providing analytics driven marketing solutions. The product analyses patient data and integrates it with machine learning and cloud technology and provide customised marketing to patients.

On the one hand, while this helps in increasing revenues for the hospital it also helps patients get specific information about their health. Speaking to Telangana Today, Prakash said, “I was earlier working for big corporates in the financial vertical and Vikram (who is my husband) has been part of analytics in many technology companies. However, I saw an opportunity in the healthcare space as the fintech space was getting stagnant. That is when we decided to take the plunge and start something of our own.”

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The company recently raised $1.5 million from Norwest Venture Partners which it plans to use to get into international markets like Middle East and Latin America. It also plans to get into newer technologies like chatbots for better patient engagement and also for internal marketing analytics.

“We are targeting a client base of100-150 by end ofthis year from the current 40 clients. We are also looking at getting into newer sectors in the healthcare space like pharmaceuticals and others,” Prakash said. The company works with 7 out of top 10 hospital chains of the country including Apollo Hospitals,Columbia Asia and others.Without disclosing the seed investment, Prakash added that Multiplier plans to go for its next round offunding in the next 12-18 months and also look at break-even in the next one year
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Norwest bets on two health-tech startups

Published on Jun 08, 2017, Source: VCC Circle

Multiplier Solutions was founded by Vikram Kumar and Saumya Prakash in 2013. The Hyderabad-based startup works with seven leading healthcare chains and pharmaceuticals companies in India, the UAE, Oman and Iraq.

Norwest Venture Partners has invested $1.5 million (Rs 9.65 crore), each, in two health-tech startups, said a top executive of the multi-stage private investment firm.Mohan Kumar, a partner at Norwest, told VCCircle that the investment in Multiplier Solutions and ABI Health would subsequently result in setting up of a single specialised healthcare platform. The merger of the two companies is expected to be complete in 12-18 months.

Multiplier Solutions was founded by Vikram Kumar and Saumya Prakash in 2013. The Hyderabad-based startup works with seven leading healthcare chains and pharmaceuticals companies in India, the UAE, Oman and Iraq. It offers a product platform that uses artificial intelligence and machine learning to provide improved diagnostics and predicts clinical outcomes to its users.

Bangalore-based ABI Health was also launched in the same year by Balaji Sundarajan and Ajit Veerappan. Its services include development of clinical applications, healthcare mobile applications, cloud applications, business intelligence and analytics solutions, patient portals and consumer health applications.

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The managements of both companies have already started collaborating on various projects.
Earlier in the day, Kumar had told The Economic Times that the merger will be a definitive step. “We can do much more together, as one single unit. There’s a much larger game to play, and a much larger problem can be solved,” the report quoted Kumar.The multi-stage venture and growth equity investment firm is investing in India out of the $1.2-billion global fund it had raised last year.
It invests in companies across a wide range of sectors. Its portfolio includes technology companies working on cloud and IT infrastructure, internet and consumer, and software as a service. Besides, it also bets on business services, financial services, consumer and healthcare firms. Norwest is stage-agnostic and backs firms at the seed and Series A levels to late-stage venture and growth equity.Its healthcare bets include diagnostics firm Thyrocare, which was listed on stock exchanges last year, woman and child specialty hospital chain OVUM Hospitals, medical devices firm Perfint, and cloud-based healthcare information technology company Attune.
Norwest had also participated in Online food ordering startup Swiggy.com’s Series E round led by South African technology group Naspers.Click to collapse..
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HealthTech Startups Multiplier Solutions, ABI Health Raise $1.5 Mn Each From Norwest

Published on Jun 08, 2017, Source: INC 24

Mohan Kumar, Partner at Norwest Venture Partners said, “This is part of our connected healthcare network vision, and we keep looking for innovative health tech startups.”

Hyderabad-based healthtech startup Multiplier Solutions has raised $1.5 Mn from Norwest Venture Partners. Apart from this, Norwest has also invested $1.5 Mn in Bengaluru-based ABI Health.
The investment was done with an intent to merge both the B2B ventures, and is likely to take place over the next 12-18 months.Mohan Kumar, Partner at Norwest Venture Partners said, “This is part of our connected healthcare network vision, and we keep looking for innovative health tech startups.”

He also added that both, Multiplier and ABI provide innovative patient engagement and collaboration solutions to healthcare providers. S “Together, they provide a suite of products for connecting hospitals, laboratories, medical clinics, doctors, and patients into a network.”

Multiplier Solutions was founded in 2013 by Vikram Kumar and Saumya Prakash. It works with hospitals diagnostics chains, clinics. It offers a product platform to integrate artificial intelligence and machine learning for improved diagnostics as well as predicting clinical outcomes.
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The company has about 50 employees. It earns revenue through a subscription-based model.On the other hand, Bengaluru-based ABI Health was founded in 2013. It is an image management cloud software provider. It operates in the US and in Peru. The startup claims to have its imaging suite, called Spectra, which connects all stakeholders – doctors, hospitals, and patients. The healthtech platform works on a SaaS-based revenue model and also works with consumer devices manufacturers and a telecom operator that have healthcare services on the cloud, as part of their data rollout.

Ajit Veerappan, founder and Managing Director, ABI Health said, “We are moving away from the traditional markets, where you have your films or CDs, to the cloud and web, completely. There is no need for huge investments in hardware and software. We take care of the entire image management for a hospital or a network of hospitals.”

In August 2016, healthcare analytics startup Tricog raised Series A funding from Blume Ventures, Inventus Capital Partners, and others. In March 2017, home-based medical services provider HealthCare at HOME (HCAH) secured $38.5 Mn (INR 250 Cr) from healthtech-focussed PE firm Quadria Capital.

Other competitors in the healthtech space include Practo, Curofy, and Portea among others.

(The development was reported by ET.)

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