9Unicorns, India’s first idea-phase accelerator VC fund, has recently led an undisclosed pre-seed investment in NeoDocs, an AI-based health-tech platform. The funding round also saw participation from investors such as Dr Rohit Srivastava, [Head of Department, Dept. of Biosciences & Biomedical Engg., IIT Bombay] and Hemanshu Jain, [CEO Khyaal, Ex Co-Founder Diabeto]
Founded in 2020 by IIT Bombay alumni – NikunjMalpani, AnuragMeena and Pratik Lodha, NeoDocs aims to disrupt the healthcare industry by enabling self-diagnosis through its AI-led technology. The platform interprets and simplifies medical reports to provide personalized health recommendations. Users can get simplified interpretation and analysis in a few seconds by forwarding their medical reports on NeoDocs’ WhatsApp number without the need of any application installation. The platform’s proprietary AI engine processes the report, looks for inter-biomarker relations and generates a smart report in English and Hindi via NeoDocs’ lab-agnostic system. The startup will soon launch the same in other vernacular languages of India.
Speaking on the investment, NikunjMalpani, CEO – NeoDocs, said, “Seeing my parents develop co-morbidities, in spite of doing annual health check-ups and leading a seemingly ‘healthy’ lifestyle, has been my main motivator. There are more than 550 million Indians who are either pre-chronic or chronic. By building a vernacular product, we help people understand future health risks and avoid them with evidence-backed personalised recommendations, backed by a team of top medical experts.”
“We will use the funding to build a strong cross-functional team, further strengthen the product and do validation studies,” he added.
Dr. Apoorva Ranjan Sharma, Co-founder & Managing Director – 9Unicorns, commented, “The pandemic has propelled the adoption of AI in healthcare across multiple applications. The major factor being the increased volume of data that is demanding pharmaceutical and biotechnology companies to look for improvised healthcare services. NeoDocs is at the centre of this disruption and is well-suited to catapult to success in this thriving industry. Their innovative idea of utilizing AI for Medical data interpretationwill not only benefit millions but also create the needed awareness for preventable diseases.”
Anurag Meena, COO – NeoDocs, commented, “Healthcare in India has traditionally been reactive, wherein we wrongly equate being symptom-free to being healthy. As a result, one in every three deaths is said to be preventable. It’s essential to act early and act right in order to improve health outcomes. The trigger to act is highest right after seeing one’s blood report, and this is where Neodocs enters.”
Pratik Lodha, CTO – NeoDocs, said, “Preventive healthcare in Indian is at an exciting juncture, with a huge growth in wellness diagnostics – currently comprising 10% of the diagnostics market and growing at double the rate. COVID-19 has led to a big spurt in self-care. In addition to medicines, people also want to lead healthier lifestyles and are adopting alternatives.”
Hemanshu Jain, (CEO – Khyaal) Ex Co-founder Diabeto – “NeoDocs got my attention when they demonstrated their product to me. However, what convinced me were the founders and their passion to make something useful for people. With healthcare becoming the prime focus these days, it is important that you are able to help people understand their health vitals in a very simple and easy way. NeoDoc’s lab report analysis tool will not only help people understand their reports but also help them make the necessary lifestyle changes required.”
NeoDocs’ services also include providing tips on exercise, diet, lifestyle and supplements, helping users maintain their health records and predicting future diseases – all this to make healthy living easier and more convenient for the public.