Phable has secured over $24 million in a funding round. A new investor, Kalaari Capital, is leading this fresh round of funding.
Healthtech startup Phable has secured nearly $24.5 million in a new round of funding Aflac Ventures, SOSV, Omron Ventures, and Stride Ventures were among the other investors in the round led by new investor, Kalaari Capital. Manipal Hospitals, which had led Phable’s Series A round, was also a participant in the round.
According to regulatory documents, the business is issuing 9097 Series B CCPS in order to raise INR 187 crore from the aforementioned investors.
The new round comes over six months after Inc42 announced that Phable had received a $2 million investment from Omron Ventures. Sources said at the time that the business was looking for a Series B round of funding.
In February of last year, Manipal Hospitality led a $12 million Series A financing for the firm. That round included current investment SOSV, a US-based early-stage internet venture capital firm, as well as US-based investors Fresco Capital and Social Starts.
Prior to this, in May 2020, the company raised $1 million in a Pre-Series A bridge deal led by venture capital firm Inflection Point Ventures (IPV).
In August 2020, the firm raised $162K in Pre-Series A funding from roughly 40 investors, including LetsVenture and Betatron Venture Group, among others.
Phable was founded in 2018 by Mukesh Bansal and Sumit Sinha with the goal of improving patient treatment compliance, particularly in chronic diseases such as heart disease, cancer, and diabetes, where it focuses on continuous patient monitoring via machine learning-enabled Internet of Things (IoT) devices.
The company provides a single platform for digitising prescriptions, sending personalised health reminders, and measuring vitals like steps and blood levels, among other things. Its service operates as a preventive measure, alerting clinicians of any abnormalities in vital signs. Customers can also get doctor consultations and medicine/lab tests from the startup.
According to its website, Phable claims to have influenced over 2 million lives and has over 10,000 clinicians on its platform. The company also claims to have tracked over 100 million vitals and offered over 5 million health advice.