A US$3 million funding into healthcare technology startup HealthPlix was executed smoothly after the founders and investors worked together to resolve differences, said a partner at K Law who worked on the deal.
IDG Ventures India and Kalaari Capital made the A series funding in Bengaluru-based HealthPlix. The deal went through smoothly after “the founders and investors came together to iron out differences quickly and amicably”, said Shewatambari Rao, a partner at K Law, which advised the investors.
“Working on a series A funding is always challenging,” Prashant Jain, the co-founder and partner at Samisti Legal, told India Business Law Journal. “Promoters generally tend to disagree on a lot of issues that are strategic in nature and investors always want to maximize value and have a smooth exit as the risk in a series A funding is high. Aligning both parties is always challenging.” Jain’s firm advised HealthPlix.
Using artificial intelligence (AI), HealthPlix assists doctors and hospitals through electronic medical records. The company’s assistive AI adapts to the specialty of doctors, their practice preference, a patient’s disease and the stage of the disease to facilitate better health outcomes. It also helps doctors give prescriptions in languages a patient can understand.
HealthPlix will use the funds to bolster its AI technology offerings and move into other areas of medical specialty.
“The Indian ‘tech healthcare’ sector seems to be attracting a lot of investors” and will continue to be viewed positively in the future, said Jain.
K Law associate Karishma Dugar worked with Rao to advise the investors. Senior associate Anita Dugar worked alongside Samisti’s Jain in representing HealthPlix.