MedTel raised funding from Singapore based Metal Component Engineering (MCE, SGX:5DX); enters a strategic tie-up with its subsidiary GainHealth
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atalist-listed Singapore headquartered Metal Component Engineering Limited (MCE or the Group) has invested in India Based MedTel and entered into a strategic tie-up with its healthcare arm Gainhealth.
Bangalore based MedTel is an Internet of Medical Things (IoMT) based health-tech company, working with over 50 healthcare providers in India, deploying its remote monitoring healthcare services, whatsapp chatbots and healthcare kiosks. MedTel through the fund raising, intends to further expand into corporate healthcare and insurance led healthcare plans.
The Covid-19 pandemic has spurred rapid adoption in remote monitoring of patients suffering from conditions such as diabetes, hypertension, pregnancy and obesity among others, to ensure timely interventions. MedTel is working with top academic institutions, research organisations and eminent doctors to create real world evidences in digital medicine.
MCE has identified the potential of the physician-led dynamic team (Dr. Lalit Manik , Dr. Soumyakant Das, Dr. Timiresh and Mr. Ajit Choudhury) of MedTel; and synergized with Gainhealth, the e-pharmacy and telemedicine business, in which it has recently invested in Singapore.
Dr. Lalit Manik, Co-Founder, MedTel said, "MedTel provides complete telehealth solutions including connected IoMT devices such as digital blood pressure machine, body composition analyser, glucometer, pulse oximeter, portable ECG, and others; and an integrated SaaS web platform and mobile app to monitor the readings. Our current focus lies on improving personalised care with digital therapeutics, data and AI chatbots for care coordination and empowering the healthcare professionals to improve productivity. To achieve this, we needed strategic investment and partnership, which we found readily available with MCE and their healthcare team. We strongly believe that this partnership gives us a clear road map to explore the market beyond India."
Ahillan Pupalasingam, Chief Investment Officer, MCE said, "We found MedTel's team well prepared to take on the IoMT market with a clear value addition to our plans in the digital health ecosystem investments. Our healthcare team is ready to partner and identify opportunities to develop this industry in South-East Asia, Hong Kong and Australia. We will be announcing MedTel product bundles for several offerings in Homecare, Smart Hospital and Insurance industry linked products."
MedTel Healthcare was founded in 2017 and incubated in Kalinga Institute of Industrial Technology, Bhubaneswar, India. MedTel provides connected care and remote patient monitoring (RPM) solutions. It had raised seed funding from INVENT, Startup Odisha and Bharat Petroleum Corporation Limited in 2018.
They have since commercialised their platform with over 50 hospitals in India deploying their remote monitoring healthcare devices, whatsapp chatbots and healthcare kiosks. MedTel is seeking investment to further expand into corporate health and Insurance lead healthcare plans.
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✔️ MedTel raised funding from Singapore based Metal Component Engineering (MCE, SGX:5DX); enters a strategic tie-up with its subsidiary GainHealth
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