Australian/Indian Startup Closes Pre-Series A Round for its Smart Intensive Care System.
Announcement posted by Digitology Healthtech 13 Jan 2021
MELBOURNE: As digital health booms, Australian/India startup Digitology Healthtech has closed an AUD $900K round securing the intellectual property development of its in-house SmartICU patient monitoring system.
Globally, critical care for patients is challenged by high costs of equipment and scarcity of specialised doctors for ICU’s. Digitology Healthtech—which brings together the Australian company Health and Patient Services (HPS) and Indian healthcare conglomerate Medachievers, is solving this problem.
“The challenge varies in markets around the world. In Nigeria for example, fewer than 30 hospitals have an intensive care ward. In USA only one in ten critical care patients are treated by an intensivist. HPS have created a solution that solves the problems in both those markets, our home markets of Australia and India, and every other country around the world, with a cost effective, validated critical care ecosystem,” said Michael Koss, CEO of HPS.
During the COVID-19 pandemic, Digitology Healthtech used its SmartICU software to monitor patients’ symptoms remotely. The company has a command hub established in a leading hospital in India, and is preparing to scale operations in 2021 across India and beyond.
The SmartICU ecosystem connects multi-parameter patient monitors with the cloud, replete with banking-industry-grade-security in the backend. Doctors are able to access patient information anywhere in the world including a live view of the critical data waveforms. Finally, healthcare providers are able to stream the information to live local or external central monitoring stations.
“Our waveforms are coded from scratch, the lag in streaming is only milliseconds, our databases have 28 points of re-encryption and the entire database is re-encrypted multiple times daily. Medachievers has united world leading teams for our software and hardware development, as well as the overseen necessary clinical validations to ensure robust and reliable intellectual property,” explained Mr. Koss.
The dynamic SmartICU system allows for existing ICUs in small hospitals to be connected with larger sites, isolation wards to be rapidly created in minutes, and rural and remote healthcare facilities to be connected with metro providers. In December 2020, letters of intent were received from homecare and remote cancer management companies in India to adopt the technology. The company is further in late-stage discussions to roll out the SmartICU ecosystem with prominent domestic and international healthcare chains.
“The barriers to entry in critical care are immense. The trust and confidence a healthcare provider must have in a company like ours, to allow for the testing and validations of our products—let alone rollout—is colossal. We are fortunate to have a well-respected leader in healthcare as our joint venture partner in Medachievers which has enabled our navigation and progress through these challenges,” said Mr. Koss.
For the past 6 years, HPS has been focused on digital health in India. In 2019 it entered into a joint venture with Medachievers after building a strong working relationship together. The company is at the forefront of healthcare in the Australian/Indian relationship and has given its investors a strong path into the Indian market.
Medachievers is a think tank which owns multiple IPs in innovative healthcare and has multiple fully approved clinical products under its banner as well as a substantial pipeline. With HPS, Medachievers plans to make enhance SmartICU and make it available across the globe.
“A market like India can consume large volumes of products like SmartICU because it has population, need and paying capacity like nowhere else on earth in 2021. However, our goal was bigger for this project and technology, and it is designed in price, validations, and ease-of-use for adoption all over the world,” noted Dr. Harsha Vardhan, Founder and Managing Director at Medachievers.
Digitology Healthtech is now preparing for scaling its operations in 2021. With a growing team to facilitate rollouts and post sales support, enhancements being made on the software and hardware as well as development of high-volume in-house manufacturing capacity, the company is preparing to meet the incoming demand. With requirements for the SmartICU system coming from healthcare groups in India, the UK, Australia and Latin America from the outset, this Australian/Indian collaborative technology is primed to revolutionise intensive care.
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About Digitology Healthtech
Digitology Healthtech is a joint venture between Medachievers Pvt. Ltd. and Health and Patient Services Pty Ltd. The company is registered in India and is focused on the development and rollout of remote patient monitoring technologies ranging from homecare, ambulatory services and critical care. The joint venture brings India and Australia together in close collaboration whereby IP, market access and innovations are brought together to form a truly global healthcare company. Please visit www.DigitologyHealthtech.com for more information about the company’s services and offering.
Director, Digitology Healthtech
About Health and Patient Services
Health and Patient Services is an Australian digital health start-up which has been focused on the development of telehealth and remote patient monitoring technology for the past 6 years. In that time, the company has formed a special relationship with India and Medachievers. Health and Patient Services is bridging the gap with India in order to generate globally applicable healthcare technologies.