[Funding Alert] Wellthy Therapeutics secures $4 mn for business expansion
Digital therapeutics startup Wellthy Therapeutics has secured $4 million in its Pre-Series A funding round from Saama Capital.
The fresh capital will be used by the Mumbai-based company to enhance product suite, for the international expansion of its business and to expand into newer therapy areas.
Besides using this raise to deepen its product-suite and expand geographically, the Cipla-backed company will accelerate the introduction of its respiratory digital therapeutic portfolio, which is especially relevant in the current situation.
Abhishek Shah, CEO and Co-Founder, Wellthy Therapeutics, said, “The success of our initial commercial launch inspires us to invest deeper into clinical validation, product, and distribution. The funding will allow us to invest further into improving patient outcomes and generate further real-world evidence while expanding our therapeutic portfolio, geographic and stakeholder reach.”
Suresh Shanmugham, Managing Partner at Saama Capital, added, “Wellthy Therapeutics is bringing technology-enabled, affordable digital therapeutics to make patient outcomes more accessible. The company uniquely combines real-world evidence with clinically validated care pathways, to deliver its digital therapeutics across multiple therapeutic areas, via leading enterprise partners in healthcare, to patients in multiple countries.”
Wellthy Therapeutics was started by Abhishek Shah, Prayat Shah and Aradh Pillai in 2015. The company works with leading insurance, pharmaceutical, medical device companies, and large hospital systems for delivering clinically-validated digital therapies that improve the health outcomes and quality of life of those with a chronic condition.
In March 2018, the company raised Rs 13.5 crore as part of its seed funding, led by GrowX Ventures and the Ranjan Pai’s (Manipal) Family Office. This round also saw participation from Beenext Ventures, Currae Healthtech Fund, and other strategic HNI investors.
Cipla Limited participated as an extension to the seed round in February 2019. It invested Rs 10.5 crore for almost 12% stake in the company.