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Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture

EntrackrEntrackr · 8m ago
Even Healthcare scoops up $30 Mn in Series A led by Khosla Venture
Medial

Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, and Lachy Groom, among others. This round brings the company’s total funding to $50 million. The new capital will be used to launch hospital operations and scale patient care and resource processes, Even said in a press release. Entrackr had exclusively reported on this round in August. Previously, Even Healthcare raised $15 million from Alpha Wave and Aspada in November 2022, following an initial $5 million in seed capital led by Khosla Ventures in 2021. Founded in 2020 by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, Even Healthcare offers its members free consultations, diagnostic tests, and cashless hospitalization through its in-house clinical team, and insurance partners. According to the company, it only partners with hospitals that guarantee the care of its members in exchange for a recurring payment. The platform also offers personalized managed care programs and provides Even cards, which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance by offering unlimited OPD consultations and diagnostics. With a workforce of 300 employees, Even Healthcare claims to have grown its membership base to hundreds of thousands, generating $28 million (more than Rs 230 crore) in revenue 18 months after its commercial launch. Going forward, Even Healthcare plans to open three secondary-care-focused hospitals in Bengaluru. The move aims to reduce hospitalization risks via early risk profiling and managed care. While the healthcare market in India was valued at $372 billion in 2022, growing at a CAGR of 22%, private insurance still covers only a small portion of the population.

Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture

EntrackrEntrackr · 11m ago
Exclusive: Even Healthcare raises $20 Mn led by Khosla Venture
Medial

Healthcare company Even Healthcare has raised Rs 169 crore (approximately $20 million) in a new round led by Khosla Ventures. The fresh funding for the Bengaluru-based firm has come after a gap of 20 months. The board at Even has passed a resolution to issue 2,17,589 preference shares at an issue price of Rs 7,762 each to raise Rs 169 crore or $20 million, its filing sourced from the Registrar of Companies shows. Khosla Ventures led the round with Rs 83.4 crore or $10 million while Pathfinder and Mercury Fund invested Rs 21.3 crore and 26.9 crore, respectively. Simon Fiduciaria, DLB Ventures, Lex Italia, 8 VC, Rainmatter fintech, and others cumulatively injected the rest amount. Even Healthcare has also expanded its employee stock option (ESOP) pool, adding new options that bring the total pool size to 1,35,000, according to a separate resolution filed by the company. According to Entrackr’s estimates, its ESOP size is worth $12 million. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 753 crore or $91 million post-allotment. Even offers subscription-based plans to cover diagnostics, consultations, and hospitalization costs of up to Rs 50 lakh. According to the company, it only partners with those hospitals that guarantee the care of its members in exchange for a recurring payment. Launched by Mayank Banerjee, Matilde Giglio and Alessandro Lalongo, Even also offers personalized managed care programs and provides Even cards which can be used to pay bills at its partner hospitals and labs. Even claims to have an advantage over medical insurance as it provides unlimited OPD consultations and diagnostics. The company has raised approximately $40 million to date, including $15 million from Alpha Wave and Aspada in November 2022, and an initial $5 million in seed capital led by Khosla Ventures in 2021. Entrackr exclusively reported about its seed funding in July 2021.

Generative AI startup Ema raises $25 Mn from Accel, Prosus, others

EntrackrEntrackr · 1y ago
Generative AI startup Ema raises $25 Mn from Accel, Prosus, others
Medial

Generative AI startup Ema has raised $25 million in its first funding round led by Accel, Section 32, and Prosus Ventures. Other investors who participated in the round are Wipro Ventures, Venture Highway, AME Cloud Ventures, Frontier Ventures, Maum Group, and Firebolt Ventures. High profile angels who joined the round include Meta COO Sheryl Sandberg, Yahoo co-founder Jerry Yang and Snowflake chief executive Sridhar Ramaswamy. Ema will use the funds for research and development, and enhance its existing product suits, the company said in a press release. Founded in 2023 by Surojit Chatterjee, Souvik Sen, and Swati Trehan, Ema’s AI solutions aim to automate processes and workflows within an enterprise. The solutions work with Zendesk, OneDrive, Google Drive, Teams, Slack, and other popular productivity tools. Ema is said to be capable of engaging in conversations, comprehending context, taking continuous human feedback, reasoning, and making informed decisions. It leverages about 30 large public language models, including GPT 4, GPT-3.5-turbo, Claude 2.1, Gemini, Mistral-S and Llama2, and small in-house language models to maintain accuracy. Ema’s adaptable AI capabilities cater to a wide array of industries, including healthcare, retail, travel, hospitality, finance, manufacturing, e-commerce, technology, and more. At present, Ema has a total workforce of 30 across India and the US. Ema has scooped up the second largest funding for an early-stage startup operating in this space and has a base in India. In December 2023, generative AI startup Sarvam AI raised $41 million in a Series A round led by Lightspeed along with participation of Peak XV Partners and Khosla Ventures.

Gen AI SaaS startup Vodex raises $2 Mn in seed round

EntrackrEntrackr · 1y ago
Gen AI SaaS startup Vodex raises $2 Mn in seed round
Medial

Generation artifical intelligence (AI) startup Vodex has raised $2 million in its seed round from Unicorn India Ventures and Pentathlon Ventures. The funds raised will be used for global expansion and to scale their business to at least four-folds in the next one year, the company said in a press release. Co-founded by Anshul Shrivastava and Kumar Saurav, Vodex uses its Generative AI solution to craft voice conversations that closely mimic human interaction, enhancing outbound sales calls with a more personal and engaging experience. Vodex offers businesses a tool to expand their reach, qualify leads, and close deals with speed and scale, all while delivering a natural and engaging customer experience. Since 2022, Vodex claims to have empowered businesses worldwide, with calling needs in the USA and Canada regions. In the Gen AI space, Ema scooped up $25 million which is the second largest funding for an early-stage startup operating in this space. In December 2023, generative AI startup Sarvam AI raised $41 million in a Series A round led by Lightspeed along with participation of Peak XV Partners and Khosla Ventures.

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