Bangalore-based AddressHealth, which addresses healthcare needs of children through its chain of child health clinics, has raised $1.5 million in Series A round. The round was led by Grey Matters Capital with participation from existing investor Unitus Seed Fund.
The startup will use fresh funds for expansion and reduce costs with the help of technology to deliver comprehensive primary health care to children proactively.
Radhakrishnan, co-founder of AddressHealth, said,
We will use technology to further expand our reach, reduce costs and promote proactive preventive health action by parents and schools, to make children healthier and happier.
AddressHealth was founded in 2010 by doctors Anand Lakshman and Anoop Radhakrishnan and leverages school to deliver its pediatric healthcare programs at low cost. It runs a chain of one-stop-shop childcare clinics that provide core pediatric medical services along with dental, vision, nutrition, and mental health services.
These clinics also work with schools and preschools in neighbourhoods to provide screening, health education, nutrition and environment audits, mental health and counseling services.
AddressHealth has reached more than 1 lakh children through these on-site services. It aims to deliver comprehensive primary health care services to one million children by the year 2018 with more than 3 lakhs (300,000) of them belonging to low-income families.
Talking about the same, Bob Pattillo,CEO & Founder of Gray Matters Capital, said,
With its market-based model for pediatric healthcare, AddressHealth has served more than 100,000 children already; what I believe to be a fraction of their future potential.
AddressHealth also plans to provide more than 2 lakhs (200,000) dental treatments, 50,000 spectacles for children with vision problems and to treat a similar number of children with chronic diseases such as asthma, obesity, mental health disorders.
The firm had earlier raised funding from Unitus Seed Fund which participated as well as acted as a financial advisor in this transaction.
Last month, Unitus had launched its second fund of $50 million to continue its investments in startups which are innovating for the masses in India.