Sydney-based healthtech start-up CancerAid has closed its Seed B funding round at $1.25 million, bringing its total valuation to $4.25 million.
Founded in August 2015 by doctors Nikhil Pooviah and Raghav Murali-Ganesh of the Chris O’Brien Lifehouse cancer hospital, the company last month launched an app that manages a patient’s cancer journey, including their treatment and expectations, in line with their diagnosis and with oversight from their clinician.
The app incorporates a form of telemedicine that enables specialists to monitor patient progress and provide care remotely once they are nominated as their ‘Medical Champions.’ It will evolve to include a journey organiser allowing patients to take control of their medical records, manage symptoms, keep a journal of their events and connect with others who are experiencing their own journey.
Dr Murali-Ganesh said the Seed B funding round was preceded by six months of hard work and closing it with funding from a mix of strategic investors validated the business.
The round was led by Clinton Capital Partners whose principle, Randolf Clinton, was impressed with experienced, hands-on practitioners involved in developing a solution to a real issue for the wellbeing of the broader cancer community.
Dr Murali-Ganesh said CancerAid has been incredibly well received within the Australian medical field with 17 customers signing up, including the Chris O’Brien Lifehouse Hospital, the MetroRehab Hospital, as well as the startup’s first international customer, the Hong Kong Integrated Oncology Center.
Although other apps exist in the oncology and cancer sector, Dr Murali-Ganesh said CancerAid is one of the only apps to be designed by doctors, with input from over 300 cancer specialists.
“Something that also sets CancerAid apart from other apps in the medical field is that it will be completely free for patients,” he said.
“Our unique revenue model allows us to offer our product free for the end user, making us a socially-responsible business which is one of the most appealing aspects of our initiative.”
“CancerAid’s initial and overarching vision is to offer the first-of-its-kind resource for anyone diagnosed with cancer. Down the track we will look to cross expand the CancerAid platform onto other chronic diseases because there is certainly a need for it and we have the capabilities to meet these needs.”
The first CancerAid iPhone version is available to download from the Apple store. For more information, visit www.canceraid.com.au