Dozee Raises $6 Million to Bolster its Ambition of ‘HarBedDozeeBed’
Mumbai, India, 04 April 2023: Dozee, India’s first contactless Remote Patient Monitoring (RPM) & AI-based Early Warning System (EWS) has raised $6 Million as part of its Series A2 funding. The round saw the infusion of funds from Dozee’s existing investor base consisting of Prime Venture Partners, 3one4 Capital, YourNest VC, and new investors which include State Bank of India, J&A Partners Family office, and Dinesh Mody Ventures (ex-JB Chemicals and Pharmaceuticals promoters - Sharan Asher & Pranabh Mody). Dozee has established a presence in over 380+ hospitals covering 50+ districts. Its key recent milestones include the US FDA 510(k) clearance for its flagship Remote Patient Monitoring product - Dozee Contactless Vital Signs (VS) Measurement system, further demonstrating its commitment to Made in India, with global standards. USFDA is the gold standard for medical devices and algorithms.
Leading with its vision of 'Make in India, Made for the World' – Dozee’s innovative technology aims to bridge the healthcare gaps in India and developing countries through its contactless Remote Patient Monitoring (RPM) and AI-based Early Warning System (EWS). With this fresh funding, Dozee plans to expand further in the Indian market and invest more in its differentiated R&D capabilities. In addition, the funding will provide a springboard for the company's global expansion.
Earlier this year, Dozee partnered with British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, to upgrade 6,000 hospital beds in ~140 public hospitals across India and in other regions to transform the public healthcare landscape. Furthermore, the company has won prestigious awards such as Marico Innovation Foundation Award, FICCI Gold Award for digital innovation in healthcare, Anjani Mashelkar Inclusive Innovation Award (AMIIA), and many others.
“Dozee plans to further tap over 2,000 hospitals in more than 100 districts in the next two years to improve the quality of critical care facilities in India. The current Series A2 fund-raise is a part of the company’s plan to further its reach to every nook and corner of the country and to begin the era of ‘Made in India’ products in the global market. In the last couple of years, Dozee has grown tremendously, but our growth journey is just beginning, and there is still much more to do. Our growth momentum demonstrates accelerating progress toward our goal of making ‘HarBedDozeeBed’ the future of Indian healthcare infrastructure.“ said Mr. Mudit Dandwate, CEO & Co-Founder, Dozee.
Dozee enables healthcare workers to remotely monitor patients’ vital parameters such as heart rate, respiration rate, blood pressure, blood oxygen saturation levels, temperature, and ECG. Dozee’s Early Warning System (EWS) tracks the trends of vital parameters and provides alerts to healthcare providers for early detection of patients' clinical deterioration, enabling timely medical intervention. Research done by independent consulting firm Sattva shows that for every ~100 Dozee connected beds, it can save ~144 lives and ~80% of the time taken for vitals by nurses and reduce ICU ALOS by ~1.3 days.
Founded in 2015 by cccgraduates Mudit Dandwate and Gaurav Parchani, Dozee is a truly 'Made in India' innovation with global standards in patient safety, data security, privacy, and reliability, trusted by top-of-the-line healthcare providers across the country. Its innovative technology has proven to be vital during the COVID-19 pandemic and aims to pave the path for assured and easy accessibility to healthcare. Dozee's mission is to unburden the healthcare system and make quality healthcare accessible to all.
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