The funding will allow the company to scale its operations, hire talent, and develop foundational technology capabilities to better serve the technology needs of its clients in the healthcare industry
Reveal HealthTech, a healthcare technology firm has raised $4 million in seed funding from W Health Ventures, a healthcare-focussed VC that invests in and grows tech-enabled early-stage healthcare companies. Reveal HealthTech provides cross-functional technology services to healthcare companies, offering engineering, clinical, and strategic support. It aims to partner with US-based healthcare organisations to maximise patient health outcomes by removing technology as a constraint to innovation and scale. The company will utilise the capital to invest in further developing its service suite, establishing a wider customer base, and expanding its talent acquisition, training, and development efforts.
This is W Health’s first investment in the healthcare technology services segment. Technology spending in healthcare in the US is rising ~13 per cent year-on-year and is expected to reach $141B in 2023. Of this, it is estimated that 30 per cent or $41B is outsourced by healthcare companies to technology services organisations. This is mainly because of the challenges related to hiring, developing, and retaining engineering talent in healthcare. Moreover, fewer than 10 per cent of leading product engineering firms offer specialised healthcare talent with relevant domain understanding, which is especially important given complex regulations, data privacy, and the important real-world implications associated with treating patients.
Reveal HealthTech aims to address the top three talent challenges faced by healthcare organisations today, including talent identification and selection, lack of healthcare domain expertise, and high turnover among software teams at healthcare organisations. The company is focussed on leveraging its domain expertise to create impactful healthcare technology solutions for its clients. The team has been successful in identifying and partnering with top-quality senior technology talent in India. The company will access an available pool of over 150,000 engineers who have built products for the US healthcare industry. This forms the largest specialised talent pool with US healthcare technology expertise outside of the United States.
Sanchit Mullick, Founder and CEO, Reveal HealthTech says: Healthcare is the largest sector in the US economy and has significant labour shortages, not just among clinicians but also from an engineering perspective. As technology takes centre stage in driving healthcare transformation, the industry needs partners that can help drive purposeful adoption of technology in building new Digital Care Pathways. At Reveal HealthTech we seek to address this need by providing healthcare-specific engineering excellence complemented by clinical expertise and strategic insights. W Health Ventures’ global expertise and focus on the health-tech sector gives us an inside track on the challenges faced by the industry and will help accelerate our journey to being an industry-leading player in this domain”.
Pankaj Jethwani, Partner, W Health Ventures, said, “As believers in the transformative impact of technology on healthcare, we recognize the challenges in its development and implementation. With technology spending in the US healthcare sector growing at 13 per cent CAGR, and healthcare regulations constantly changing, there is a clear need for an agile and sector-focussed technology services company that understands the challenges faced by other healthcare companies. Reveal’s differentiated approach makes them the ideal player to catalyse positive change towards a tech-driven healthcare ecosystem. We’re thrilled to partner with Sanchit and his leadership team, who possess extensive expertise in technology, healthcare strategy, and care delivery.”
