A total of 12 Indian companies received funding of over $26.3 million during the second quarter of calendar year 2016, making it the largest venture capital funding quarter in the healthcare information technology space since 2010, according to data from Mercom Capital Group, a global communications and research firm.
The firm released its report on funding and mergers and acquisitions (M&A) activity for the Healthcare IT / Digital Health sector for the second quarter of 2016 on Thursday. The 12 companies that raised funds during the quarter were 1mg, HealthifyMe, DocsApp, YourDost, Sminq India Solutions, Integrated Child Health Records (iCHR), My Senior Doctor, ThingsMeet, PurpleHealth, iCliniq, Parentlane, and Visit. “The big reason for the jump in VC funding was a record fund-raising by Chinese companies. This is the first time since 2010 that health IT companies in the US have been outraised by other countries,” said Raj Prabhu, CEO and Co-Founder of Mercom Capital Group.