Connect with us

Health

US Firm Invests N90m in Nigerian Health Tech Startup SonoCare

Published

on

US Firm Invests N90m in Nigerian Health Tech Startup SonoCare

By Dipo Olowookere

Nigerian on-demand mobile diagnostic imaging startup, SonoCare, has received a financial boost aims to save more lives in rural communities in the country.

Business Post gathered that GMC coLABS, the gender lens investment portfolio of US-based impact investor, Gray Matters Capital (GMC), has agreed to pump about $250,000 (about N90 million) into SonoCare to enable the local health tech firm to continue to provide services spanning the spectrum of women’s health such as on-demand mobile 3D/4D diagnostic imaging and cardiac monitoring among others.

Founded in 2015, SonoCare has been a pioneer in mobile diagnostic imaging in Nigeria and the first to deploy a web/mobile resource for patient information transmission and inter-disciplinary collaboration.

It currently operates its services in Port Harcourt (River State), Lafia (Nasarawa State) and Sagbama (Bayelsa State) and Otukpo (Benue State) in Nigeria.

Offering both fixed site and mobile solutions, SonoCare provides cost efficient programs scaled to the needs of hospitals, satellite clinics, health care providers like physicians and midwives, birthing centres, assisted living facilities as well as corporate offices using a combination of the most advanced imaging systems and highly trained, registered technologists as sonographers.

Commenting on the new investment, Managing Director of SonoCare, Dr Moses Owoicho Enokela, said, “We are excited to partner with GMC coLABS as our first institutional investor, as we both share the vision and passion to positively impact the lives of women.

“With this investment, we will be able to scale our operations through our mobile app in addition to deploying more mobile units. This will push us to reach our first 200,000 pregnancies by 2020 and to profitability.”

Also commenting, the Portfolio Manager of coLABS, Gray Matters Capital, Jennifer Soltis, noted that, “With its mobile diagnostic services, SonoCare detects pregnancy complications before they become threats to the lives of women, giving those in low resource areas a better chance for safer pregnancies and deliveries.”

She added that, “We are proud to support the work of Dr. Moses, a determined and resilient entrepreneur who has brought to market a solution to a problem that most lack the grit to attempt to solve at scale. We’ve been very impressed with what he’s accomplished with modest resources and can’t wait to see what the future holds for him.”

SonoCare, recognized by Microsoft’s Winsiders4Good program, the Obama Foundation (Africa Leaders), the Tony Elumelu Foundation and a host of others, becomes the third GMC coLABS portfolio company in Africa for Gray Matters Capital after A.R.E.D in Rwanda (2017) and Ghana’s Redbird Health Tech (2018).

GMC coLABS continues to accept applications from innovative and scalable for-profit, early-stage companies that improve the lives of women and girls with their products and services.

Business Post gathered that the American company decided to invest in the Nigerian firm because it was interested in reducing the incidence of pregnancy related deaths in rural Nigeria.

According to reports, about one in 13 women in Nigeria die during pregnancy and childbirth due their inability to access affordable diagnostic care services.

Already, SonoCare has screened over 26,000 women from 17 rural communities and has detected over 15,000 high-risk pregnancies.

The company has helped low-income, rural women save $626,568 in costs that could have prevented them from seeking medical help.

NOTE: The exchange rate used in this story was N360/$ at the parallel market in Nigeria.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

1 Comment

Health

UK Gives Nigeria £2m to Strengthen Health Workforce

Published

on

health workforce

By Adedapo Adesanya

The United Kingdom has committed £2 million in grants to support Nigeria in strengthening her health workforce in the vision of achieving Universal Health Coverage.

The grant will cover two years to support the Nigerian government in optimizing the health workforce’s performance, quality, and impact through evidence-informed policies and strategies.

It is part of a larger UK support plan to boost and support healthcare staff recruitment and retention in three African countries – Kenya, Nigeria, and Ghana.

In a statement, the British High Commissioner to Nigeria, Mr Richard Montgomery, said, “A skilled, well-motivated and adequate health workforce is critical for Nigeria to #EndPreventableDeaths and build resilience against global threats.

“This UK International Development funding aligns with the Nigerian health workforce strategic plan and will help the country upskill its workers and improve health outcomes in the long run.”

The 2-year HRH project aims to support the government at federal and state levels and support regulatory bodies, professional associations, and other key stakeholders to develop transformative strategies for scaling up the quantity and quality of health workers, including competency-based curricula development and reviews.

It was announced that it will help to align investment in HRH with the current and future needs of the population and health systems; strengthen the capacity of institutions, including regulatory bodies, for effective public policy stewardship, leadership, and governance, optimize health workers’ retention, equitable distribution, and performance and strengthen the management of Health workforce data for monitoring and accountability. The project will implement interventions in Nigeria.

The project will draw on the technical capacity of the World Health Organisation (WHO) to strengthen health systems, including experience in implementing similar projects with appreciable results in the past.

Implementation at state levels, focusing on six states of Cross River, Enugu, Jigawa, Kaduna, Kano, and Lagos, will build on the presence and technical support being provided to state governments through the 37 WHO sub-national offices in Nigeria.

“The strength of every health system reflects the capacity and adequacy of its health workforce, which are necessary to deliver quality services to address population health needs,” says Dr Walter Kazadi Mulombo, WHO Representative in Nigeria.

“Through the UK government’s generous support through WHO, we will deploy the technical support from the three levels of the organization to support the development of evidence-based policies and strategies, capacity building and management for improved planning and management of Nigeria’s health workforce”.

Continue Reading

Health

Helium Gets $30m to Spread Healthcare Finance Offering

Published

on

Helium Health $30m

By Adedapo Adesanya

Helium Health, a Nigerian healthtech company, has raised a fresh $30 million to expand the reach of its fintech product, HeliumCredit.

The company, which provides Software-as-a-service (SaaS) tools, financing, and insights to healthcare providers and public health organizations, will use the latest injection to drive growth in some of its expanding verticals.

The round was led by AXA IM Alts with participation from Capria Ventures, Angaza Capital, Anne Wojcicki (Founder of 23&Me), and Flatworld Partners. Existing investors Global Ventures, Tencent, Ohara Pharmaceuticals, LCY Group, WTI, and AAIC also participated in the round.

This is the first of its kind since the healthtech company secured a $10 million Series A in 2020 and 18 months following a rare Africa-GCC deal involving UAE-based healthcare provider-patient interaction platform Meddy.

“We believe in a future where good healthcare is a reality for all Africans, not just the few. We are deeply committed to supporting both private healthcare providers and public health stakeholders with finance, technology, and data to achieve that vision. We are delighted to have such seasoned healthcare investors accompany us on our journey,” Mr Adegoke Olubisi, the CEO and co-founder of the company, said.

In this growth phase, Helium Health also looks to deepen its collaborations within the public health and global health communities, another core focus of its work. Global health funders contribute about 15 per cent of total health expenditure in sub-Saharan Africa and play a critical role in tackling the continent’s leading causes of death, such as HIV/AIDS, malaria, tuberculosis, and maternal and child mortality.

On the part of the investors, Mr Jonathan Dean, Head of Impact Investing at AXA IM Alts, said, “We are delighted to invest, through AXA IM Alts’ impact investing strategies, in Helium Health’s mission of providing digital solutions to improve the quality and efficacy of health services in resource-constrained environments, whilst also directly equipping health sector enterprises with affordable financial services.”

“This investment directly contributes to AXA IM Alts’ broader impact goals of improving financial inclusion and reducing inequalities globally,” he added.

“We have seen first-hand the evolution of Helium Health over the years. The leadership team deeply understands Africa’s healthcare sector and knows how to build products that meet its nuanced needs,” added Mr Noor Sweid, Managing Partner, Global Ventures.

Launched in 2020, HeliumCredit has extended more than $3.5 million in credit to over 200 healthcare facilities in Nigeria, including hospitals, clinics, pharmacies, and diagnostics centres, which have used the loans to purchase medical equipment, medications in bulk and expand their locations. With easier access to credit, healthcare providers can increase patient retention, increase revenues, and improve the quality of care.

Helium Health will also launch HeliumCredit in Kenya this year, increasing its lending portfolio to 1,000 healthcare facilities by 2024 in partnership with the US International Development Finance Corporation (DFC).

Helium Health aims to be the leading technology partner for public health entities by supporting and implementing their programs and strategies in Africa. Helium Health has received funding from organizations such as the Bill & Melinda Gates Foundation and MSD for Mothers to execute projects under their maternal health program strategies in the past year.

The company will also continue to scale its SaaS suite for healthcare providers through HeliumOS, its Electronic Medical Records and Hospital Management Information System (EMR/HMIS) solution. HeliumOS helps health facilities of any size or specialty run their operations more efficiently, increase revenues, and improve healthcare delivery.

Continue Reading

Health

HealthXP Unveils App to Revolutionise Healthcare Delivery in Africa

Published

on

HealthXP myhealthXP

By Adedapo Adesanya

HealthXP Limited, a healthcare technology firm, has introduced a groundbreaking application, myhealthXP, aimed at addressing the healthcare delivery crisis in Africa.

With numerous challenges facing the sector, including brain drain, poor infrastructure, lack of funding, inadequate access to healthcare facilities, and the mismanagement of health records, myhealthXP offers a seamless and innovative approach to healthcare delivery in Africa.

myhealthXP is an on-demand healthcare collaboration platform designed to connect individuals with highly qualified and verified doctors, laboratories, pharmacies, and caregivers. It facilitates efficient and convenient access to quality medical attention regardless of location. Through myhealthXP, Africans can access quality and affordable healthcare at their fingertips.

During the launch event held on May 25, the Keynote Speaker, Mr Eromosele Omomhenle, a Board Member of HealthXP Limited, highlighted the gaps in healthcare delivery and emphasized the role of technology as the future solution.

He emphasized the significant number of medical doctors who have migrated to the United Kingdom, thereby leaving a scarcity of licensed practitioners in Africa.

Similarly, Dr Daniel Omomhenle, a co-founder at HealthXP, expressed the potential for African medical professionals based abroad to leverage myhealthXP in giving back to their society by contributing their expertise to the African healthcare system.

HealthXP’s co-founder, Dr Kayode Ogunleye, stated, “Our aim is to use technology to bridge the gaps in the healthcare sector across Africa. We empower patients to take control of their health records, fostering collaboration between healthcare providers and patients.

“This is the path towards recovery and improved health for our nation. With technology, Africa will not miss the IT revolution, and myhealthXP aims to be at the forefront of this progress, benefiting Nigerians and Africa as a whole.”

Describing the innovation as the “democratization of healthcare,” Mr Seni Williams, Non-Executive Director, NPL Nigeria, emphasized the importance of patients’ control over their health records.

He highlighted the significance of myhealthXP in enabling patients to have total control of their medical information and share it securely with professionals worldwide.

On his part, Mr Israel Ayodele, Head of Product at HealthXP Limited, assured users of the app’s robust security measures and data protection protocols. “We prioritize the security and privacy of your data through end-to-end encryption, strong authentication, secure data storage, regulatory compliance, and user-controlled data sharing. Our commitment to continuously enhance our security measures ensures a safe and trusted environment for your information.”

Closing the event, Ms Comfort Olatunde, Director of Product Marketing, shared her personal experience with Nigeria’s healthcare system, underscoring the need for improved solutions.

She emphasized the user-friendliness of the myhealthXP app, which is now available for iOS users on the Apple Store and Android users on the Google Play Store in select African countries, as well as the US and UK. Comfort reassured users that HealthXP had implemented a thorough verification process for healthcare practitioners, ensuring their qualifications are up to standard. Additionally, plans are underway to expand myhealthXP into other countries across Africa.

Continue Reading
%d bloggers like this: