An innovative healthcare data analytics company, which is backed by Techstars, has successfully secured $1 million in pre-seed funding. The company has exciting plans to utilize a portion of the investment to enhance its AI infrastructure and expand its operations into Ghana and Kenya.
The funding round saw participation from prominent investors such as Launch Africa, Microtraction, Kaleo Ventures, Octerra Capital, Marula Square, XA Africa, ARM Labs, and Techstars.
Established in 2015, the company shifted its focus to big data and analytics in 2021, catering to multinational pharmacy groups like Sanofi by providing them with valuable data and insights to aid in decision-making processes in the African markets they serve.
By collecting anonymized data from various pharmacies, including drug quantity, prices, and purchase frequency, the company assists pharmaceutical firms in aligning their production with actual market demands, thus avoiding excess inventory issues.
Offering pre-built AI-powered analytics dashboards, the company grants pharmaceutical companies, consulting firms, NGOs, and multilateral agencies access to crucial market information across Nigeria and Ghana. Additionally, a generative AI feature allows users to generate analytics by asking questions.
Recognizing the importance of local data in the advancement of AI-driven drug discovery, the company aims to bridge this gap by gathering unique data points from the African continent. The company envisions utilizing AI for drug discovery through collaboration with patients in clinical trials, as well as exploring blockchain for data anonymization and randomization in the healthcare sector. Future plans include expanding operations into 10 more African countries.
The company’s founder expressed enthusiasm about the support received from reputable investors and emphasized the pivotal role of closing the gap in healthcare big data to drive innovation and growth in the life sciences sector globally.
The company, part of the ARM Labs Lagos Techstars Accelerator program, serves prominent clients such as Sanofi, Emzor, Roche, International Finance Corporation, and Mercs.
While the company reported a substantial 200% revenue growth since 2023, specific financial figures were not disclosed. Competing with firms like IQVIA and Sanisphere, the company generates revenue through subscriptions, independent reports sales, and consultation fees.