MDaaS Global raises $2.3 million in seed funding and launches an e-diagnostic feature
MDaaS Global raises $2.3 million in seed funding and launches an e-diagnostic feature
MDaaS, a diagnostic healthtech startup, raised $2.3 million in seed funding and expanded its array with a new product feature called SentinelX.
Newton Partners, an early-stage venture capital firm, led the round, which also included participation from CRI Foundation, FINCA Ventures, Techstars, and Future Africa.
MDaaS was founded in 2016 by Co-founder and CEO, Oluwasoga Oni, with the mission of facilitating Nigerians' access to diagnostic and preventive care.
Oni came up with the idea for MDaaS while he was a student at MIT and was asked to create something that could impact a billion lives.
Born to a physician father who ran a 30-bed hospital and witnessing firsthand the difficulty of locating high-quality, affordable medical equipment, he knew exactly what to do.
MDaaS Global was founded by Opeyemi Ologun and Genevieve Oni. They began by importing used medical equipment from the United States, providing service, and then distributing it to hospitals through outright sale, rent, or lease.
The founders pursued this business model for a time, until they realized what the real issue was.
They recognized that purchasing medical equipment was a waste of money, as patients frequently lacked the financial means to pay for services rendered.
Change in Business Model
They changed their business model and began establishing diagnostic centers in communities with insufficient clinical services and determining the equipment required by small and medium-sized hospitals in that area.
They opened their first diagnostic center in Ibadan, Southwest Nigeria. And since then, they've built six additional centers in various Nigerian cities.
They provide a comprehensive range of medical services, ranging from digital X-ray and ultrasound to electrocardiogram (ECG) and other laboratory procedures.
SentinelX was conceived while the company was screening COVID-19 patients. They discovered that while some patients did not have the disease, they did have undiagnosed health problems such as high blood pressure.
Recognizing the need for a more customer-centric product, they developed SentinelX, which allows users to run a series of tests using 60 or 70 biomarkers to determine their individual susceptibility to a variety of diseases.
Users can access a doctor for a year for a one-time payment of 35,000 ($85.05). MDaaS offers a one-of-a-kind post-screening care plan to address customers' health concerns.
SentinelX is currently in private beta, with plans to launch the product in September 2021.
This funding will be used to expand diagnostic centers in Nigeria.
The startup's long-term goal is to become one of Nigeria's three largest diagnostic centers.
MDaaS is considering a pan-African expansion, with the goal of serving a million patients per year and operating 100 centers across the continent by 2025.
While accurate diagnosis is critical for disease prevention and treatment, the equipment required to perform it is typically unaffordable for small and medium-sized hospitals in the majority of African communities.
With more technological startups establishing a viable medium for diagnostics and healthcare, more people in Africa may have easy access.
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