- Reveal HealthTech announced it has raised $4 million in a seed round of funding. These are the details.
Healthcare technology company Reveal HealthTech announced it has raised $4 million in seed funding from W Health Ventures, a healthcare-focused VC that invests in and grows tech-enabled early-stage healthcare companies. The company provides cross-functional technology services to healthcare companies, offering engineering, clinical, and strategic support. It aims to partner with US-based healthcare organizations to maximize patient health outcomes by removing technology as a constraint to innovation and scale. Plus the company will use this funding round to invest in further developing its service suite, establishing a wider customer base, and expanding its talent acquisition, training, and development efforts.
Technology budgets within healthcare in the US are rising about 13% year-over-year and it is expected to reach $141 billion this year. Of this budget, it is estimated that 30%, or $41 billion is outsourced by healthcare companies to technology services organizations. This is mainly due to the challenges related to hiring, developing, and retaining engineering talent in healthcare.
Less than 10% of leading product engineering firms offer specialized healthcare talent with relevant domain understanding – which is essential considering the complex regulations, data privacy, and the important real-world implications associated with treating patients.
Reveal HealthTech is looking to address the top 3 talent challenges faced by healthcare organizations, including talent identification and selection, lack of healthcare domain expertise, and high turnover among software teams at healthcare organizations. And the company is focused on utilizing its domain expertise to create impactful healthcare technology solutions for its clients. The team identified and partnered with top-quality senior technology talent in India.
The company will access an available pool of more than 150,000 engineers who have built products for the US healthcare industry. And this forms the largest specialized talent pool with US healthcare technology expertise outside of the US.
KEY QUOTES:
“Healthcare is the largest sector in the US economy and has significant labor shortages, not just among clinicians but also from an engineering perspective. As technology takes center 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.”
— Sanchit Mullick, Founder and CEO, Reveal HealthTech
“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% CAGR, and healthcare regulations constantly changing, there is a clear need for an agile and sector-focused technology services company that understands the challenges faced by other healthcare companies. Reveal’s differentiated approach makes them the ideal player to catalyze the 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.”
— Pankaj Jethwani, Partner, W Health Ventures
