Sydney healthtech startup CancerAid has announced the close of a $1.25 million Series B round, which has valued the startup at $4.25 million. The startup has created an app that aims to help organise a patient’s cancer journey, helping sufferers self manage their treatment and expectations.
The funding round was led by Clinton Capital Partners, with participation from a mix of strategic investors. Randolf Clinton, principal at Clinton, said he was impressed by CancerAid from the moment he met the team.
“Not only have they identified a real issue for the wellbeing of the broader cancer community, but the solution has been designed by hands on and experienced practitioners from within the industry. This is what differentiates them from many of their peers,” he said.
Founded by a group of Sydney doctors, CancerAid individualises the information provided to cancer patients and works in conjunction with their clinicians. This means that the information a patient receives is specifically inline with their diagnosis and treatment path.
“For example, with breast cancer radiotherapy, a right-sided breast cancer patient won’t usually have the same heart risk a left-sided breast cancer patient has,” said Dr. Nikhil Pooviah, CEO of CancerAid.
Canceraid launched its app only two months ago after onboarding 17 new clients in the healthcare space, including the Chris O’Brien Lifehouse Hospital, the MetroRehab Hospital and its first international customer in Hong Kong, Integrated Oncology Center.
In working with the MetroRehab hospital, CancerAid is currently implementing a rehab program within the app, which Pooviah told Startup Daily will be a world first program.
A point of difference between CancerAid and other healthtech apps is that it is completely free for patients to use.
“Our unique revenue model allows us to offer our product free for the end user, making us a socially-responsible business which is one of the most appealing aspects of our initiative,” said cofounder Dr Raghav Murali-Ganesh.
CancerAid has gained significant traction in the startup community, recently winning the Chengdu Innovate 2016 competition through which it won the opportunity to represent Australia in China.
The startup was also accepted into the HCF Catalyst accelerator program in February this year where it tested its product in a number of cancer institutions around Australia.
Murali-Ganesh said, “Down the track we will look to cross expand the CancerAid platform onto other chronic diseases because there is certainly a need for it and we have the capabilities to meet these needs.”