Shanghai-based startup The Carevoice has secured $10 million in a Series B funding round led by Apis Insurtech Fund I. The company, which has expanded to 15 countries, offers efficient health tech solutions and plans to use the funding to expand partnerships and invest in its operating system for insurers.
The Carevoice Raises $10 Million in Series B Funding
Shanghai-based startup The Carevoice has recently secured $10 million in a Series B funding round. This funding was led by Apis Insurtech Fund I, showcasing the growing interest in embedded health startups that integrate health functionalities into existing platforms. The Carevoice has expanded its footprint to 15 countries, and this latest funding brings its total capital raised to around $20 million.
( Credit to: Techcrunch )
Despite the slowdown in venture investment for startups, The Carevoice has managed to navigate through this challenging period by reaching a healthy cash flow. By mid-2022, the company had already secured funding commitments for its Series B, but faced a setback when one of its investors became “valuation sensitive” and significantly reduced the startup’s revenue multiple. However, The Carevoice adapted its fundraising strategy and achieved cash flow neutrality from Q3 2022 to the present. In 2023, the company doubled its revenues, and this year it is projected to reach $10 million in revenues, including recurring licensing payments and one-off implementation fees.
Efficient Health Tech Solutions from The Carevoice
The Carevoice sets itself apart from traditional IT and consulting service companies by offering efficient health tech solutions. CEO Sebastien Gaudin believes that health providers who outsource their software needs may face significant costs, time delays, and limited outcomes. Custom software companies may take years to deliver results and cost several million dollars, without the capability to effectively manage different health technologies or partner with them.
In contrast, The Carevoice prides itself on its efficiency. The company can launch the first version of a health tech solution in as little as three months. The design process takes two to four weeks, and development requires another two months. This streamlined approach allows The Carevoice to deliver solutions quickly and effectively.
Partnerships and Expansion for The Carevoice
With its recent funding, The Carevoice plans to expand its partnerships with insurers across Asia, Europe, the Middle East, Africa, and the Americas. The startup aims to further develop its operating system for insurers, known as CareVoiceOS. This operating system is designed to enhance the integration of health functionalities into existing platforms, providing insurers with a comprehensive and efficient solution.
One of The Carevoice’s major clients, MetLife, benefits from the company’s capabilities by integrating functionalities such as illness detection through face scanning and access to a network of nearby checkup centers. The platform also focuses on prevention across physical, mental, and cognitive wellness, offering a holistic approach to healthcare.
Conclusion
The Carevoice’s recent funding of $10 million in its Series B round demonstrates the growing interest in embedded health startups. The company’s ability to deliver efficient health tech solutions has allowed it to thrive despite the funding slowdown. With its expansion plans and investment in the CareVoiceOS operating system, The Carevoice is well-positioned to continue its growth and make a significant impact in the healthcare industry.
