MedisimVR, a med-tech startup based in Cambridge and Chennai that specialises in healthcare simulation, announced today that it has raised Rs 3.5 crore (US$458K) in a pre-Series A funding round headed by Inflection Point Ventures, a Gurugram-based angel investment group.
Chennai Angels and Jana Balasubramaniam also took part in the round (MedTech investor). The funds will be used to expand the company’s product offering and add more skill training content to its library, according to the announcement.
MediSimVR was founded in 2017 with the goal of making comprehensive medical training accessible and affordable to people all over the world. Its current offerings include Procedural Simulation, Virtual Patient Simulation, and Clinical Education. In the previous four months, the business claims to have onboarded nearly 500 medical students.
Sabarish Chandrasekaran, Co-Founder & CEO, MedisimVR, said, “The future healthcare workforce of India needs a futuristic training methodology and an alignment among visionary entities for rapid scaling up. At MediSimVR, we are excited to partner with IPV as we embark on this journey of change.”
Its key offerings include a Virtual Reality based skill training platform, that covers all the skills required in the MBBS curriculum. Some of the other features include performance analytics & evaluation metrics to better assess the learning pattern & competency, it said.
Speaking on the investment, Vinay Bansal, Founder & CEO of Inflection Point Ventures, said: “As the pandemic continues to trigger medical innovations both in vaccines and use of tech in health care. 2020 saw the emergence of tele-medicines and teleconsultations. As we enter the 3rd of the pandemic, the benefits of technology and use cases have also changed with the evolution of the health tech landscape. MediSimVR has understood this need for the healthcare industry to move one notch higher and adapt to new-age training technology for skilling medical students and healthcare professionals alike.”
He went on to say that Medisim’s simulation skill training service allows people to practise surgical training, interact with virtual patients, and assess learning metrics, all of which will benefit the medical community greatly. He continues, “We find MediSimVR to be a purpose-driven brand as well as a disruptive business notion.”
The global virtual reality healthcare market is currently valued at $3.8 billion and is expected to grow to $30.40 billion by 2026. MediSimVR aims to help medical students study, practise, and refine their abilities in a more accurate environment, with a vast market potential. MediSimVR combines the advantages of virtual reality and haptics to take healthcare training to a new level, according to the company.