KSUM-backed Healthcare Startup Raises US $3m Funding

THIRUVANANTHAPURAM:
In a major capital infusion in the startup ecosystem in the state, healthcare startup TiaTech Health Technologies, supported by the Kerala Startup Mission (KSUM), has raised US $3 million from a Botswana-based Malayali entrepreneur.

TiaTech Health Technologies that focuses on digital health technologies bagged the funding from Balaram Ottapathu, a prominent entrepreneur in pharmacy and healthcare sector in India and abroad.

Thrissur-headquartered TiaTech, founded by Dr Ramesh Madhavan and Jitin Ranjit, provides digital solutions to the healthcare sector including HIS solutions, tele-medicine, insurance and billing solutions mainly for hospitals in India, Europe, Africa and the United States.

TiaTech’s CEO and founder Dr Ramesh Madhavan said the investment will immensely support their efforts in creating value-driven systems in the healthcare sector.

Earlier, Mr Balaram had taken part in Angel round fund raising of TiaTech. The current funding of US $3 million will be utilized to facilitate the growth of the company including marketing and team building, Dr Madhavan said.

He added that the funding was a recognition of the company’s sustained efforts in digitizing the health delivery systems to make healthcare affordable.

Balaram is the son of Ramachandran Ottapathu, CEO of Choppies Group, Botswana, a leading supermarket chain in Africa. He said as an entrepreneur, the investment is in line with his keen focus on the growth in the healthcare vertical.

Founded in 2015, TiaTech has offices in Thrissur, Kochi, Bengaluru and US.

KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.