Patient-Centric Medical Image-Sharing Startup PocketHealth Raises $33 Mn in Series B Funding

Founded in 2016, PocketHealth aims to bridge the gap in the healthcare industry by providing patients with seamless access to their medical imaging records.

PocketHealth, medical image sharing startup based in North America, has secured $33 million in Series B funding.

Founded in 2016, PocketHealth aims to bridge the gap in the healthcare industry by providing patients with seamless access to their medical imaging records, thereby empowering them to take control of their health journey.

The funding round saw participation from Round13 Capital, Deloitte Ventures, and Samsung Next, along with continued support from existing investors Questa Capital and Radical Ventures.

This latest injection of capital brings PocketHealth's total equity raised to over $55.5 million.

The traditional medical image exchange systems have many shortcomings which often result in delays, unnecessary costs, and negative patient experiences.

PocketHealth which aims to bridge the gap has emerged as a patient-centric image exchange platform.

How Does PocketHealth Empower Patients?

PocketHealth leverages cutting-edge AI technology to personalize the patient experience through initiatives like Report Reader, Follow-Up Navigator, and MyCare Navigator.

The platform equips patients with valuable insights into their health, facilitating informed decision-making and proactive healthcare management, it said in a statement.

“Medical Imaging is the spark to nearly every patient journey in North America, yet manual and legacy image-sharing systems deemphasize patient access and delay patient care by generating unnecessary costs and limiting access to their own data,” said Rishi Nayyar, cofounder & CEO of PocketHealth.

Since its inception, PocketHealth has served 1.5 million patients across 775 healthcare provider sites in the US and Canada.

How Does PocketHealth Help Providers?

The platform also aims to help healthcare providers by bringing down operational costs while improving efficiency.

It offers healthcare providers a secure, advanced platform for seamlessly exchanging diagnostic images with both patients and external providers. It also enables them to instantly share images with anyone across any network.

Alternatively, providers can also establish a local network of PocketHealth Community Gateways for automated image exchange.

This ensures that medical records reach their intended recipients without the need for outdated methods like CD-ROMs, return visits to the hospital, or unreliable portal experiences, which can disrupt the patient's care journey.

“Colorado’s Valley View Hospital reduced non-labor costs associated with burning CDs by 95% and enabled patient and staff image sharing with out-of-network providers. Whereas Toronto’s Unity Health gained more than $120,000 in annual savings and closed their imaging library,” it said in the statement.

Commenting on the funding round, Brahm Klar, managing partner, Round13 Capital, commended PocketHealth for its innovative approach to addressing the challenges of medical image exchange. He emphasized the platform's ability to ensure seamless data transfer, empowering patients and healthcare providers alike.

According to him, PocketHealth is tackling a massive problem that requires the ability to build a thoughtful, resilient product experience for patients, physicians, and the most complex healthcare providers.

“We are impressed with how effectively the PocketHealth team has been able to rise to this challenge and create a solution that ensures data gets where it needs to go, instantly, empowering patients along the way. We are thrilled to join PocketHealth on this journey, and look forward to this exciting, next stage of growth," he added.

Recent Healthcare Startup Fundings

This week, healthcare space saw significant funding announcements.

On Monday, Hippocratic AI – a company building the first safety-focused Large Language Model (LLM) for healthcare, bagged $53 million in a Series A funding round. The round, which valued the company at $500 million, marked a significant milestone for the healthcare tech industry.

Last week, HiLabs, a prominent provider of AI-powered solutions designed to manage and unlock the potential of dirty data in healthcare, bagged a $39 million Series B financing round.