HealthArc, which runs a platform to enable virtual healthcare, has closed on $5 million in a growth funding round led by West Coast firm ScOp Venture Capital.
Other participants include Original Capital, Dream Capital and Correlation Ventures, and angel investors Hari Raghavan, Saurya Prakash Sinha, Charlie Aaronson and Max Aaronson. The bootstrapped startup, based in Hackensack, N.J., previously raised $500,000 from Dream Capital.
HealthArc was founded by former Cognizant and Wipro executive Sudeep Singh Bath, who in his younger years was unable to pursue an entrepreneurial dream after coming up with a YouTube-like concept. Bath, an engineer, said he built the virtual healthcare platform after struggling to monitor the health condition of his mother in India.
“As the eldest son, I felt a profound sense of guilt for not being closer to her and not taking better care of her health,” he wrote in a blog post. Believing there were many like him who wanted to remotely manage their parents’ health, he “created a visual mockup,” and sold the concept before even building our minimum viable product.
“I ventured into the world of business with a SaaS startup, with zero upfront investment,” Bath said. “I quit my job, rolled up my sleeves, and began reacquainting myself with engineering concepts I had left behind over a decade ago.”
Commercial Real Estate
MacKenzie Companies
Law
Nemphos Braue
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Bath is also an active angel investor. Over the last decade, he has backed in nearly 30 early-stage companies including unicorns SaltSecurity and AxiomSpace.
HealthArc’s unified care management platform offers a suite of virtual programs including remote patient and therapeutic monitoring, chronic, principal and transitional care management, and behavioral health integration. It can connect to over 50 medical devices and wearables.
The company says it became profitable before accepting any funding, and claims a year-on-year growth of 250%. HealthArc’s board includes DoubleClick founder Kevin O’Connor.
