Sihatech Secures $1.3M in Series A Round
Riyadh-based Saudi Internet Health Application Technology Company, Sihatech, has announced the closing of its first institutional investment round, a total of $1.3M, led by Saudi Aramco Entrepreneurship Ventures (WA’ED Ventures) as well as returning investor, Waseel Application Service Provider.
Sihatech is a provider of technology solutions to the healthcare space to improve the access, accountability, and quality in healthcare. Sihatech helps and assists both patients and doctors across the entire patient journey, from selecting the best fit doctor and stating concerns before an appointment, to accessing one’s diagnosis and test results online and following up on the treatment through a HIPAA certified messaging module. The platform also allows patients to rate their doctor’s services and doctors to rate their patients’ adherence to their treatment plans.
Sihatech plans to use the investment to improve its offering to the Saudi healthcare sector, grow its team, hire more local, expand its core technology products to support the regional healthcare sector, and become a driving force of the healthcare component of the Saudi Vision 2030 strategic objectives.
Mr. Khalil A. Al-Shafei, CEO and Managing Director of WA’ED stated: ‘Today with over 2000 doctors representing 30 different hospitals and medical centers across the nation, we recognize Sihatech as the largest network of private healthcare providers in the Kingdom that provides detailed information on more doctors than the largest top four Riyadh hospitals combined’
In May, Sihatech won first place at ArabNet’s Startup Championship, following a win at the Startup Battle in Riyadh. They were also selected by the World Economic Forum and the International Finance Corporation as one of 100 Arab World startups shaping the future in the context of the Fourth Industrial Revolution (4IR).
In 2018, it aims to provide linkages with 200 clinics and will introduce the first independent healthcare and beauty financing function which will allow patients to acquire financing for non-insurance covered medical procedures.