Big Funding Round Up: HealthifyMe and Course5 Intelligence, two prominent players in the health and AI sectors, have struck significant funding deals in the month of June 2023. HealthifyMe, the Bengaluru-based health and fitness platform, secured $30 million in a pre-Series D, on the other hand, Course5 Intelligence, an analytics and AI solutions company, raised a staggering $53 million in its second funding round. These funding successes highlight the growing investor confidence in the potential of AI-driven health and analytics solutions in driving transformative change in their respective industries.
HealthifyMe round was led by LeapFrog Investments, Khosla Ventures, FinnFund, and Van Lanschot Kempen, with participation from existing investors including Unilever Ventures, Blume Ventures, Chiratae Ventures, and Healthquad. This funding, a combination of equity and venture debt, will be utilized by the Bengaluru-based startup to further enhance its AI-powered product offerings.
HealthifyMe made waves in 2017 with the introduction of Ria, an AI-powered virtual assistant that provides personalized nutrition and fitness advice in over 10 languages. Building upon this success, the company now aims to integrate generative AI into its platform, enabling nutritionists to offer even more tailored advice to their customers. By leveraging the power of AI, HealthifyMe plans to drive scale and profitability while revolutionizing the way people approach their health and wellness goals.
The company, backed by Chiratae Ventures, has already witnessed significant growth by combining AI with human expertise, with gross margins increasing from 30% to an impressive 70%. HealthifyMe is now looking to enhance its AI-enabled health offering, Smart Plans, which currently accounts for half of its paying subscribers. Additionally, the startup introduced a glucose monitoring patch last year, expanding its range of innovative health products to compete with similar offerings in the market.
Since its establishment in 2012, HealthifyMe has raised over $100 million in funding. The platform caters to more than 35 million customers across 300 cities, employing over 1,000 coaches who specialize in weight loss, improved eating habits, and mental wellness. With a physical presence in Bengaluru, Kuala Lumpur, and Singapore, HealthifyMe is committed to transforming lives and empowering individuals to achieve their health goals. Tushar Vashisht, Co-founder and CEO of HealthifyMe, expressed his excitement about the future, stating, “We’ve already demonstrated how blending human coaching and AI can transform millions of lives. Now, with generative AI, we’re supercharging our mission to ‘healthify’ a billion people.”
Big Funding Roundup : Startup Deals in June 2023
In a separate funding success story, Course5 Intelligence, an analytics and AI solutions company, recently raised an impressive $53 million in its second funding round. The round was led by the Nuvama Crossover series of funds managed by Nuvama Asset Management Limited. Carnelian Asset Advisors and affiliates also participated in the funding round. This funding follows a previous round led by 360 ONE Asset Management Limited in May 2023.
Course5 Intelligence intends to utilize the funds to support its inorganic growth plans. The company aims to strengthen its position through collaborations, acquiring new intellectual property, expanding its capabilities and talent pool, and establishing key client relationships. The funding will also enable Course5 to drive further innovation in various areas of applied AI, such as computer perception, deep learning, natural language processing, and generative AI, through its AI Labs. The company has set aside approximately $80 million from its cash reserves and accruals for future M&A activities.
Currently, Course5 Intelligence is in talks with five companies and expects to complete two acquisitions within the next year. The company is particularly interested in acquiring synergistic assets in the US, the UK, and India, with each target generating between $10 million and $20 million in revenue.
Course5 is also exploring opportunities with smaller deep-tech AI startups. Pranav Parikh, Managing Partner at Nuvama Private Equity, emphasized the growing adoption of data-driven intelligence globally, driven by advancements in technologies such as AI. Parikh believes that Course5 is well-positioned to capitalize on this trend due to its strong client base, industry domain.
