Egypt-based IoT & HealthTech Sotech raises $1M Pre-Seed
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The Egypt-based Healthech and IoT solutions startup Sotech has successfully raised $1M in its latest Pre-Seed funding round led by Innlife investments and key corporate investor Al Raya Kuwaiti.
Founded in 2020 during the pandemic, the Egypt-based startup specializes in smart IoT, trackable OOH advertising, and data gathering. By providing fully integrated Tech & Hardware couple with an integrated set of softwares and tracking platforms, Sotech is bridging the worlds of offline advertising with online campaigning. Through a seamless app, Sotech helps clinics understand the volume, flow, and demographic of its visitors, the data is also linked to an advertiser dashboard helping advertisers monitor their in-clinic Ad performance.
Albeit a 2-deal YoY decrease in total transactions closed by Healthcare startups across MENA, Turkey, and Pakistan the Healthcare industry observed an uptick in VC funding YoY over Q3 2021 as most recently observed in our August 2021 Venture Investment Dashboard. After reaching an all-time high in VC funding in MENA, raising an unprecedented $73M over 33 deals in 2020, Healthcare startups in MENA are emerging with new ways to utilize Tech in elevating and disrupting the industry. Sotech is not just providing a lucrative opportunity for advertising in the industry, but the Egypt-based startup also has set its eyes on integrating Tech to stop the next virus breakout.
The Egypt-based startup currently operates in the Cairo medical field with over 200 clinics and is expanding by almost 60 more each month. Sotech offers a venue management system for hospitals & clinics that engages with the visitor as soon as they enter, and follows their entire journey through multiple display touchpoints. The fully Tech-integrated system not only helps clinics manage their business but also tracks data that could connect to a thrid party advertiser who can then retarget visitors based on their in-clinic activity, all analyzed via the smart hardware on location.
Sotech was founded by a group of Tech, Marketing, and Healthcare enthusiasts on the simple idea of transforming “Out of Home” advertising to be traceable through a set of software solutions. Their market decision to operate in Healthcare clinics, however, does not only stem from the fact that they’re one of the most underserved industries in digital transformation, but also from the belief that integrating Tech to create new avenues of data analytics could verily be a great fighter against infectious diseases and other endemic breakouts.
The Egypt-based startup plans to utilize its newly acquired funds to fuel its scaling operations into 500 venues and expand its market beyond Egypt tapping into Mecca and Madina as well. By creating a consolidated network for the millions of data sets collected across the country, Sotech has high hopes of utilizing its technology to avoid, track, and contain infectious diseases as Sotech’s Omar El Metwally told MAGNiTT “In Sotech we believe we can be one of the weapons that can fight the pandemic and serious diseases through our smart technology, and reinvent one of the most effective marketing channels, the OOH, by having the best analytical solutions detecting behavior and way more insights making it a great cooperative channel with the digital channels.”
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