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US-based and MENA-focused Healthtech TachyHealth has successfully raised an undisclosed 7-figure amount in its latest funding round. The oversubscribed SEED round recorded participation from key regional VC and Angel investors led by Propeller Inc. along with Oman Technology Fund- Wadi (OTF Wadi), Jordinvest, and a leading insurance company out of Saudi Arabia. This is a set milestone in the growing startup’s journey following an angel round previously raised by the company in the pre-seed stage.
Founded in 2018, TachyHealth is a Delaware-based healthcare technology company with a presence in four countries, US, UAE, KSA, and Egypt. The startup has developed solutions for re-inventing the interaction between healthcare providers and payers by leveraging artificial intelligence (AI) and data science with the aim of removing waste, saving money, and improving the patient journey for value-based healthcare.
As most recently recorded in our Q3 2021 EVM Healthcare Venture Investment Report, Egypt ranked as the top geography by number of deals and amount of capital deployed backing Healthcare startups in MENA. Overall, investments in the MENA Healthcare sectors have taken a backseat, after ranking as the 5th most funded ecosystem in MENA by H1 2021. Despite an almost 65% YoY decrease in capital invested in the MENA healthcare sector by Q3 2021, it is remarkable to see further innovations integrating AI and automation to optimize management processes. Of which, startups like Sotech, Bypa-ss, Glance Care, Cura, and most recently TachyHealth have raised major rounds this year.
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The AI-driven, fully-integrated solutions TachyHealth provides include AiGuide for medical doctors, AiCode for medical coders, AiClaim for claim management, and AiReview for claims review and auditing by the payers. The MENA-focused team has seen tremendous growth especially following the global pandemic, where the transformation of healthcare became a priority for healthcare systems across the region. TachyHealth is pioneering this critical transformation through enhanced revenue cycle management, medical coding, and claims management focusing on outcome and value rather than quantities and activities.
In a short time, TachyHealth has managed to grow rapidly with a current team of 40 members, including top-notch engineers, doctors and developers, managed by an executive team from healthcare and technology backgrounds with +100 years of collective experience. This forms a team that is thrilled to utilize the latest technology to disrupt the healthcare market and transform traditional care. TachyHealth plans on channeling its newly acquired funds to accelerate the development of its deep technology solutions as well as to fuel market growth across MENA. This will go along with the aim of intelligently automating the traditional healthcare processes that tie up a vast number of resources, people, time, and money.
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