The funding will allow the company to scale its operations, hire talent, and develop foundational technology capabilities to better serve the technology needs of its clients in the healthcare industry
Reveal HealthTech, a healthcare technology firm has raised $4 million in seed funding from W Health Ventures, a healthcare-focused VC that invests in and grows tech-enabled early-stage healthcare companies.
The company provides cross-functional technology services to healthcare companies, offering engineering, clinical, and strategic support. It aims to partner with US-based healthcare organisations to maximise patient health outcomes by removing technology as a constraint to innovation and scale. The company will utilise the capital to invest in further developing its service suite, establishing a wider customer base, and expanding its talent acquisition, training, and development efforts.
This is W Health’s first investment in the healthcare technology services segment. Technology spend in healthcare in the US is rising ~13 per cent year-on-year and is expected to reach $141B in 2023. Of this, it is estimated that 30 per cent or $41B is outsourced by healthcare companies to technology services organisations. This is mainly because of the challenges related to hiring, developing, and retaining engineering talent in healthcare. Moreover, fewer than 10 per cent of leading product engineering firms offer specialised healthcare talent with relevant domain understanding, which is especially important given complex regulations, data privacy, and the important real-world implications associated with treating patients.
Reveal HealthTech aims to address the top three talent challenges faced by healthcare organisations today, including talent identification and selection, lack of healthcare domain expertise, and high turnover among software teams at healthcare organizations.