Reveal HealthTech, a healthcare technology company, has raised $4 million in seed funding from W Health Ventures, a healthcare-focused venture capital firm that invests in and grows tech-enabled early-stage healthcare companies.
Reveal HealthTech provides cross-functional technology services to healthcare companies, offering engineering, clinical, and strategic support. Its goal is to partner with US-based healthcare organizations to maximize patient health outcomes by removing technology as a constraint to innovation and scale.
The funding from W Health Ventures will enable Reveal HealthTech to invest in further developing its service suite, establish a wider customer base, and expand its talent acquisition, training, and development efforts. This investment marks W Health Ventures’ first foray into the healthcare technology services segment.
Healthcare technology is a rapidly growing sector in the US, with technology spending increasing at a rate of approximately 13% annually.
It is expected to reach $141 billion in 2023, with an estimated 30% or $41 billion outsourced by healthcare companies to technology services organizations. This is largely due to the challenges related to hiring, developing, and retaining engineering talent in healthcare, with fewer than 10% of leading product engineering firms offering specialized healthcare talent with relevant domain understanding.
Reveal HealthTech aims to address the top three talent challenges faced by healthcare organizations today: talent identification and selection, lack of healthcare domain expertise, and high turnover among software teams at healthcare organizations.
The company is focused on leveraging its domain expertise to create impactful healthcare technology solutions for its clients.
Reveal HealthTech has identified and partnered with top-quality senior technology talent in India, where it can access an available pool of over 150,000 engineers who have built products for the US healthcare industry. This forms the largest specialized talent pool with US healthcare technology expertise outside of the United States.
Sanchit Mullick, Founder and CEO of Reveal HealthTech, stated that “healthcare is the largest sector in the US economy and has significant labor shortages, not just among clinicians but also from an engineering perspective.
As technology takes center stage in driving healthcare transformation, the industry needs partners that can help drive purposeful adoption of technology in building new Digital Care Pathways.”
W Health Ventures Partner, Pankaj Jethwani, added, “there is a clear need for an agile and sector-focused technology services company that understands the challenges faced by other healthcare companies. Reveal’s differentiated approach makes them the ideal player to catalyze the positive change towards a tech-driven healthcare ecosystem.”
In summary, Reveal HealthTech’s innovative approach to addressing talent challenges in the healthcare industry, coupled with the support of W Health Ventures’ investment, positions the company well to become a leading player in the healthcare technology services space.