MDaas Global, a Nigeria-based digital health services provider, is working towards launching a new service called SentinelX as well as expanding across the country using its latest $2.3 million funding round.
The startup builds and operates a network of modern, tech-enabled diagnostic centres across Nigeria. MDaaS (an abbreviation for “medical devices as a service”) was founded in 2017 by Oluwasoga Oni, Opeyemi Ologun, Genevieve Barnard Oni, and Joseph McCord.
Through BeaconHealth Diagnostics, MDaaS offers a wide range of services. These include imaging services such as digital x-ray and ultrasound, cardiac services such as ECG and echo, as well as lab services that range from chemistry analysis to haematology.
Since its launch, MDaaS has opened seven centres in five Nigerian cities – Ibadan, Ilorin, Osogbo, Lagos, and Abuja. It has also provided diagnostic services to over 40,000 patients in underserved communities and performed more than 80,000 diagnostics tests across cardiology, radiology, neurology, laboratory, and general health checks, according to company figures.
MDaaS Global has now secured $2.3 million in a seed extension round led by Newtown Partners via the Imperial Venture Fund. CRI Foundation, FINCA Ventures, Techstars, and Future Africa also participated in the round.
With the funding, the startup plans to publicly launch SentinelX in September 2021. According to MDaaS, the new service, which is currently in private beta, is a digital health membership that promotes preventive, personalised, and continuous care using proprietary technology.
“SentinelX combines a human touch – which is still needed – with advanced technology to provide faster, easier healthcare solutions for Nigerians. But importantly, it makes preventive care more accessible and affordable,” said Oni, who serves as the chief executive officer. “This will pave the way for lowering overall medical costs for patients as well as improving their health outcomes in the long run.”
We are very excited to announce the close of our $2.3M Seed Extension round led by @newtownpartners via the @Imperial_Logist Venture Fund! https://t.co/5Hk8fOQ4vu
The funds will also be used to help the company scale its presence across Nigeria with hopes to become the largest diagnostic chain in the country. MDaaS plans to expand to six new cities this year and by 2025, it aims to operate 100 centres across the continent and serve one million patients per year.
“Unrestricted access to quality healthcare has always been our principal objective and the pandemic has compelled us to consider innovative ways of offering more proactive care. This additional funding will propel our growth as we look to serve more people and in more ways,” Oni said.
The seed extension round brings MDaaS Global’s total funding to date to $3.7 million. It raised a million-dollar seed round two years ago, in addition to the other investments secured over the last four years.