Intron Health, a Nigerian startup specializing in clinical speech recognition, has successfully raised $1.6 million in a pre-seed funding round. The funds will be used to enhance research, expand distribution, and recruit tech talent. Founded in 2020 by Tobi Olatunji and Olakunle Asekun, Intron Health has developed Africa’s first clinical speech recognition platform, achieving significant impact in the healthcare sector.
Background and Innovation
Founding and Vision
Intron Health was launched with the mission to address the challenges faced by healthcare professionals in developing countries, particularly in Africa. The founders, Tobi Olatunji and Olakunle Asekun, aimed to create a solution that could handle the diverse accents found in these regions, improving the efficiency of medical documentation.
Technological Advancements
The platform boasts a 92% accuracy rate on medical terminology, even with heavy accents, making it a groundbreaking tool for healthcare professionals. This innovation allows doctors to complete documentation seven times faster than traditional methods, significantly accelerating the adoption of Electronic Health Records (EHR) and reducing the administrative burden.
Funding and Investment
Pre-seed Funding Round
The $1.6 million pre-seed funding round was led by Microtraction, with participation from several prominent investors, including Plug and Play Ventures, Jaza Rift Ventures, Octopus Ventures, Africa Health Ventures, OpenseedVC, Pi Campus, Alumni Angel, and Baker Bridge Capital. Contributions also came from angel investors associated with global companies such as Google, CLEAR Global, NYU, and Optum.
Utilization of Funds
The raised funds will be utilized to deepen research efforts, strengthen cloud-native and on-premises capabilities, and expand distribution. Intron Health plans to bolster its team by recruiting tech talent to support product development and market expansion, driving continued progress and breaking further technological barriers.
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Impact and Adoption
Market Penetration
Intron Health currently serves over 30 public and private hospitals across Nigeria, Ghana, Kenya, South Africa, and Uganda. Notable institutions include Aminu Kano Teaching Hospital (AKTH) in Kano, Asiwaju Bola Ahmed Tinubu Hospital (ABATH) in Lagos, Babcock Teaching Hospital in Ogun, and Meridian Health Group in Nairobi. The platform provides care to more than 56,000 patients.
Enhancing Healthcare Efficiency
The platform not only improves efficiency but also enhances health outcomes and positively impacts hospital finances. By reducing the time spent on documentation, healthcare professionals can focus more on patient care, leading to better health outcomes.
Testimonials and Future Plans
Founder’s Perspective
“Having worked as a doctor in Nigeria, I have experienced first-hand the pain points with trying to deliver quality healthcare amidst increasing patient numbers. We are excited about the adoption and growth we’ve seen over the past year, which shows we are addressing a significant need and providing a well-overdue solution to a critical problem in the global south,” said Tobi Olatunji, CEO of Intron Health.
Investor’s Confidence
“We value companies and entrepreneurs who push boundaries with innovative solutions. Intron Health exemplifies this spirit. Tobi and Olakunle have effectively combined their domain expertise, unique insights, and proven execution skills to achieve impressive traction. We are excited to support Intron Health further and confident in their ability to deliver significant value to the healthcare sector and its stakeholders,” said Dayo Koleowo, partner at Microtraction.
Conclusion
Intron Health’s innovative approach to clinical speech recognition is set to revolutionize the healthcare sector in Africa and beyond. With the new funding, the company is well-positioned to expand its impact, improve healthcare efficiency, and contribute to better health outcomes across the continent. The support from prominent investors underscores the potential and importance of Intron Health’s mission and vision.