Spry Therapeutics raised $15 Million
The Pune-based software-as-a-service (Saas) company- Spry Therapeutics has secured $15 million in funds from its existing investors Together Fund, Fidelity’s Eight Road Ventures and F Prime Capital and Flourish Ventures as a new investor, as per the co-founder Brijraj Bhuptani.
Existing investors Together Fund, Fidelity’s Eight Road Ventures and F Prime Capital also participated in the funding round.
About Spry Therapeutics
The firm Spry provides overall clinic management solution that automates the complex billing processes and enhancing patient engagement.
Although the earlier cloud solutions which were designed primarily for clinical needs or basic billing systems, Spry automated complex billing while improving patient engagement, report generation, and data entry.
The company is founded Brijraj Bhuptani former CTO of Ola, and Riyaz Rehman. The company provides direct benefits to physical therapists, ranging from independent practitioners to larger clinics by merely addressing key challenges such as cash flow management and reimbursements of insurances.
Growth statistics of Spry Therapeutics
As per Bhuptani, the U.S. healthcare is not just a big $4 trillion monolith but rather thousand $4 billion opportunities.
Anyone who wants to make a meaningful impact cannot do so by going wide and operating on the fringes. Spry is changing how PTs will manage their practice by enabling them to go deep.
As per the firm, it has grown swiftly in a short span of time on the strength of its product, achieving meaningful industry recognition. In the last 18 months, the firm has partnered with more than 105 clinics across 30 American states and was named as the top physical therapy software solution by G2 in the Summer and Fall editions.
Competitors of Spry
The competitors of the firm include WebPT, PromptEMR, Raintree, and Strata, among others.
Flourish Ventures investments
With almost $850 million in patient capital under management deployed across five continents, the early-stage venture capital firm, Flourish Ventures has made up to more than 20 investments in Southeast Asia and India with its portfolio including the following- CredFlow, Indifi, M2P, Apnaklub, Aquaconnect, Brick, Kaleidofin, QueueBuster, Qoala, ShopUp, and Scripbox.
Read more about Flourish Ventures only at- Flourish Ventures Promotes Investment Lead in India – StartupNews.fyi – Startup & Technology News
Data of Spry and its services
The company has around 130 of its employees in India and it helps with the process of insurance claims besides offering integrated software for administrative functions of the centres, clinical management and financial services for instance- billing and payments.
Future of Spry
The market of physical therapy is on expansion due to the emerging needs of rehabilitation after surgeries and also due to the preventive care- which further ensures that patients can live healthier and longer.
“Spry is targeting the large market of small businesses which provide physical therapy but they lack the means to make insurance claims digitally. It will help solve a real need in the market,” said Kabir Kumar, who is a partner at Flourish Ventures.
He also pointed to the backend IT process in India and commented that there is a huge talent pool here which is available locally that knows how to file insurance claims for healthcare in the US. The firm is utilizing the pool of talent for building a software for the market.
The other co-founder of Spry- Riyaz Rehman was head business at Ridlr till the time it was acquired by Ola in 2018.
Conclusion
The Pune-based software-as-a-service (Saas) company- Spry Therapeutics has secured $15 million in funds from its existing investors Together Fund, Fidelity’s Eight Road Ventures and F Prime Capital and Flourish Ventures as a new investor, as per the co-founder Brijraj Bhuptani.
he firm Spry provides overall clinic management solution that automates the complex billing processes and enhancing patient engagement.
Although the earlier cloud solutions which were designed primarily for clinical needs or basic billing systems, Spry automated complex billing while improving patient engagement, report generation, and data entry.
For more such fundings related news, please visit- From Hills To Hustle: Discover Uttarakhand’s Top 10 Startups Leading The Charge! – 24 Khabre