MDaaS Global, a leading Nigerian health tech firm known for its extensive network of diagnostic centers under the BeaconHealth Diagnostics brand, recently announced the successful closure of a $3 million Pre-Series A funding round.
As per information provided to Technext, this funding initiative was spearheaded by Aruwa Capital Management and Newtown Partners, with the latter contributing as a returning investor. Additionally, Ventures Platform, an early institutional backer of MDaaS Global, also participated with follow-on investment.
With this latest round of financing, MDaaS Global’s overall funding has reached a significant milestone of $6.8 million.
The company has outlined its plans for the newly acquired funds, focusing on two main objectives. Firstly, it aims to further enhance BeaconOS, its proprietary technology platform that was introduced last year. Secondly, MDaaS Global is set to broaden its healthcare network across Nigeria, targeting expansion into all 36 states. This growth strategy includes a combination of direct ownership and partnerships with affiliate clinics.
Having worked within Nigeria’s healthcare ecosystem for years, we’ve gained invaluable insights into its complexities and areas that urgently need improvement.
MDaaS Global’s CEO Oluwasoga Oni
Discussing MDaaS Global’s approach to technology, CEO Oluwasoga Oni remarked:
“Having worked within Nigeria’s healthcare ecosystem for years, we’ve gained invaluable insights into its complexities and areas that urgently need improvement. At MDaaS Global, we channel this understanding into crafting technologies specifically designed for the African healthcare context. BeaconOS is more than a solution to our own problems; it’s about equipping our patients and partners with tools that are tailored to meet their unique requirements, ultimately transforming the way healthcare is delivered throughout Africa.”
MDaaS Global is optimistic that the recent funding will significantly advance its goal of making high-quality diagnostic and healthcare services widely accessible throughout the continent.
Since inaugurating its inaugural diagnostic clinic in 2017, which offers imaging, cardiac, and laboratory services, MDaaS Global has seen impressive expansion. The company now operates 17 facilities spread over 10 Nigerian states.
Thanks to its robust technological infrastructure and expansive care network, MDaaS Global has catered to more than 275,000 patients so far. Additionally, it provides indispensable support to over 1,300 entities, including healthcare facilities, corporations, and Health Maintenance Organizations (HMOs), all of which depend on BeaconHealth Diagnostics to fulfill their diagnostic requirements.
BeaconOS, the digital backbone of MDaaS
BeaconOS, MDaaS Global’s innovative technology, functions as the digital cornerstone of its healthcare network, much like an operating system does for a computer. This technology enhances and interlinks their physical clinics, effectively serving as the ‘hardware.’
Atop BeaconOS, MDaaS Global has developed a comprehensive suite of applications. These tools are engineered not only to refine healthcare services within BeaconHealth clinics but also to seamlessly connect with the company’s extensive array of partner organizations digitally.
Last year marked a significant milestone for MDaaS with the launch of Olewerk, an application designed to enhance diagnostic workflows. This innovation is now operational across all 17 of its locations. Additionally, the company unveiled Beam, its first application tailored for corporate partners. Beam streamlines the management of occupational health for their teams, showcasing the company’s commitment to leveraging technology in healthcare.
The recent funding will enable MDaaS to expand the BeaconOS platform by developing new applications aimed at addressing key challenges within the healthcare ecosystem:
- An affiliate clinic portal is in the works to foster cooperation with partner clinics nationwide. This portal will support real-time patient referrals, effortless management of results, and uphold standardized quality measures. Such digital synergy is expected to accelerate the growth of MDaaS Global’s clinic network, thereby enhancing the availability of superior diagnostic services for communities across Nigeria.
- MDaaS is set to disrupt the conventional, cumbersome processes of authorizations and claims in collaboration with Health Maintenance Organizations (HMOs) through digital integrations, paving the way for more efficient operations.
- Additionally, the company is focused on creating a patient-centric application. This app will empower patients to schedule appointments at MDaaS-owned and partner clinics, access their medical results, obtain follow-up care, and manage their health insurance plans from a unified platform.
The urgency for better diagnostic services in Africa cannot be overstated. In 2023, the World Health Organization (WHO) Regional Committee for Africa reported that merely around 30% of health facilities on the continent are equipped to conduct basic diagnostic tests. This gap disproportionately impacts marginalized and underserved communities.
The WHO also emphasized that access to diagnostic and laboratory services is crucial for achieving universal health coverage.
Oluwasoga Oni, reflecting on the company’s expansion in Nigeria, remarked, “Our aim extends beyond mere expansion; it’s about making quality healthcare accessible to all. Through scaling, we achieve affordability, wider reach, and the potential for meaningful systemic reform. At MDaaS Global, our mission transcends the establishment of clinics and software development; we’re dedicated to forging a healthier future for every Nigerian and, ultimately, for all Africans.”
