Rology closes Pre-series A round
Rology, an on-demand teleradiology platform connecting hospitals and other healthcare providers with remote and readily available radiologists, has closed an undisclosed Pre-series A round.
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Egypt-based teleradiology platform Rology, has closed a Pre-Series A round, with participation from Egypt Ventures, Sequence Ventures, Waseel, Tawaref, and Viktoria Ventures. The round was also joined by previous investors including HIM Angels, AAIC, DAI and Cubit Ventures.
The platform was launched in 2017 to compensate for the lack of radiologists and high latency in medical reports through enhancing scan image quality and matching cases from Hospitals and Radiology Centers according to sub-specialization and expertise. It delivers reports for cold cases within 12 hours and emergency cases in just 60 minutes. The Rology platform is fully equipped to supply hospitals with unique solutions across a diverse spectrum of subspecialties including breast imaging, Cardiovascular Radiology, Chest Radiology, Gastrointestinal (GI) Radiology, Musculoskeletal Radiology, and more.
The evolution of the HealthTech space across Emerging Venture Markets has been inspired by a pandemic-induced need for remote servicing, and AI-powered optimization. In the MENA region, the healthcare sector made some big strides in Q1’22 garnering $46.6M in funding, recording a growth of 679% compared to Q1’21, as recorded in our MENA Q1 2022 Venture Investment Report. Almost all of the capital deployed in the sector was brought in by UAE’s Altibbi raising $44M in Series B. Across the Emerging Venture Markets, the majority of the healthcare funding in Q1’22 was deployed in Sub-Saharan African startups with Reliance Health raising $40M and mPharma raising $30M.
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Speaking about the company’s endeavors Amr AboDraiaa, the co-founder and CEO Rology, stated, “After the pandemic era, and the rapid increase in the radiology demand globally and in the MEA region, we have the responsibility to improve the Teleradiology as a real solution for the diagnostic challenges to save lives. Rology's role became more important to help patients get an accurate diagnosis quickly. So, we are developing our platform to serve a large number of hospitals and radiology centers either in cities or rural areas with zero setup hassle, in addition, boost radiologists' productivity through our AI radiology tools.”
Rafeh Saleh, Founding Partner of Cubit Ventures, added, “With a brilliant team behind the helm, a much needed solution, solid unit economics, massive adoption opportunity, and huge impact, we are very excited to have participated and are very excited to support Rology’s quest towards saving lives across the Middle East and Africa”
Ahmed Gomaa, Chairman and CEO of Egypt Ventures, said, “Telemedicine is an exciting new sector being adopted globally that has seen accelerated growth since the beginning of the COVID-19 pandemic. Led by a young and passionate team, we believe Rology is positioned to dominate the teleradiology segment of telemedicine in the MENA region"
The funds will go towards empowering Rology's geographical expansion in the MEA region.
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