December 20, 2023

Healthcare and life sciences focused private equity investor InvAscent, through India Life Sciences Fund IV (ILSF IV), has invested USD 10 Mn to acquire a minority stake in ABI Health Technologies Private Limited Ltd (ABI), a leading health-tech Software as a Service (SaaS) company headquartered in Bangalore.

Founded in 2018 by Ajit Veerappan, ABI is a prominent health-tech SaaS business which provides technology solutions to two major segments of the healthcare industry, namely, Hospitals and Diagnostic Labs.

ClaimBook automates a hospital’s entire health insurance claims management process. It uses Artificial Intelligence (AI) tools and technologies such as Robotic Process Automation (RPA) to help hospitals seamlessly and efficiently manage the claims process. ClaimBook has been implemented in over 300 leading hospitals in India.

Attune is a Laboratory Information Management System (LIMS) for diagnostic labs. A comprehensive platform, Attune, helps diagnostic labs automate lab processes thereby improving sample management, reducing Turnaround Times (TATs), and optimizing costs. Its unique middleware supports automatic updating of software changes made by suppliers of 3000 different types of diagnostic equipment. Attune has been implemented in over 450 leading diagnostic labs.

“The growing use of insurance policies for payment in hospitals has brought the importance of managing the insurance claims process efficiently to the fore. ABI’s ClaimBook helps hospitals digitize the claims management process and helps them recover their dues in a timely manner. Its LIMS product, Attune, helps diagnostic labs serve their customers better by improving turnaround times while optimizing their cost of operations. This investment will fuel ABI’s growth and enable it to rapidly penetrate both domestic and global markets,” said Anil Jagirdar, Director, InvAscent.

“Indian Health-Tech is always seen as a challenging space but we see this changing rapidly with increasing adoption of tech. We believe that the platforms we have created meet the needs of enterprises across the globe. The investment will be used to support growth by financing building of add-on microservices and in expanding our presence in other geographies,” said Ajit Veerappan, Managing Director, ABI.

Masterkey Holdings served as the exclusive financial advisor to ABI for this transaction.

About InvAscent

InvAscent is the investment advisor to a family of funds that operate under the name “India Life Sciences Fund” or ILSF. It has so far raised about USD 500 Mn from global investors across four funds and deployed the same in 30+ companies across Pharma, Healthcare Delivery, HealthTech, Medical Devices, and Animal Health industries. The investment team at InvAscent has deep domain expertise and a track record of value creation in the Life Sciences space.

For more information about InvAscent, please visit https://www.invascent.com/