Nigeria’s Tech Start-up Receives Funds from Gray Matters Capital
An impact investing foundation headquartered in the United States, Gray Matters Capital has announced its investment in SonoCare, a Nigeria based health tech start-up.
SonoCare, which provides women’s health services such as on-demand mobile 3D/4D diagnostic imaging and cardiac monitoring, also provides a cost efficient system scaled to the needs of hospitals, satellite clinics, health care providers like physicians and midwives, birthing centres, assisted living facilities, as well as corporate offices using a combination of the most advanced imaging systems and highly trained, registered technologists as sonographers.
The health tech start-up was the first to deploy a web/mobile resource for patient information transmission and inter-disciplinary collaboration, making the firm a pioneer in mobile diagnostic imaging in Nigeria.
A statement released on the collaboration noted that one in 13 women in Nigeria die during pregnancy and childbirth, and a vast majority of such deaths occur in rural areas.
Gray Matters Capital realised that SonoCare’s mobile diagnostic medical imaging solution leverages technology and innovation as a solution to the lack of affordable and easy to access diagnostic care services in Sub-Saharan Africa.
SonoCare revealed that it has screened over 26,000 women from 17 rural communities and has detected over 15,000 high-risk pregnancies. The company also said it has helped low-income, rural women save $626,568 in costs that could have prevented them from seeking medical help.
The Managing Director of SonoCare, Dr. Moses Owoicho Enokela, who addressed the funding, said “we are excited to partner with GMC coLABS as our first institutional investor, as we both share the vision and passion to positively impact the lives of women”.
He noted that “with this investment, we will be able to scale our operations through our mobile app in addition to deploying more mobile units. This will push us to reach our first 200,000 pregnancies by 2020 and to profitability”.
The Portfolio Manager of coLABS at Gray Matters Capital, Jennifer Soltis said “with its mobile diagnostic services, SonoCare detects pregnancy complications before they become threats to the lives of women, giving those in low resource areas a better chance for safer pregnancies and deliveries”.
She added that “we are proud to support the work of Dr. Moses, a determined and resilient entrepreneur who has brought to market a solution to a problem that most lack the grit to attempt to solve at scale. We’ve been very impressed with what he’s accomplished with modest resources and can’t wait to see what the future holds for him”.
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