Place/Date: Singapore - May 20th, 2019 at 11:25 pm UTC · 3 min read
Contact: Amna Yousaf, Source: AICoin
AICoin, a tokenised group that uses profits from cryptocurrency trading to take equity stakes in early-stage AI companies, has just completed its first investment in Sevamob Ventures USA Inc. AICoin, through Tessier-Ashpool PTE Ltd. is the lead investor in this $2,000,000 funding round and will acquire a board seat at Sevamob. Other participants in the round include Sorenson Impact Foundation, Impact Assets, and US-based HNIs.
Sevamob, a provider of artificial intelligence-enabled healthcare platform to organizations, and part of Duke University’s Innovations in Healthcare program, is one of the new breed of companies that uses technologies like artificial intelligence and telemedicine in asset light popup clinics to deliver superior primary healthcare to underserved populations at up to 50% lower cost.
Sevamob makes revenue by charging for service delivery and software licensing. Sevamob is currently running 163 full and part-time units in India, Southern Africa, and Georgia USA. The majority of these units are sustainable. More than 86 organizations are paying for their software and services.
In Sevamob’s B2B model, its customers include schools, employers, NGOs, corporate CSR, hospitals/clinics, pharma, and local govt. These customers like Fullerton and Indian Oil, partner with Sevamob to provide care to employees, communities or other beneficiaries. Care includes consultation, point-of-care diagnostics, treatment and referrals for issues ranging from general health, vision, dental and nutrition to cardio-metabolic, infectious disease and ENT.
Sevamob’s strength is convenient onsite service, coverage in urban as well as rural, lower cost due to its technology and live dashboards to track health outcomes.
Gavin Smith, founder of AICoin and the CEO of The Panxora Group stated;
“Sevamob is a good first investment for us because the majority of their units are already sustainable with improved cost efficiency and scalability built into their DNA. Their model is to set a benchmark for quality care using a medical team, then they use technology to both increase the effectiveness and cost efficiency of service delivery.”
As a matter of fact, Sevamob founder and CEO Shelly Saxena has spent the 4+ years since Sevamob’s inception fine-tuning their delivery model so they can supply high-quality services across a broad range of community needs. Shelley has faced the considerable hurdles of providing medical services head on and it is this kind of direction coupled with innovation that increases the business’s probability of success.
AICoin founder Marcie Terman said;
“The Sevamob investment marks the start of AICoin taking equity stakes in young companies which will focus on “investment quality over quantity. As a group, AICoin and its founders are anomalous in the token space. The founders, as well as subscribers, got involved in AICoin, not because they wanted to ‘get rich quick. They got involved to be part of an experiment where we paired AI tech to make money with the ‘Wisdom of the Crowd’ to give members a voice in directing how that money is invested. It’s not like an angel syndicate where a venture capitalist with his pre-existing prejudices become part of how investments are selected. But where the group benefits from the diversity of its perspective, knowledge and unique experience.”
In this way, we will identify opportunities that the VC industry will habitually overlook.
Disclaimer: AICoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest