Doceree Closes $11 Million Series A Funding Round Led by Eight Roads Ventures

USA - English

News provided by

Apr 07, 2022, 03:11 ET

Financing accelerates company's global growth and development of its platform to enrich HCP messaging solutions on endemic and point-of-care networks for life sciences companies

PARSIPPANY, N.J., April 6, 2022 /PRNewswire/ -- Doceree Inc, the first global network of physician-only platforms for programmatic messaging, today announced the completion of $11 million Series A funding round led by Eight Roads Ventures, a global investment firm backed by Fidelity. F-Prime Capital and Alkemi Growth Capital also participated in the round.

Doceree will use the funds to scale its global operations, expand partnerships, augment its product portfolio and advance the platform's measurement and behavior lift capabilities to bring greater transparency to results. It will also help it embolden healthcare professional (HCP) communications for pharma and life sciences brands, agencies and health information technology platforms.

"It is critical for industry players like life sciences companies and HCP-only platforms to understand and react to the digital touchpoints and behaviors of HCPs for delivering messages they resonate with," says Harshit Jain, M.D., Founder & Global CEO, Doceree. "Our identity resolution technology and tailored products for different markets that adhere to the country-specific regulations and guidelines make it easy for life sciences brands to engage with HCPs on digital mediums, while enabling publishers to improve engagement on their platforms with relevant medical information from pharmaceutical and life sciences brands."

Doceree's industry-first solutions, powered by proprietary identity-resolution technology, ESPYIAN™, enable messaging and targeting of HCPs on endemic (sites physicians visit for knowledge, professional enhancement or to connect with their peer group) and point-of-care (platforms where physicians tend to their patients) platforms. The platform enhances engagement between life sciences companies and their target audience through its global publisher network in a fast-evolving digital pharma marketing ecosystem.

Founded in 2019 by Harshit, a former physician who transitioned into the healthcare marketing space, Doceree empowers life sciences brands and media agencies with solutions that seamlessly reach HCPs on professional HCP networks and within their digital workflow to achieve better patient health outcomes. The company has refined HCP communications through its programmatic messaging capabilities to help marketers with more efficient, effective and transparent messaging campaigns.

"Doceree has identified a largely overlooked white space in digital pharma marketing and is delivering innovative solutions to address some of the most critical challenges that pharma companies face today," says Carl Byers, Partner, F-Prime Capital. "We were drawn to the company's vision and are looking forward to our partnership and continued support as they evolve into their next stage of growth."

On the back of massive interest of pharma brands and publishers towards Doceree's custom-built product offerings within the programmatic pharma marketing space, the company expanded to key international locations, such as emerging markets in the UK & Europe, within two years of the platform's launch in the U.S. The sophistication of Doceree's platform capabilities has created enormous opportunities for marketers and publishers in these geographies as it transforms the way pharma brands communicate with HCPs globally on physician-only platforms. Currently, Doceree is working with eight of the top 10 global pharma brands and the company currently engages more than 1 million HCPs across the globe.

"Doceree is transforming the way digital interactions between pharmaceutical brands and prescribers are facilitated," says Ashish Venkataramani, Partner, Eight Roads Ventures. "Pharma marketers navigate significant complexity across point-of-care systems and health information systems. Doceree's technology platform seeks to disrupt the fragmented value chain for digital messaging to physicians, and will be at the forefront of this promising sector."

Doceree's AI-powered solutions facilitate hyper-targeting of HCPs based on multiple triggers and at various touchpoints that enrich marketing initiatives digitally. The platform can precisely identify HCPs on professional platforms based on their behavior traits, diagnoses they carry out, prescriptions they write, and the procedures they perform to deliver relevant messaging from life sciences brands in a regulatory compliant manner.

Doceree Perform, the company's latest product, provides exceptional measurement proficiency for life sciences companies to evaluate campaign performances and to improve script lift with data-driven messages in the U.S. In India, the U.K. and the EU, ESPYIAN™ enables marketers to target HCPs at a specialty level, allowing pharma brands to reach them at scale based on their area of expertise. The company is set to introduce behavioral lift measurement offerings globally.

"For pharma, life sciences companies and publishers, having access to data-driven, actionable insights to strategize and implement communication initiatives is critical to reaching HCPs," says Rahul Gupta, Board Member, Doceree. "Doceree has proven the ability to efficiently connect stakeholders and is well-positioned to serve the needs of the pharma industry."

"In a world that has embraced online channels for virtual care during the last two years, reaching HCPs within digital point-of-care and endemic networks is having a resounding impact on communications for life sciences market," says Alka Goel, Founder, Alkemi Growth Captial. "Doceree's solutions are set to fuel adoption of programmatic messaging in the pharma marketing space."

About Doceree

Doceree is the first global network of HCP-only platforms for programmatic messaging. Doceree facilitates messaging between life sciences brands and healthcare professionals (HCPs) through an extensive global network of digital endemic and point-of-care platforms to programmatically deliver at scale accurate and transparent messages to HCPs. To learn more, visit doceree.com

About F-Prime Capital

F-Prime Capital, formerly Fidelity Biosciences and Devonshire Investors, is a global venture capital firm investing in life sciences, healthcare and technology. Since 1969, F-Prime has worked closely with entrepreneurs and academics to create innovative solutions to some of the world's most significant challenges in healthcare and technology. https://fprimecapital.com/

About Eight Roads Ventures

Eight Roads Ventures is a global venture capital firm backed by Fidelity, managing $6 billion of assets across offices in China, India, Japan, and Europe. Our 50-year history of investing includes partnerships with over 300 healthcare and technology companies. Eight Roads Ventures' India healthcare portfolio includes Ashish Life Science, Caplin Steriles, Carestack, Cipla Health, Core Diagnostics, Doceree, eKincare, Eywa Pharma, Immuneel Therapeutics, Laurus Labs, Medwell Ventures, NOCD, Plasmagen Biosciences, Proximie, OZiva, PharmEasy, Richcore Lifesciences, Specsmakers, Toothsi, Trivitron Healthcare and Ujjala Cygnus.
www.eightroads.com

About Alkemi Growth Capital

Alkemi Growth Capital is a growth investment firm that seeks to invest in healthcare and consumer wellness industry. The firm was founded in 2018 and is based in New Delhi, India. https://www.alkemivp.com/

Media Contacts:

Kanchan Dass
[email protected]

Richard Krueger
[email protected]

SOURCE Doceree Inc.