The Venture Codex

Participated · Seed · Jun 2021

MDaaS Global is a Nigerian health tech company operating tech-enabled diagnostic centers that provide imaging (digital x-ray, ultrasound), cardiac services (ECG, echo) and a range of lab services from chemistry to immunoassay and hematology. Its BeaconOS platform serves as the operating system for its centers, and the company also offers products like SentinelX (now focused on B2B corporate screenings), Olewerk to optimize workflows, and Beam for occupational-health management. The company currently runs 17 diagnostic centers across 10 states and plans to construct an additional 23 centers to extend coverage to all Nigerian states via company-owned and affiliate clinics. MDaaS has an integrated care network of over 1,300 referring clinicians across more than 1,000 organizations and connections to 34 HMOs. Since inception the startup has served over 275,000 patients (108,724 in the past year), conducted over 240,000 diagnostic tests, and reports that 60.8% of patients in the past year were women. MDaaS Global runs tech-enabled, centralized diagnostic centers that aggregate demand from small and medium hospitals to offer imaging (digital x-ray, ultrasound), cardiac (ECG, echo) and lab services (chemistry, immunoassay, hematology). The company built its model after importing and servicing secondary medical equipment and shifting to a centralized diagnostic-centre aggregation approach to reduce capital burdens on individual clinics. MDaaS has served over 40,000 patients and performed more than 80,000 diagnostic tests, with 750 clinicians in its referral network and partnerships with 500+ health facilities and 10 HMO networks. It recently launched SentinelX, a personalized-care screening program (private beta) that charges a one-time N35k (~$70) annual fee and offers panels of roughly 60–70 biomarkers plus clinical and family-history analysis; the product planned a public launch in September 2021. The company targets low- to middle-income patients and emphasizes cost-customized diagnostic infrastructure while training younger doctors to mitigate brain drain. MDaaS plans to add six more diagnostic centers this year and aims to operate 100 centers across Africa and serve one million patients per year by 2025. MDaaS Global builds and operates diagnostic centres in Nigeria offering services such as digital x-ray, ultrasound, mammography, chemistry analysis, immunoassay and hematology. The startup was founded in 2016 and is led by CEO Oluwasoga Oni, CFO Genevieve Barnard Oni, supply chain manager Joe McCord and Nigeria country manager Opeyemi Ologun. It has participated in accelerator and incubation programs including Techstors Impact and the Harvard Innovation Labs Venture Incubation Programme. Last year the company raised $100,000 from Nigerian VC Ventures Platform. The company recently filed an SEC disclosure showing ongoing equity fundraising activity and has not provided public comment on the deal details. MDaaS Global operates tech-enabled low-cost medical diagnostic and primary care centers aimed at expanding access to affordable healthcare in Africa. The company was founded in 2016 by Oluwasoga Oni, Genevieve Barnard Oni, Joe McCord and Opeyemi Ologun. Its first centre in Ibadan reached breakeven after five months of operation and the company reported revenue growth of 500% since January. MDaaS has pursued validation and support through programs including Techstars Impact and the Harvard Innovation Labs Venture Incubation Programme. The team emphasizes building a scalable network of clinics to serve a broad set of consumers regardless of income level. These operational milestones underpin the company’s growth strategy and attractiveness to investors.