$340k pre-seed funding secured by Egyptian e-health startup Otida to help diabetes patients
Otida, an Egyptian e-health firm, has acquired $340,000 in investment to help it achieve its aim of helping 5,000 diabetic patients in Egypt and the Middle East this year.
Diet management app Otida, which was initially known as instadiet, serves as a nutritionist, fitness coach, and physician, among other things, for diabetic patients who are having difficulty navigating their daily life.
Patients who sign up for the programme receive wearables that detect blood sugar levels every 15 minutes and send data to the cloud, eliminating the need for a blood sugar monitor. The software “learns” the patient by using other data such as food consumed, medicine administered, and periodic lab tests to design the best customised care model.
Each patient is assigned a coach who is accessible 24 hours a day, seven days a week, and Otida educates patients about their specific illnesses, including how to assess insulin and blood levels and use data to improve their lifestyles.
Flat6Labs, Afropreneurs, Jedar Capital, OQAL Angel Investors, UI Investments, and several angel investors are among the participants in the US$340,000 pre-seed investment round headed by LoftyInc Capital Management. The money will go into productizing Otida’s operations and expanding distribution to reach more patients.
“Otida’s business model revolves around the needs of patients with diabetes. We believe that with the level of technology we are surrounded by today, it’s unacceptable to have patients with diabetes still struggling to find the right treatment program that fits each individual condition,” said Ahmed Tawfic, founder and CEO of Otida.
Mona AbdelMoteleb, Otida’s medical director, claimed the company has insulin-dependent patients with type 2 diabetes.
“With Otida’s guidance, they stopped taking it and stopped depending on medications altogether. We want to be a companion to help diabetic patients live a normal, happy life,” she said.
