Sotech, an Egypt-based healthtech, and IoT solutions firm, has raised $1 million in a pre-Seed funding round led by Innlife Investments and Al Raya Kuwaiti, a prominent corporate investor.
The Egypt-based firm, which was founded in 2020 during the pandemic, specializes in smart IoT, trackable OOH advertising, and data collection.
Sotech is linking the worlds of offline advertising and online campaigning by delivering completely integrated technology and hardware, as well as an integrated set of software and tracking platforms.
Sotech provides clinics with a seamless app that lets them understand the volume, flow, and demographics of their visits.
The data is also linked to an advertiser dashboard that allows advertisers to track the performance of their in-clinic ads.
Despite a 2-deal decline in total transactions closed by Healthcare firms in Mena, Turkey, and Pakistan year over year, the Healthcare industry saw an increase in VC financing year over year in Q3 2021, as reported most recently in our August 2021 Venture Investment Dashboard.
Healthcare businesses in Mena are emerging with new approaches to use Tech in elevating and disrupting the market after achieving an all-time high in VC funding in 2020, raising an astounding $73 million across 33 deals.
Sotech is not only offering a profitable advertising opportunity in the business, but the Egypt-based startup is also working on integrating technology to prevent the next viral outbreak.
The Cairo-based firm presently manages over 200 clinics in the Cairo medical industry and is adding over 60 more every month.
Sotech provides a venue management solution for hospitals and clinics that engages visitors from the moment they walk in and follows them via several display touchpoints during their visit.
The fully tech-integrated system not only assists clinics in managing their operations but also monitors data that can be connected to a third-party advertiser who can then retarget visitors depending on their in-clinic activities, all of which are analyzed using smart gear on-site.
Sotech was formed by a collection of tech, marketing, and healthcare enthusiasts with the simple goal of making “Out of Home” advertising traceable via software solutions.
Their decision to operate in healthcare clinics stems not only from the fact that it is one of the most underserved industries in terms of digital transformation but also from the belief that combining technology to create new avenues of data analytics could be a powerful weapon against infectious diseases and other endemic outbreaks.
Sotech has high aspirations of using its technology to avoid, track, and manage infectious diseases by developing a centralized network for the millions of data sets collected around the country, as Sotech’s Omar El Metwally said. “At Sotech, we believe that through our smart technology, we can be one of the weapons that can fight pandemics and serious diseases, as well as reinvent one of the most effective marketing channels, outdoor advertising, by having the best analytical solutions detecting behavior and providing way more insights, making it a great cooperative channel with digital channels.”
The Egypt-based firm intends to use its freshly raised money to extend its operations to 500 locations and grow its market beyond Egypt, including Mecca and Madina.
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