Health tech startup Kismet adds $20M to $32.5M seed round

Health tech startup Kismet is actively pursuing international expansion opportunities after raising another $20 million in seed funding.

The additional funding brings the startup’s total seed funding to $32.5 million. It comes six months after the startup raised $12.5 million in a round led by global consumer internet group Prosus Ventures and renowned VC firm Airtree Ventures.

Co-founder and CEO Mark Woodland confirmed that SmartCompany on Tuesday, the startup’s seed round was divided into two parts “for efficiency”and existing investors also contributed to the second round of financing.

The second tranche of financing also saw the participation of a new investor, Singapore-based MassMutual Ventures, which continued to receive support from Prosus and Airtree.

According to Kismet, which is set to launch in early 2023, the round represents the largest seed round for a startup in Australian history.

The company quickly grew to become one of the largest National Disability Insurance Scheme (NDIS) plan administrators in the country, now serving over 20,000 NDIS participants.

The healthcare platform was founded by Woodland, who previously founded Xplor, along with Stefan Cordiner, Lauren Grimes, Sam Armstrong and Mathew Ellis.

His ultimate goal is “transform healthcare” using AI-based solutions, with a particular focus on the NDIS and aged care sectors.

The Kismet “ecosystem” enables over 100,000 users — including over 35,000 providers and support coordinators — to automatically create a list of verified healthcare providers within 48 hours.

The platform works as “personalize concierge”Woodland explains, allowing users to “find, book and pay for healthcare appointments and other essential services for people with disabilities or older people”.

“From an end-user perspective, this means that Kismet supports the often complex process of managing healthcare needs,” Woodland adds.

“AI simplifies everything – using user funds to make scheduling and paying for appointments seamless, reducing stress and allowing users to focus on their well-being.”

At the same time, by reducing the administrative and financial burden on patients and their caregivers, Kismet also aims to make it easier for healthcare providers to focus on patient care rather than administration.

Kismet’s plans to stay “small and slim”

Since March, Kismet has hired seven people and now employs a team of 23.

While Woodland says the team is “always looking for opportunities to improve,” it is focused on “staying small and lean.”

“We believe that hiring, especially in startups, is a huge responsibility and should be taken seriously because people make significant sacrifices, often involving their families and personal lives,” he says.

“Furthermore, we don’t see large teams as a measure of success; rather, we focus on solving problems effectively, and large teams often serve as a vanity metric rather than a true indicator of progress.”

Remaining a “small and lean” business doesn’t mean Kismet isn’t expanding its reach into international markets.

“We have plans for international expansion and we are actively looking for such opportunities,” he says. SmartCompany.

The problem Kismet solves is a global one, Woodland adds.

“The whole world is aging, and Kismet is committed to helping families get through this process with dignity,” he says.

“Our mission aligns with the growing global need for support in senior care, and we are excited to bring our solutions to more regions.”

Kismet has already raised $4 million in pre-seed funding in a 2023 funding round led by Airtree and venture capital firms Black Nova and Flying Fox.

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