Companies

Good Methods Global makes rapid strides in US healthcare segment

Vinson Kurian Thiruvananthapuram | Updated on January 12, 2018 Published on May 26, 2017

Abhilash Krishna, CEO, Good Methods Global

Had raised an undisclosed sum in Series A funding from Accel Partners

Good Methods Global (GMG), a US-based start-up promoted by a young, Kerala-based team, prides in having found a strong footing in the healthcare and wellness market in North America.

It was recently in the news for having raised an undisclosed sum in Series A funding from Silicon Valley-based Accel Partners, the latter’s first in a venture promoted by Keralites.

From an enterprise software start-up in the B2B space, GMG has grown into a vertical SaaS company serving large commercial healthcare organisations.

It has developed a Cloud-based practice-management platform for dentistry — its first area of focus in the US health and wellness industry.

“We’ve only scratched the surface. Dentistry was a low-hanging fruit for testing the efficiency of our product,” says Abhilash Krishna, CEO.

“Towards the later part of 2018, we will be looking to enter the chronic disease-management space, a multi-billion-dollar market,” he told BusinessLine here.

GMG could make up for a leading case study for what he described as a bunch of reasons.

Raising cash

For one, it was able to bring in early in its growth phase, a diverse set of clients — a market-leading insurance company, a marquee venture-capital firm, major enterprise customers and a dozen angel investors in India, Singapore, West Asia and the US — to take it to where it is today.

For another, it had picked a prospective customer, sold them the concept and a crude prototype, made them sign a multi-year agreement to be the beta customer, and took a million dollars of capital from them to kick-start the development.

“That’s how we started,” says Krishna. Thus, GMG’s product was born inside a large group practice owned by the largest dental insurance company in the US with a 70 per cent market share.

“Even before Accel, we had managed to raise $5 million. We think we’ll be a singular case study in co-creation, where a product gets born inside a live customer environment with highest levels of customer participation, and moulding it as a gold standard for the industry.”

Five-year vision

“This approach defines the work culture at GMG. Our DNA is built on customer centricity and continuous learning. In the very first year of the product launch, a significant number of group practices adopted the platform,” Krishna reminisced.

What started out in 2015 as a 15-member team has scaled to 150 in the past two years. It now has 12 people in the US and 150 at Technopark Phase 3 in Thiruvananthapuram.

“We’re currently wired up to hold 250 members here over the next 12 months. We will reach that count soon, while it will be 40 in the US,” Krishna said.

GMG intends to leverage the 250 members to build a $100-million SaaS company which would be valued at a couple of billion dollars in the next five years.

Published on May 26, 2017
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