MyDoc, a Singapore-based regional healthtech startup, has raised US$5.2 million in a Series A funding round. The investment was led by UST Global, a California-based, global provider of end-to-end IT services and solutions for Global 1000 companies. Other investors include cross-border early stage venture capital firm Wavemaker Partners.
The startup provides companies with a digital health platform that integrates key aspects of healthcare – connecting patients, healthcare professionals, corporates, pharmacies, health data and insurers. Current clients include AIA, AXA and Aetna and other partners including the Health Promotion Board (HPB), Guardian Pharmacy, as well as individual general practitioner clinics and laboratories.
“We see increasing corporate and insurer demand for enterprise digital health solutions like MyDoc. This funding is a strong boost for us to meet this demand by expanding our services throughout Asia and enter new markets. Our Series A funding round reflects the confidence our investors have in MyDoc’s business model and services, as well as the potential of the industry,” said Snehal Patel, CEO and Co-Founder, MyDoc.
Redefining Corporate Healthcare Management
This Series A round will fund the development of MyDoc@Work, a digital healthcare platform which provides corporate employees a wide range of health services – video consultation with doctors, online prescriptions, online medical certificates (MyMC), on-site health screenings and a private care network. The private care network provides access to dental, physiotherapy, eye health, and fitness and other services.
Through this platform, corporations can benefit from significant cost and operational efficiencies, through reduced administrative processes to manage medical certificates, insurance claims, decreased employee absenteeism (due to ill health) and minimized upfront employee healthcare costs.
“With MyDoc@Work, we’re building a simple, validated, but powerful corporate health tool that not only promotes, but creates action towards building a healthier company. MyDoc@Work allows corporate employees to enjoy the convenience of consulting a doctor remotely – saving time on traveling to the clinic as well as queuing to see the doctor and collecting medication – and overall better health as they are more likely to follow up with necessary treatments,” added Patel.
Focus on Insurtech Solutions
A second investment priority is the continued development of health-focused insurtech solutions based on MyDoc’s proprietary technology. The startup is now shifting its focus towards improving and expanding services to benefit both policyholders and payers.
Part of the Series A funds will be used to continue development of insurance-focused solutions that enable further automation of the health insurance process. This work will include tools that allow comprehensive data analysis to enhance the delivery of personalized care.
The partnership with UST Global would allow MyDoc to tap into the company’s technological capabilities and expertise, as well as grow the business through UST Global’s distribution channels and government partnerships.