Vault Dragon, a Singapore-based digital healthcare data startup has raised $1.16 million (S$1.64 million) in a pre-Series A funding round co-led by Golden Equator Capital and Raging Bull.
According to the company, the new funding brings the total raised by Vault Dragon to more than US$2.13 million (S$3 million). Other investors include Jungle Ventures, 500 Startups, Golden Gate Ventures, JFDI and undisclosed angel investors.
Vault Dragon provides services to convert hardcopy medical records into digitized and integrated records with Electronic Medical Record (EMR) software. With this facility, it believes that it can help medical clinics to achieve compliance with Singapore government regulations that require healthcare providers to keep medical records for at least six years with ease and affordability.
Why transition to EMR?
The startup claims that it is capable of scanning more than 2,000 patient records per day, all whilst maintaining the integrity of the digital records. All medical records scanned by Vault Dragon are stored securely on Singapore’s Amazon Web Service (AWS) local data center.
“We backed Vault Dragon because it has so thoroughly addressed the complications that come with adopting digital systems in a clever way that means little or no change to the established workflow in clinics. Ching and his team stood out because they have clear vision on two complementary scales,” said Ivan Lee, Founder and Chairman, Raging Bull.
Vault Dragon also provides an annotation platform called Klinify that allows authorities to manage and create new patient records digitally, without giving up the traditional pen and paper method. The platform allows you to continue writing notes, drawing diagrams and annotating on images, while simultaneously creating digitized healthcare records.
The startup plans to use the new funding for product development and regional expansion. It has further revealed its target to manage two million medical records by the end of this year.