Singapore-based healthtech startup MyDoc has raised USD5.2 million in a series A funding round.
Global IT services company UST led the round. The company has made one of the top 10 healthtech investments in South-East Asia. Venture capital firm Wavemaker Partners also participated in the investment.
MyDoc is focused on providing 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.
The company is presently working on MyDoc@Work which is set to launch towards the end of the year. It is 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.
Giving his reaction on the funding, Snehal Patel, CEO and Co-Founder, MyDoc, said, “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.”
MyDoc was earlier focussed on Singaporean home market but now it will expand to other regions including Indonesia, Hong Kong and other countries.
He said, “Corporate healthcare and insurance markets tend to be quite uniform. Its existing relationships with globally operating enterprises and insurers should help MyDoc when entering new territories.”