Singapore-based healthcare technology company Speedoc has raised $28 million in a pre-Series B funding round led by new investors Bertelsmann Investments, Shinhan Venture Investment and Mars Growth.
Its previous investor, Vertex Ventures Southeast Asia & India, which led its $5 million Series A funding round in 2020, also participated in this latest investment round.
WHAT IT DOES
Founded in 2017, Speedoc is a virtual health center that provides a variety of home care services, including telehealth consultations, on-site doctor and nurse visits, virtual hospital wards and ambulance services. It is now present in nine cities across Singapore and Malaysia.
The company is also one of the technical partners of the two-year pilot project Mobile Inpatient Care@Home initiative of the Department of Health’s Office of Healthcare Transformation.
WHAT IS IT FOR
This fresh investment will enable Speedoc to seek further partnerships with both private and public healthcare providers to expand its RV service model. The H-Ward virtual hospital program is an integrated platform operated and monitored by a dedicated 24/7 care team that combines various services for home hospital care.
Asia’s consumer-centric digital health ecosystem is driving the region’s overall digital health market growth to $100 billion by 2025 from $37 billion in 2020, McKinsey & Co. estimates.
Speedoc’s healthcare technology partners in Singapore, MiyaHealth and Ordinary Folk have also attracted investment earlier this year to expand their offerings across the region.
Elsewhere in Asia, digital health companies like it Vietnam’s Jio Health and Med247, Indian telehealth company Truemeds and Sydney-based telehealth company Eucalyptus have also each scored investments in recent months.
ON A PLATFORM
“Health care and delivery in Southeast Asia is poised for major changes over the next decade. We believe Speedoc’s champion healthcare model will see greater adoption to address the healthcare gap in the region,” Jinsoo Lee, director at Shinhan Venture Investment, said.
“The drive towards virtual hospitals will complement and ensure better hospital utilization rates, enabling healthcare professionals to handle life-threatening situations more efficiently,” Dr Shravan Verma, CEO and co-founder of Speedoc, also noted.