Health management platform Novi Health raises $5 million in Series A funding round

Novi Health, a healthcare technology company and consulting firm based in Singapore, has scored $5 million in a Series A funding round led by Monk’s Hill Ventures.

WHAT IT DOES

Founded in 2018, the company offers a healthcare platform that integrates clinical therapies with behavioral and lifestyle interventions to address chronic conditions.

It has two core digital products: Novi Magnum and Novi Optimum Plus. The former helps people with diabetes manage their condition using continuous glucose monitoring technology, along with medical care and diet and lifestyle coaching. A a study has found that this program helped participants reduce HbA1c by 1% and weight by almost 6% in three months.

At the same time, the latter is aimed at people who want to lose excess weight. It also integrates medical treatment and health coaching to achieve sustainable and healthy weight loss.

WHAT IS IT FOR

Novi Health’s latest funding will be used to hire more people for its technology, growth and product teams, as well as invest in its technology-enabled platform.

MARKET EXCHANGE

Other Singaporean startups in chronic disease management such as MiyaHealth and HealthBeats have also recently raised investments for the expansion of their companies.

In other news, ConnectedHealth recently launched a new disease management app for patients with type 2 diabetes. Call SugoSure, it offers a subscription-based service that provides digital health support, remote monitoring and health coaching.

ON A PLATFORM

“Our digital-first approach allows us to increase the accessibility and affordability of our services, giving us the opportunity to impact more lives. Since our inception, our customers have made significant progress in diabetes management and weight loss, and we look forward to bringing our solutions to an even wider audience,” said Novi Health CEO and co-founder Sue Anne Toh.

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