MyDoc raises US$5.2mil led by UST Global
By Digital News Asia September 22, 2017
- Will leverage on international reach, blue-chip customers of investor to scale
- To build an automated corporate healthcare platform & health insurtech solutions
LAUNCHED in 2012, MyDoc, a Singapore-based health startup, has raised US$5.2 million (S$7 million) in its Series A funding. The investment was led by UST Global, a California-based, global provider of end-to-end IT services and solutions. Others include existing investor Wavemaker Partners, an early stage VC which took part in an Aug 2014 round of US$2 million.
A B2B player, MyDoc 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 includes insurers such as AIA, AXA and Aetna. It has a public sector partner in Singapore’s Health Promotion Board, a pharmacy, Guardian Pharmacy, as well as individual general practitioner clinics and laboratories.
Dr Snehal Patel, CEO and cofounder of MyDoc describes the funding as a sign of investor confidence in the industry potential and in MyDoc’s business model. “We see increasing corporate and insurer demand for enterprise digital health solutions. This funding is a strong boost for us to meet this demand by expanding our services throughout Asia and reflects confidence in our business model and services.”
Currently in four markets – Hong Kong, Sri Lanka, Malaysia and Singapore, MyDoc is looking to leverage on its investors’ distribution network to expand into markets like Indonesia, Thailand, Philippines, as well as China and India.
Its experience in delivering services in Sri Lanka, which it entered through a banking client launching its digital health initiative there, will prove invaluable as it enters these five emerging markets. “Although there is a gap in the infrastructure and [low] GDP in Sri Lanka, its digital health industry is growing at a faster pace compared to more developed markets in Southeast Asia because there is a need for services like MyDoc in markets like Sri Lanka where access to healthcare can be limited,” explains Snehal.
MyDoc believes creating easier access to healthcare professionals and services solves a persistent problem in these markets.
“Having strategic and financial investors will help us to scale our healthtech business. UST Global, with their international reach, blue-chip customers, government partnerships and advanced technology stack complements our market and product focus incredibly well. Our investors each offer unique and essential skills which we look forward to leveraging on as we embark on a new phase in our business,” he says.
Commenting on the investment, Krishna Sudheendra, CFO of UST Global, said: “We are quite excited with this partnership. UST, with its global presence, vast customer base and domain expertise in the healthcare space, will be an ideal partner for MyDoc, to expand MyDoc’s reach to global Fortune 500 customers and governments across Asia.”
Redefining corporate healthcare management
The funding will be used to develop [email protected], 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 [email protected], corporations 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 minimised upfront employee healthcare costs.
“As doctors, my cofounder Dr Vas and I appreciate the delicateness of a doctor-patient relationship. We have built MyDoc as a provider-friendly platform that develops and maintains that relationship, supported by technology,” added Snehal.
A second investment priority is the continued development of health-focused insurtech solutions based on MyDoc’s proprietary technology with part of the funding to 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 personalised care.