Speedoc closes US$28mil pre-series B to scale up business

  • Three new investors, with Vertex Ventures returning as an investor
  • Funds will be used to make virtual hospitals a reality across SEA

(L-R) Co-founder Serene Cai & co-founder and chief executive officer, Dr Shravan VermaSpeedoc has announced that it has closed its pre-series B funding round. 

In a statement, the Singapore based healthtech platform said the US$28 million (RM132.6 million) investment round includes new investors including Bertelsmann Investments, Shinhan Venture investment and Mars Growth. 

It said Vertex Ventures Southeast Asia and India, which led its US$5 million (RM23.6 million) Series A funding round in 2020, also participated in this round.

The Singapore-based online and offline health provider was founded in 2017 with a vision to give people control of their healthcare needs. It does this by making hospital-level care accessible to every person via tech-enabled and innovative services and solutions. 

Speedoc said it leverages its expertise in technology, innovation and decentralised medical care to provide a wide range of mobile medical services. 

This includes telehealth consultations, on-site doctor and nurse visits, virtual hospital wards, and ambulance hailing services, it added.

The firm said its platform is now available in nine cities across Singapore and Malaysia and serves patients and caregivers across both countries. 

Dr Shravan Verma, chief executive officer and co-founder of Speedoc, said the healthcare challenges which have erupted all over the world in the last couple of years demonstrates an urgency to transform healthcare delivery for all. 

“We are thrilled to welcome the support and partnership of existing and new investors who share our goal of transforming the healthcare landscape with technology,” said Shravan.

He added that with this investment, the firm is looking to expand its collaborations with private and public healthcare players to bring hospital-level care into every home and for every person. 

“This would further empower patients and caregivers by providing them with an alternative to recover at home whilst providing them with effective cost-savings,” he said. 

“The thrust towards virtual hospitals will complement and ensure better hospital utilisation rates, enabling medical personnel to attend to life-threatening conditions in a more efficient manner,“ he claimed.

According to Speedoc, the funds raised in this round will be channeled towards its efforts to make virtual hospitals a reality across the Southeast Asia region. 

As countries in the region look for ways to manage an ageing population, the startup notes that pilot trials have shown that the home-based, virtual hospital care model is effective, with patient recovery duration similar or reduced as compared to those who were admitted into hospitals. 

As such, Speedoc is currently working with hospital partners such as the National University Health System, the Singapore General Hospital and Khoo Teck Puat Hospital in a two-year pilot trial for virtual ward services.

This is part of the MOH Office for Healthcare Transformation’s Mobile Inpatient [email protected] ([email protected]) initiative, it said. 

It added that it will also look to expand its H-Ward virtual hospital programme, an integrated platform monitored by a dedicated 24/7 patient-care team that standardises and combines different services needed for hospital care at home.

Jinsoo Lee, director at Shinhan Venture Investment (Global Investment), said, “We believe the healthcare model Speedoc champions will see greater adoption in meeting the healthcare gap in the region. As one of Speedoc’s strategic partners, Shinhan Venture Investment is excited to continue partnering with Shravan and his team to make a big impact in the delivery of convenient, universal and quality healthcare services.”

 

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