S'pore's Miyahealth secures US$4.8mil pre-series A round

• ST Engineering Ventures, Elev8 led this round
• Recent fundraise brings total capital raised to US$6.6mil

MiyaHealth has raised US$4.8 million (RM20.2 million) in a Pre-Series A round led by ST Engineering Ventures, the corporate venture capital arm of Singapore Technologies Engineering and Elev8, a deep-tech B2B focused VC Fund based in Singapore. 

Several prominent angel investors from the PE and Healthcare industries also participated in the round, it said in a statement.

The recent fundraise brings the total capital raised to over US$6.6 million (RM27.9 million), and the current round is one of the largest Pre-Series A rounds by a healthtech startup in Southeast Asia, the Singapore-based healthtech company said.

It added that this funding will be used to accelerate its product development and expansion plans. 

This includes introducing MiyaPayor to Indonesia, deploying MiyaPatient in Europe for the first time, and launching its first MiyaProvider solution across Malaysia in the next quarter, it said.

Dr Ramesh Rajentheran, CEO and co-founder of MiyaHealth, said healthcare is now at a place of unprecedented progress as the ongoing pandemic, and rapid digitalisation continues to drive tech-first innovations throughout the industry. 

“Nonetheless, even with such technological advancements, it’s important that we never lose sight of what truly matters in our healthcare efforts – the patients.

“MiyaHealth stands ready to optimise the healthcare experience for all patients, and we’re excited for this new chapter as we deepen our product capability while sharing the fruits of our innovation with new markets across Asia and Europe,” he said.

Ramesh said the partnership with ST Engineering and Elev8, two institutions with deep experience and connectivity across cybersecurity, AI and critical systems will be key to better serving the needs of MiyaHealth’s patients, providers and payors globally.

Low Jin Phang, president of digital systems at ST Engineering said as the world faces challenges of aging population, chronic disease and pandemics, he believes healthcare medical technologies continue to be a growth area for the organisation.

“We see great synergy in coupling our digital healthcare capabilities of AI emergency response systems, data-driven hospital operation centres and trusted data infrastructure with MiyaHealth’s solutions.

“Together, we can develop trusted products and solutions to better serve medical providers, patients and insurers, as well as lowering the cost of healthcare globally,” Low said. 

Established in 2019, MiyaHealth currently has two flagship product suites; MiyaPayor2, a single platform that incorporates AI-driven claims processing, provider network management and predictive analytics to reduce healthcare costs for payors.

The second is MiyaPatient3, a patient navigation platform that includes a predictive and personalised system that helps patients with chronic diseases to cope with their daily challenges. 

The company’s upcoming product, MiyaProvider4, will help improve the patient experience in hospitals and clinics, it said.

To date, MiyaHealth claimed it has partnered with over 3,000 medical providers and 12,000 physicians for its flagship platforms, which includes a partnership with a leading Indonesian hospital group. 

In addition, MiyaHealth will also be expanding its headcount across its Singapore, Kuala Lumpur and Jakarta offices to support its upcoming developments.