Saturday, November 26, 2022

Health tech startup MiyaHealth secures $5M funding for Indonesia, Malaysia rollout

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MiyaHealth, a health tech startup from Singapore, has scored SG$6.5 million ($4.8 million) in a pre-Series A funding round led by Singapore Technologies Engineering Ventures, the venture capital arm of listed engineering group ST Engineering, and deep tech investor Elev8.

This brings its total investments raised to over SG$9 million ($6.6 million).

WHAT IT DOES

Established in 2019, MiyaHealth is currently offering two tech products. One is MiyaPatient, a patient navigation platform that is built with a predictive and personalised system to help users manage their chronic illness. Another is MiyaPayor, a platform that combines AI-driven claims processing and predictive analytics and assists insurers and corporates in designing health plans and bringing down administrative and medical costs in healthcare.

The company is coming up with a third offering, MiyaProvider, which will help enhance patient experience in hospitals and clinics.

Presently, the startup has formed connections with over 3,000 health providers and 12,000 doctors.

WHY IT MATTERS

MiyaHealth said it will deploy its fresh funds for product development and expansion. Specifically, it will be used to introduce MiyaPayor in Indonesia and launch MiyaProvider in Malaysia by the second quarter. It also plans to bring MiyaPatient for the first time to Europe. 

To accompany its buildout, the company is recruiting more staff in its offices in Singapore, Kuala Lumpur, and Jakarta.

“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,” CEO and co-founder Dr Ramesh Rajentheran said in a statement.

MARKET SNAPSHOT

Singapore’s digital health sector has drawn continuous investor support in the new year. Intellect, a startup in the mental health space, closed a $10-million Series A round in late-January. Corporate wellness platform MindFi also bagged $2 million in a seed funding round, which will be used to localise its product across Asia-Pacific.

Asia’s digital health market could potentially reach a value of $100 billion by 2025 from just $37 billion in 2020, according to a report by McKinsey & Co. The growth is said to be driven by a growing consumer-centric digital health ecosystem and rising demand.



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