MyDoc, a Singapore-based regional healthtech start-up, has raised US$5.2 million in a Series A funding round. The investment was led by UST Global, a California-headquartered leading digital technology services company. Other investors include cross-border early stage venture capital firm Wavemaker Partners.
MyDoc provides companies with an easy-to-use digital health platform that integrates key aspects of healthcare – connecting patients, healthcare professionals, corporates, pharmacies, health data and insurers. Current clients include Asia’s largest insurers such as AIA, AXA and Aetna and other partners including the Health Promotion Board (HPB), Guardian Pharmacy, as well as individual general practitioner clinics and laboratories.
Dr. Snehal Patel, CEO and Co-Founder of MyDoc, said: “We see increasing corporate and insurer demand for enterprise digital health solutions like MyDoc. This funding is a strong boost for us to meet this demand by expanding our services throughout Asia and enter new markets. Our Series A funding round reflects the confidence our investors have in MyDoc’s business model and services, as well as the potential of the industry.
“Having strong strategic and financial investors in our Series A funding round will help us to scale our healthtech business. UST Global, with their international reach, blue-chip customers 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.”
Redefining Corporate Healthcare Management
This Series A round will fund the development of MyDoc@Work, 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 MyDoc@Work, 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, Dr. Vas (co-founder) 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. I strongly believe that long-term health programmes that are measurable and offer easy access to care are crucial to building a healthy work environment. With MyDoc@Work, we’re building a simple, validated, but powerful corporate health tool that not only promotes, but creates action towards building a healthier company. MyDoc@Work allows corporate employees to enjoy the convenience of consulting a doctor remotely – saving time on traveling to the clinic as well as queuing to see the doctor and collecting medication – and overall better health as they are more likely to follow up with necessary treatments,” added Dr. Snehal.
Part of the Series A funds will 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.
The partnership with UST Global allows MyDoc to tap into the company’s technological capabilities and expertise, as well as grow the business through UST Global’s distribution channels and government partnerships.
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.”