Tech-enabled health provider Speedoc from Singapore has raised $28 million in a pre-Series B funding round led by its new investors Bertelsmann Investments, Shinhan Venture investment and Mars Growth.
Its previous investor, Vertex Ventures Southeast Asia & India, which led its $5 million Series A funding round in 2020, also joined this latest investing round.
WHAT IT DOES
Founded in 2017, Speedoc is a virtual clinic that provides a range of mobile home care services, including telehealth consultations, on-site doctor and nurse visits, virtual hospital wards, and ambulance-hailing services. It is currently present in nine cities across Singapore and Malaysia.
The company is also one of the technology partners for the two-year pilot of the Mobile Inpatient Care@Home initiative by the Ministry of Health’s Office for Healthcare Transformation.
WHAT IT’S FOR
This fresh investment will enable Speedoc to seek more collaborations with both private and public healthcare players to expand its mobile home care model. Its H-Ward virtual hospital programme is an integrated platform ran and monitored by a dedicated 24/7 care team that combines various services for hospital care at home.
The consumer-centric digital health ecosystem in Asia is pushing up the overall growth of the region’s digital health market to $100 billion by 2025 from $37 billion in 2020, according to projections by McKinsey & Co.
Speedoc’s fellow health technology players in Singapore, MiyaHealth and Ordinary Folk, have also attracted investments early this year to scale their offerings across the region.
Elsewhere in Asia, digital health firms like Jio Health and Med247 in Vietnam, Indian telehealth firm Truemeds and Sydney-based telehealth company Eucalyptus, have also scored respective investments in the past few months.
ON THE RECORD
“Healthcare provision and delivery in Southeast Asia is poised for tremendous change in the next decade. We believe the healthcare model Speedoc champions will see greater adoption in meeting the healthcare gap in the region,” Jinsoo Lee, director at Shinhan Venture Investment, commented.
“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,” Dr Shravan Verma, CEO and co-founder of Speedoc, also noted.