SINGAPORE (May 16): UCARE.AI, a Singapore-based artificial intelligence (AI) healthcare startup, has recently concluded its Series A funding, bringing total investment to $8.2 million to date.
The Series A global investors included VC firm Walden International, insurance group Great Eastern, Singaporean investor and philanthropist Peter Lim, as well as law firm WongPartnership’s startup initiative WPGrowth Ventures.
UCARE.AI helps prioritise healthcare resources to reduce preventable hospitalisation by using a suite of proprietary deep learning and neural network algorithms built on existing healthcare data.
This can potentially result in significant annual savings in the healthcare industry.
UCARE.AI also boasts a highly accurate predictive capability by correctly identifying the risk of rehospitalisation for a segment of Singaporeans.
Founded by ex-Google tech veteran Neal Liu, UCARE.AI leverages on its predictive capability and online machine learning algorithms to serve the 3 Ps of healthcare – Patients, Providers and Payers.
With this, individuals can obtain a personalised understanding of their lifetime risks, allowing them to take preventive actions early. Doctors and hospitals can also benefit from this as they will be able to focus on those who need their expertise urgently while insurers are able to provide ideal coverage without increasing premiums.
“We want to unlock the impossible for the causes we care about. Solving this challenge has become my personal ambition as we know there has to be a better way to receive healthcare. With the support of our early customers, our platform has already generated predictive risk scores and health insights on hundreds of thousands of people,” says Liu who also acts as the startup’s CFO.
Christina, co-founder and CEO of UCARE.AI says, “There is no dominant player currently in ASEAN. The capital raised will be used for talent acquisition and market expansion into the region. We know we’re in the right place, at the right time, to succeed.”