AI healthcare startup UCARE.AI secures $8.2 mil funding

AI healthcare startup UCARE.AI secures $8.2 mil funding

By: 
Samantha Chiew
16/05/18, 09:05 am

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.”

HNA unit's lenders seize assets as payment deadline missed

(Apr 23): Lenders to HNA Group Co.’s CWT International seized control of assets in Singapore, China and the US after the unit failed to repay amounts due on its credit facility. Assets that are being taken over include shareholdings of Singapore-based CWT, with investment properties in the US and golf courses in China, according to a statement. Lenders had threatened to take control of the assets unless CWT made payments by 9 am on April 17 tied to a HK$1.4 billion ($242 million) loan taken out in September. Operations of CWT are continuing as usual and trading in CWT International sha....
Read More >>

Billionaire Kwek keeps it in the family with luxury condo sales

SINGAPORE (Apr 23): Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause. Kwek’s son and daughter-in-law, Kingston and Cecilia Kwek, spent $9.8 million on an apartment in Boulevard 88, according to a City Developments exchange filing late Monday. His nephew and City Developments’ group chief strategy officer Kwek Eik Sheng snapped up another unit on one of the upscale project’s lower floors for a more modest $4.3 million. Kwek ....
Read More >>

Don't underestimate the recovery potential of this education stock: UOB

SINGAPORE (April 23): UOB Kay Hian is starting coverage on Overseas Education Limited (OEL) at “buy” with a 46 cent price target, based on 10.4 times EV/EBITDA or a 15.4% discount to global peers’ 2019 average. In an initiation report on Tuesday, analyst John Cheong says he deems the stock’s valuations attractive at its current 8.3 times 2019F EV/EBITDA and an 8.2% dividend yield. Cheong views this yield level as sustainable due to OEL’s strong operating cash flows despite the recent relocation of its Orchard Road campus to Pasir Ris due to lease expiration. Although the mov....
Read More >>