Digital health app Speedoc has closed $6.7 million in its Series A funding on Dec 16.
The funding was led by Vertex Ventures SEA and India and joined by fellow investors Decacorn Capital and Global Grand Leisure.
The funds, says Speedoc, will allow it to drive faster adoption of its digital health services locally.
Remote digital health services in Singapore have gained acceptance through the years with telemedicine, remote diagnostics and health monitoring, all of which offer time-efficient solutions to patients and healthcare professionals.
To date, Speedoc has completed over 26,000 requests from patients.
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Specifically, the funds will drive technology advancement initiatives in Singapore to allow the app to continue improving its customised healthcare solutions. These include working with industry partners for clinical validation of proprietary clinical pathways and setting up virtual hospital schemes that provide advanced medical care through digital means.
The new funding will also enable Speedoc to enhance its proprietary Chronic Disease Home Management (CDHM) service, which is the first home-based management of chronic conditions to allow patients to optimise the way they manage their diseases.
Another portion of the funds will go toward enhancing chronic disease management, which is increasingly becoming more important as diabetes and hypertension are on the rise among Singapore patients.
In addition, Speedoc, which is currently operating in Singapore and Malaysia, says it intends to explore expanding its presence in other Southeast Asian markets.
Vertex Ventures SEA & India Partner, Carmen Yuen says, “We believe in Speedoc’s vision to make healthcare accessible and affordable for patients through digital means. With the enduring effect of the pandemic, we see immense potential for such innovative digital healthcare services to address the medical needs of many populations.”
“As Singapore’s population ages, there will be an overall increase in the need for medical services. Speedoc is looking to solve this gap by advancing digitally accessible healthcare services. We are looking to enable any home to mirror the facilities of a hospital room, with tools like continuous remote monitoring, telemedicine, and blended clinical pathways; empowering both patients and medical professionals alike,” adds Speedoc founder and CEO Dr Shravan Verma.