Singapore-based healthtech company MiyaHealth has raised S$6.5 million in a Pre-Series A round led by ST Engineering Ventures, the corporate venture capital arm of Singapore Technologies Engineering (ST Engineering) and Elev8, a deep-tech B2B focused VC Fund based in Singapore.
Several prominent angel investors from the PE and Healthcare industries also participated in the round. The recent fundraise brings the total capital raised to over S$9 million, and the current round is one of the largest Pre-Series A rounds by a health-tech start-up in Southeast Asia.
MiyaHealth will use this funding to accelerate its product development and for expansion plans. This includes introducing MiyaPayor to Indonesia, deploying MiyaPatient in Europe for the first time, and launching its first MiyaProvider solution across Malaysia in the next quarter.
“Healthcare is now at a place of unprecedented progress as the ongoing pandemic, and rapid digitalisation continues to drive tech-first innovations throughout the industry. Nonetheless, even with such technological advancements, it’s important that we never lose sight of what truly matters in our healthcare efforts – the patients,” said Dr Ramesh Rajentheran, CEO and co-founder, MiyaHealth.
“MiyaHealth stands ready to optimise the healthcare experience for all patients, and we’re excited for this new chapter as we deepen our product capability while sharing the fruits of our innovation with new markets across Asia and Europe. We are excited about our partnership with ST Engineering and Elev8 – two institutions with deep experience and connectivity across cybersecurity, AI and critical systems.”
“As the world faces challenges of ageing population, chronic disease and pandemics, ST Engineering believes healthcare medical technologies continue to be a growth area for us. We see great synergy in coupling our digital healthcare capabilities of AI emergency response systems, data-driven hospital operation centres and trusted data infrastructure with MiyaHealth’s solutions.
“Together, we can develop trusted products and solutions to better serve medical providers, patients and insurers, as well as lowering the cost of healthcare globally,” said Low Jin Phang, president of Digital Systems at ST Engineering.
Established in 2019, MiyaHealth currently has two flagship product suites: MiyaPayor, a single platform that incorporates AI-driven claims processing, provider network management and predictive analytics to reduce healthcare costs for payors, and MiyaPatient3, a patient navigation platform that includes a predictive and personalised system that helps patients with chronic diseases to cope with their daily challenges.
The company’s upcoming product, MiyaProvider4, will help improve a patient’s experience in hospitals and clinics.
To date, MiyaHealth has partnered with over 3,000 medical providers and 12,000 physicians for its flagship platforms, including a partnership with a leading Indonesian hospital group. It will also be expanding its headcount across its Singapore, Kuala Lumpur and Jakarta offices to support the planned developments.
Founded in 2019, MiyaHealth’s technologies help patients choose affordable healthcare, manage their chronic illness, and improve the patient experience. For more information, please visit www.miyahealth.com.