The healthtech Singapore sector has risen consistently over the past years, but the COVID-19 pandemic undeniably accelerated that growth, acting as a catalyst for investment in an already burgeoning sector.
In 2021, global healthtech companies raised a record of US$51.3 billion, up 280% from 2016 levels, data from London promotional agency London & Partners and Dealroom show. That growth was driven by booming adoption of healthtech solutions as COVID-19 normalized the use of digital solutions and transformed healthcare norms.
Today, healthcare providers are using technology for more effective medical intervention and improved healthcare outcomes, hospitals are leveraging data analytics for insights, and consumers are embracing mobile apps that provide them customized healthcare solutions.
To get a sense of the Singaporean healthtech and medtech sector, we’ve looked at the city-state’s hottest startups in the space, shortlisting six ventures in particular which we believe are worth following closely this year. These startups have recorded strong growth, attracted financial support from prominent investors, and are working on some exciting new projects.
Doctor Anywhere
Doctor Anywhere is a regional tech-led, omnichannel healthcare company. The company has developed a healthcare platform designed to combine a full range of health and wellness services into a single, integrated platform.
Doctor Anywhere specializes in consultation conducted by licensed and authorized doctors, medication, and e-prescription, enabling patients to consult with a licensed medical professional anywhere and at any time.
The company provides its services in Singapore, Thailand, Vietnam, Malaysia, and Philippines and has tech hubs in Bangalore and Ho Chi Minh City. It claims 2.5 million users, 2,500 doctors and medical professionals within its network, as well as 900+ key corporate accounts, and 400+ team members.
Doctor Anywhere closed a S$88 million Series C funding round in August 2021, bringing its total funding to S$140 million. The company said it will use the proceeds to further deepen its presence in its existing markets, and expand into new ones, including Indonesia. It plans to double its local headcount by the end of 2022.
Homage
Homage is a technology-enabled caregiving and health solution that combines curated professional caregivers, therapists and clinicians with technology to provide holistic care and wellness to older adults and families.
Homage’s platform uses a matching engine to help families find caregivers, while its telehealth platform provides services like online medical consultations, health screening, ambulance and medication delivery services.
Its core care services include disability and care assessments, activities of daily living (ADL) assistance, nursing procedures and rehabilitation services, including physiotherapy, speech therapy and occupational therapy.
Homage has a regional network of more than 6,000 licensed care professionals and serves families as well as government providers, federal care plans, health organizations and employers across Singapore, Malaysia, Australia and Japan.
The startup closed a US$30 million Series C funding round in September 2021, bringing its total funding to US$45 million. The fundraise came on the back of strong growth experienced in 2021 with regional business outside its Singapore headquarters which grew more than 600% year-over-year. Between 2020 and 2021, the group more than tripled its revenue.
DocDoc
Founded in 2012, DocDoc is a patient intelligence company. The company provides a comprehensive suite of products combining AI-powered doctor discovery, telemedicine, and cashless settlements to optimize patients’ healthcare decision-making and enhance their healthcare journey.
The system collects 500+ data points on a per doctor basis and uses AI to match patients to the most relevant doctors based on the patient’s unique medical needs and the doctor’s practice patterns. By matching patients to the right doctors, DocDoc hopes to reduce medical care costs, medical complication and re-admission rates.
The platform is not just available to patients and physicians, but also to insurance firms and employers who can ensure that policyholders and employees make informed medical decisions.
As of mid-2020, DocDoc claimed more than 23,000 doctors in its network, and operated in eight countries. The company raised its last disclosed fundraising round in August 2019, a US$13 million fundraise that brought its total funding to US$24.6 million.
Holmusk
Founded in 2015, Holmusk is a data science and healthtech company.
Holmusk’s flagship product, NeuroBlu, is a data and analytics platform that synthetize real-world data (RWD) with analytics tools to create actionable insights and drive behavioral health transformation. NeuroBlu is powered by an industry-leading and continually growing behavioral health clinical dataset, with over 20 years of data on over half a million patients and 20+ million encounters.
Holmusk’s portfolio of products also includes MindLink, a behavioral electronic health record system that offers behavioral healthcare providers a full suite of core clinic management features as well as unique features to enable measurement-based care; mConnect, a digital solution designed to engage patients in managing their own care, enabling them to track and share symptoms, side effects, quality of life, and other measures with their clinicians; mHaven, which provides individuals with the support, education and motivation to take control of their mental and emotional well-being; FoodDX, an AI-based platform for users to manage their food choices and food-related behaviors; and GlycoLeap, a digital therapeutic program that supports people living with chronic metabolic diseases like diabetes, pre-diabetes, and obesity.
Holmusk raised an undisclosed funding round in December 2021 to expand its global operations, deepen its investment in its proprietary technology and grow of its data asset. Its previous fundraising was a US$21.5 million Series A closed in May 2020.
Neuroglee Therapeutics
Neuroglee Therapeutics builds personalized digital therapeutics and virtual care solutions to treat and manage patients with neurodegenerative diseases such as Alzheimer’s disease.
Neuroglee’s adaptive learning platform uses machine learning (ML) and several novel digital biomarkers to dynamically personalize treatment to each patient’s cognitive and physical needs. Treatment includes both therapeutic interventions and evidence-based lifestyle and cognitive behavior therapies tied to cognitive function, mood and behavior.
The company provides solutions for both care-at-home and for digital therapeutics in which physicians prescribe the digital therapy the same way as a prescription drug.
Neuroglee Therapeutics raised a US$10 million Series A funding round in September 2021, which it said it will use to launch virtual neurology clinics for patients diagnosed with mild cognitive impairment related to difficult-to-treat conditions and advance the company’s digital therapeutics pipeline.
Neuroglee Therapeutics is currently collaborating with Mayo Clinic on the development of Neuroglee Connect, a new clinical care program.
Aevice Health
Aevice Health is a medtech spin-off from Nanyang Technological University that aims to address chronic respiratory disease, including asthma and chronic obstructive pulmonary disease (COPD).
The company’s non-invasive wearable devices enable the early detection of cardiopulmonary abnormalities remotely and in real-time. AeviceMD is a AI-powered wearable stethoscope recording and analyzing lung sounds to detect early signs of chronic respiratory disease exacerbation, and AireSone Junior is a smart wearable for kids that tracks their respiratory rate and heart rate through the night.
Aevice Health also serves clinicians who can gain insights into their patients’ health and track their responses to treatment plans easily from the Aevice analytical platform.
The startup raised a US$2.1 million pre-Series A funding round in June 2021 to expand its remote respiratory monitoring solutions into Japan.
