Singapore-based health technology startup MiyaHealth has secured US$10.4 million in pre-Series A funding, following an extension of $2.4 million.
The round was led by Fondation Botnar, an impact investment fund, with participation from existing investors ST Engineering Ventures, Elev8, and HealthXCapital.
The funding will be used to support MiyaHealth’s expansion across Europe and Southeast Asia, starting with Poland, Indonesia, and the Philippines. The company also plans to enter Thailand, Vietnam, and the Middle East in the future.
“Despite the funding winter that is happening across Southeast Asia, we are heartened to have the support of our new and existing investors,” said MiyaHealth co-founder and CEO Ramesh Rajentheran. “Their investment is a recognition of the value that our digital infrastructure and solutions bring in enabling healthcare systems to scale.”
MiyaHealth provides a cloud-based platform that helps healthcare providers manage patient data, track clinical outcomes, and improve operational efficiency. The company’s platform is currently used by over 100 healthcare organizations in Singapore, Malaysia, and Indonesia.
MiyaHealth plans to raise its Series A round in the first quarter of 2024.
The Singapore’s digital health sector is expected to continue to grow in the coming years, driven by a number of factors, including the increasing adoption of digital technologies in healthcare, the growing demand for preventive care, and the aging population.
According to a report by McKinsey & Co., Asia’s digital health market could potentially reach a value of $100 billion by 2025 from just $37 billion in 2020. The growth is said to be driven by a growing consumer-centric digital health ecosystem and rising demand.