Singapore-based online and offline medical care service provider Speedoc recently completed a Series A funding round led by Vertex Ventures Southeast Asia and India. The funding round yielded $5 million and lists Decacorn Capital and Global Grand Leisure as other investors.
Vertex Ventures Partner Carmen Yuen expresses trust and confidence in Speedoc’s solutions and ability to advance healthcare accessibility. “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,” Yuen remarks.
Speedoc plans to use the fresh capital infusion to accelerate the adoption of its digital health services in Singapore by pursuing technological advancement initiatives. The HealthTech company seeks to enhance its telemedicine, remote diagnostics, remote health monitoring, and other solutions.
Additionally, Speedoc intends to forge partnerships with noted players in the healthcare and related industries to augment its capabilities particularly when it comes to the validation of proprietary clinical pathways. The company also seeks to establish virtual hospital schemes and harness machine learning and artificial intelligence to develop customized treatment plans for different patients.
Moreover, Speedoc will be using the new funding to bolster its in-house Chronic Disease Home Management (CDHM) system. CDHM is one of the pioneers in evidence-based chronic conditions management in Southeast Asia. This home-based healthcare service is designed to provide more convenient care and treatment to patients suffering from diabetes, high cholesterol, high blood pressure, allergies, arthritis, chronic obstructive pulmonary disease, and other chronic illnesses.
Shravan Verma, Speedoc Founder and Chief Executive Officer, believes that the company is set to serve the rapidly growing demand for healthcare services in Singapore. “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,” Verma says.
Speedoc currently operates in two countries in Southeast Asia: Singapore and Malaysia. There are plans to expand its reach to high-density capital cities in the region. Speedoc’s health service operations are comparable to those of Quyi Network, Grand Grounds, and Yuntai Network.
Relatively new in the healthcare service market, Speedoc was established in 2017 with the goal of combining online and offline medical services to serve patients in their homes. The company started with house call physicians, telemedicine, and remote health monitoring services.
Speedoc’s range of services now includes medical service booking, private ambulance booking, video consultations, chronic condition management, preventive health screening, foreign domestic worker six-monthly screening, and medicine delivery, among others.
The doctor booking service offered by Speedoc is available 24/7. It provides access to fully-licensed and experienced doctors to address urgent as well as chronic conditions including flu, pneumonia, migraines, eye and ear discomfort, various pains, and wounds. Speedoc claims to have already served more than 26,000 patient requests.
The startup also offers Speedoc for Business, a one-stop platform for corporate healthcare needs including doctor and nurse visits, onsite medical support, and ambulance services. This service has healthcare solutions specific to the maritime and shipping, events and hospitality, and insurance industries.
Featured image credit: Speedoc