MiyaHealth, a Singapore-based HealthTech company, said Tuesday it has raised S$6.5 million ($4.83 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 business to business (B2B) focused venture capital fund based in Singapore.

Several prominent angel investors from the private equity and healthcare industries also participated in the round, MiyaHealth said in a statement.

The recent fundraise brings the total capital raised to over S$9 million ($6.69 million), and the current round is one of the largest Pre-Series A rounds by a health-tech startup in Southeast Asia.

MiyaHealth will use this funding to accelerate its product development and 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 1 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, Chief Executive Officer 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, artificial intelligence (AI) and critical systems. These areas will be key to better serving the needs of patients, providers and payors globally,” he said.

Founded in 2019, MiyaHealth builds and operates technology that improves every part of the patient journey. The company’s technologies help patients choose affordable healthcare, manage their chronic illness, and improve the patient experience.

The company 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, MiyaProvider, will help improve the patient experience in hospitals and clinics.

To date, MiyaHealth has partnered with over 3,000 medical providers and 12,000 physicians for its flagship platforms, which includes a partnership with a leading Indonesian hospital group. In addition to entering its commercialisation phase in the past year and conducting product launches in new markets, MiyaHealth will also be expanding its headcount across its Singapore, Kuala Lumpur and Jakarta officesto support its upcoming developments.

“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 2017, Singapore Technologies Engineering Ventures (STEV) is the corporate venture capital unit of Singapore Technologies Engineering Ltd, a global technology, defense and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries.

With offices in Singapore, San Francisco, U.S., and Tel Aviv, Israel, STEV scouts for and invests in promising technology start-ups in high growth areas such as robotics, autonomous technology, data analytics, cybersecurity, internet of things (IoT), cloud, connectivity and other emerging technologies.

It aims to build successful, collaborative relationships with start-ups, combining technologies and expertise to co-create breakthrough solutions while enabling their access to the group’s global business ecosystems, expertise and resources.

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