MiyaHealth, a Singapore-based HealthTech start-up, has raised an undisclosed sum in additional funding from leading healthcare and technology investors including HealthXCapital, Central Capital Ventura, and SEEDS Capital.
This comes after MiyaHealth raised $6.5 million pre-Series A in February this year, which was one of the largest pre-Series A rounds by a HealthTech start-up in Southeast Asia.
The fresh funds will be used to accelerate the company’s product development, hiring, and expansion plans, MiyaHealth said in a statement.
The pre-Series A round earlier this year was led by ST Engineering Ventures, the corporate capital arm of Singapore Technologies Engineering (ST Engineering) and Elev8, a deep-tech business to business (B2B) focused venture capital fund based in Singapore.
Together with HealthXCapital, Central Capital Ventura, and SEEDS Capital, the funds will drive MiyaHealth’s aggressive growth strategy across the globe, starting with Europe and Southeast Asia.
Following inbound investor interest, MiyaHealth is also planning to kick-off its Series A fundraise in the next six months to further develop its product suite, expand its operations globally and continue embarking on collaborations with key stakeholders moving forward.
“Following our successful pre-Series A fundraise, we are delighted to onboard new investors to further scale our product capabilities and expand our operations globally, starting with Europe and Southeast Asia,” said Ramesh Rajentheran, Chief Executive Officer and Co-Founder of MiyaHealth.
“The pandemic has accelerated the need for governments, corporates, and insurers to contain health costs and improve health care outcomes. Patients are also more aware of and are increasingly vocal about the quality of their healthcare journeys,
“Having built our technology and established strategic relationships with ST Engineering during the pandemic, we are benefitting from this increased focus from payors and patients post-pandemic. At Miya, patients are at the heart of what we do, and that patient-centricity comes through in the products we have built,” he added.
With an aim to improve patients’ healthcare journey, and to better serve the needs of payors and healthcare providers, MiyaHealth has launched a suite of products since its inception in 2019.
This includes MiyaPatient, a patient navigation platform with a predictive and personalized system that helps patients with chronic diseases cope with daily challenges; MiyaPayor, a platform that incorporates AI-driven claims processing, provider network management and predictive analytics to reduce costs for payors; and MiyaProvider, an upcoming product that improves patients’ experience in hospitals and clinics.
MiyaPatient is currently being deployed in Europe, and MiyaPayor and MiyaProvider platforms are being deployed in Indonesia and the Philippines. This follows the commercialisation of the MiyaPayor platform in Malaysia last year.
“We realize the importance of finance in improving the healthcare system. With our financial ecosystem, we want to empower the healthcare industry by embedding our financial services and synergizing with high-tech companies like MiyaHealth, to provide a better patient healthcare experience together,” said Armand Widjaja, President Director, Central Capital Ventura.
With an aim to build technology that elevates every part of the patient journey, MiyaHealth has partnered with over 3,000 medical providers and 12,000 physicians to date for its flagship platforms, including its partnership with a leading hospital group in Indonesia.
“We believe that there is a significant market for the managing general agents and third party administrators (TPAs) in Asia Pacific (APAC) that is estimated in excess of $4 billion. Whilst United States has shown that technology has enabled over 50 to 90 percent automation across insurance functions such as claims adjudication, prior authorization, medical review, Asia has lagged behind in digitization and automation,
“MiyaHealth’s technology is transforming this space, to create a much needed data repository which can serve as a basis for critical insights to payors and providers reducing leakages, more efficient policy design and reducing healthcare costs eventually,” said Seemant Jauhari, Managing Partner, HealthXCapital.