NOVI Health, a Singapore-based provider of technology-enabled chronic disease and preventive healthcare, announced Thursday the closing of its Series A fundraising, securing $5 million, led by Monk’s Hill Ventures.
The funding will be used to accelerate hiring for its technology, growth, and product teams, while also investing further in its technology-enabled platform, NOVI Health said in a statement.
“Our vision is to empower people to live free from the burden of diabetes and other chronic weight and lifestyle-related conditions. We enhance clinical care by incorporating holistic lifestyle interventions, supercharged by deep human expertise and data insights for better
outcomes,” said Sue Anne Toh, Co-Founder and Chief Executive Officer of NOVI Health.
He said he strongly believe in the value of a multidisciplinary team that incorporates the latest scientific and clinical evidence-based approaches in a holistic personalized manner, to bring about better health at scale.
“Our digital-first approach allows us to increase accessibility and affordability of our services, giving us the opportunity to impact more lives,
“Since launch, our clients have achieved significant improvements in diabetes control and weight reduction and we look forward to bringing our solutions to an even wider audience,” he added.
NOVI Health is a technology enabled healthcare company that provides hyper-personalized holistic health solutions integrating precision medicine, behavioral and lifestyle interventions, to prevent and better manage metabolic disorders such as diabetes, high blood pressure, high cholesterol and obesity.
Statistically, 1 in 10 adults are living with diabetes. Globally, diabetes was responsible for 6.7 million deaths in 2021 – one every five seconds. NOVI Health’s mission is to work towards changing this statistic.
With its tech-enabled health solutions platform, NOVI Health is able to address the root cause of chronic conditions with its holistic approach by integrating clinical treatments with behavioral and lifestyle interventions.
According to the statement, NOVI Health has impacted thousands of lives since its founding. It delivers its two core products through its digital platform NOVI Magnum and NOVI Optimum Plus.
Targeted at individuals with diabetes, NOVI Magnum combines the use of continuous glucose monitoring technology with medical care and dietary and lifestyle coaching to optimize diabetes control.
In a published study, participants of the program were able to reduce their HbA1c by 0.9 points and weight by 5.8 percent, over a three-month period without an increase in medication.
As for those with excess weight, NOVI Optimum Plus builds on the fundamentals of healthy eating and exercise by integrating validated medical treatment to complement health coaching in order to achieve sustainable and healthy weight loss.
“NOVI Health is led by a dynamic and strong team of founders with deep expertise and experience in both public and private sectors. The team’s deep scientific and clinical knowledge of the Asian population enables them to build effective health solutions for chronic disease management tailored for the market,
“We are excited to partner with NOVI Health as they work to address the significant unmet chronic disease needs in the region,” said Peng T. Ong, Co-Founder and Managing Partner of Monk’s Hill Ventures.
Founded in 2014 by entrepreneurs Peng T. Ong and Kuo-Yi Lim, Monk’s Hill Ventures is a venture capital firm investing in early-stage technology startups, primarily in pre-Series A and Series A, in Southeast Asia.
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