IHH Healthcare, a Malaysia-based international healthcare provider, has invested into Intellect, a digital mental health company based in Singapore.
IHH said in a statement the move is to further expand its continuum of care for patients, corporate clients and employees and catalyse a healthier society for all.
The investment will accelerate Intellect’s growth across the region.
Since it was founded in 2019, Intellect has grown exponentially in recent years to serve more than 3 million users in over 20 countries on its platform, including Malaysia, Singapore, India and Hong Kong.
Its end-to-end mental health services include telehealth coaching, clinical therapy, psychiatry, self-guided cognitive behavioural therapy-based programmes, urgent distress support, and mental health screening – all done either virtually via the Intellect platform or in-person at an Intellect clinic.
It focuses primarily on enterprise companies and their employees, and also serves individual consumers.
As a strategic investor, IHH will co-develop and customise digital mental health programmes with Intellect for its patients, corporate clients, and staff.
In a pilot initiative, maternity patients from Gleneagles Hospital Singapore will be among the first from the IHH network to enjoy Intellect’s offerings.
There are also plans to extend Intellect’s solution to corporate clients of IHH Singapore’s iXchange and to IHH employees.
“Our aspiration to care. For Good. at IHH has led us to this partnership with Intellect to provide mental health offerings to our patients, corporate clients, and employees, towards building a healthier world,” said Ashok Pandit, Group Chief Strategy & Business Development Officer of IHH Healthcare.
“Mental and physical health are equally important components of total well-being. Mental health issues affect one in every four persons,
“We are pleased to invest in Intellect, a market leader in this rapidly growing category, to boost their growth and enhance access to millions more people who require support, care or treatment,” he added.
Theodoric Chew, Co-Founder and Chief Executive Officer of Intellect, said the firm is truly excited to be partnering with IHH to form what they believe will be a game changer alliance to effectively transform mental health care across Asia.
“Our mission to scale mental healthcare accessibly to everyone, everyday, will be significantly enabled through this partnership, combining IHH’s global healthcare network with our technology and mental health focus,” he said.
The cost of treating mental issues is expected to reach around $6 trillion globally by 2030.
Within the Asia Pacific, the digital mental health market for business-to-business alone is projected to grow from $3.1 billion in 2021 to $8.5 billion by 2026, with increasing demand from corporates, insurers and consumers.
IHH’s growing number of Innovation investments is in line with its aspiration to Care. For Good.
By expanding its capabilities beyond acute care to holistic care and wellness, IHH aims to extend its continuum of services and build a thriving healthcare ecosystem that provides seamless, convenient care through various cutting-edge healthcare technology solutions, medtech services and telehealth platforms.
IHH is the first strategic healthcare investor in Intellect, which also has the backing of established investors and venture funds.
Intellect raised a $20 milion Series A funding round in 2022, led by Tiger Global, and counts many leading investors as backers including Y Combinator, Insignia Ventures, HOF Capital, MS&AD Ventures, Singtel Innov8, K3 Ventures, East Ventures, and many more.
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