Funds to be deployed for clinical validation of proprietary clinical pathways, virtual hospital schemes, artificial intelligence and machine learning in Singapore and Malaysia with expansion into other parts of Southeast Asia
Telehealth service app, Speedoc closed S$6.7 million (US$5 million) in Series A funding led by Vertex Ventures Southeast Asia and India on 14th December 2020. Joining Vertex Ventures SEA & India, are investors Decacorn Capital and Global Grand Leisure.
The Series A funding will allow Speedoc to drive quicker and more rapid adoption of its digital health services locally. In Singapore, telehealth services are becoming more widely accepted, and with telemedicine, remote health monitoring and diagnosis are efficient and time saving for healthcare workers and patients.
Speedoc will deploy part of its funds to spearhead technological advancement initiatives in Singapore’s healthcare industry, so that it is able to continue to improve its customised healthcare solutions. Initiatives include: working with industry partners for clinical validation of proprietary clinical pathways, setting up virtual hospital schemes that provide advanced medical care through digital means and leveraging artificial intelligence and machine learning to create personalised treatment plans.
With the funding Speedoc will be able to enhance its proprietary Chronic Disease Home Management (CDHM)™ service. This service is the first fully home-based management of chronic conditions in the Southeast Asia region to allow more patients to optimise the way they manage chronic diseases such as diabetes, high blood pressure and high cholesterol, all at the convenience of their own homes.
Speedoc currently operates in Singapore and Malaysia, the company has plans to expand to other Southeast Asian markets, particularly those in high-density capital cities. Speedoc will be evaluating the markets with their investors and take a slow and phased approach towards regional expansion.
Graduate of Duke-NUS Medical School and Founder and Chief Executive Officer of Speedoc, Dr Shravan Verma said: “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. We are looking to enable any home to mirror the facilities of a hospital room, with tools like continuous remote monitoring, telemedicine, and blended clinical pathways; empowering both patients and medical professionals alike.”
Vertex Ventures SEA & India Partner, Carmen Yuen said: “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. As a strategic partner, we will play an active role in supporting them in their start-up journey and work closely with them to shape the future of healthcare.”
“We are thrilled to be in the journey with Speedoc, harnessing technology to disrupt healthcare,” said Debneel Mukherjee, Founder and Managing Partner at Decacorn Capital.
Founded in 2017 in Singapore, Speedoc is an industry leader in the digital health space. Its mission is to provide accessible and affordable healthcare to patients. As a virtual clinic and hospital care provider combining physical-digital services to challenge the traditional centralised, facility-based model, Speedoc believes that medical care need not be a lengthy, cumbersome experience. Their services include house call doctors, nurses, medication delivery; and is complemented by telemedicine, remote diagnostics and health monitoring. With Speedoc, home medical services need not be limited to only certain groups of patients, but to everyday people who may require GP or A&E visits for themselves or their loved ones. For more information, please visit https://speedoc.com/, or download the app on the App Store and Google Play.