Indonesian conglomerate Lippo Group’s hospital chain Siloam International Hospitals has backed three early-stage health-tech startups through its digital incubator.
The incubator, set up in late 2018, seeks to keep the hospital group’s interests aligned to growing digital innovation trends in healthcare. Its most recent investment has been in Indonesia-based Bithealth that provides digital solutions as a service for healthcare providers by using AI and analytics.
“The Digital Incubation [initiative] is not an investment or a venture company. We are a healthcare company and we use this as an innovation tool to help us enhance our capability,” said Agus Wismoyo, Digital Incubator group head, Siloam Hospitals Group.
DealStreetAsia could not ascertain the sum set aside for the incubator by the parent Lippo Group, which is said to be the main backer. It is not clear if the incubator has raised funding from external investors.
“We want to be able to capture and nurture ideas, allow them to evolve until they find the right use-case fit, and Digital Incubation is set up to allow it,” Wismoyo added.
The incubator invests less than $1 million in early-stage health tech start-ups. It has previously backed Aido Health that delivers home-based healthcare services for chronic patients and Prixa.ai that provides hospital management services. Prixa.ai has subsequently raised $3 million in a round led by MDI Ventures and the Trans-Pacific Technology Fund (TPTF) with follow-on investment from Siloam’s incubator.
For IDX-listed Lippo Karawaci CEO John Riady, who took over the helm in 2019, healthcare is said to be a key focus area for growth. Lippo Karawaci is the majority shareholder of Siloam International Hospitals and owns a stake in Lippo Malls Indonesia Retail Trust listed on the Singapore Exchange.
In healthcare, the group is focused on expanding its international footprint and revamping its telemedicine app, Nikkei Asia reported. Founded by Mochtar Riady, Lippo Group is one of Indonesia’s largest real estate developers and is known for various large-scale projects such as Lippo Village.
Prior to taking over as CEO, Riady led the group’s digital efforts and investments in SE Asia’s technology sector including in e-payment platform OVO, which counts Grab and Tokopedia among its backers. The group has made over 30 investments in Indonesia’s tech scene.