Malaysia-based digital health service provider Naluri Hidup announced on Wednesday the closing of a $5 million Series A funding round.
Besides the cornerstone investor, Singapore’s Integra Partners, other strategic investors who participated in the funding include: Duopharma Biotech Bhd, Pathology Asia (via Biomark), and venture capital firm M Venture Partners, who were part of the company’s preceding round, Naluri said in a statement.
Naluri also added new investors to its cap table — Sumitomo Corporation Equity Asia, Palm Drive Capital from New York and INP Capital from Vancouver, Canada. The company also gained support from the Hibiscus Fund, a venture capital fund managed by Malaysia’s RHL Ventures and Korea’s KB Investment that are part of the government’s Dana Penjana National Programme.
“We are proud to have closed this oversubscribed round with the support of our lead investor, Integra Partners, and new strategic investors Sumitomo, who through PMCare, will continue to work with us to find ways to help their clients reduce medical claims,” Naluri co-founder and CEO Azran Osman-Rani said.
The funding round will support Naluri to expand its operations in Singapore and Indonesia, and launch its service in Thailand and the Philippines. The company will also look to deepen its tech and data science capabilities to enhance its predictive algorithms including natural language processing and depression detection.
The company said it will continue its investment in clinical research to strengthen the evidence base in diabetes, renal, cardiovascular, cancer, and mental health therapeutic areas — including launching clinical research in Europe.
Naluri combines behavioural science, data science, and digital design to deliver structured health coaching and psychological support for people who are at risk of chronic conditions such as diabetes, cardiovascular diseases or chronic depression, anxiety, and stress.
Naluri announced in July 2019 that it has closed a $1.5 million pre-Series A funding round led by German venture capital firm Global Founders Capital. The round was joined by Stanford-StartX Fund, TH Capital, private investors that include doctors as well as the startup’s existing investors.
In January 2018, the startup raised around 1 million ringgit ($258,570) in seed financing from Singapore-based healthcare analytics firm BioMark and Silicon Valley’s 500 Startups through its Southeast Asia-focussed fund 500 Durians.
Hibiscus Fund is a venture capital fund managed by RHL Ventures and KB Investment that is part of the Dana Penjana National Programme. Dana Penjana Nasional is a matching fund-of-funds programme, part of the Short-Term Economic Recovery Plan (PENJANA) launched by the Malaysian government last year to spur the local startup ecosystem.
Cornerstone investor Integra Partners is an early-stage venture capital fund investing in companies using technology to drive access and affordability in financial services and healthcare in Southeast Asia. Formerly known as Dymon Asia Ventures, Integra has currently invested in over 20 companies and is currently investing out of its second fund.
In a similar deal in the sector, it was reported that Indonesian healthtech platform Halodoc has closed a $80 million Series C round led by local conglomerate PT Astra International Tbk. Astra invested $35 million in Halodoc’s round that was closed in April 2021, according to its press statement.