Singapore’s SGInnovate on Tuesday announced that it has invested an undisclosed amount in MediLOT Technologies, a blockchain startup in the healthcare industry.
MediLOT claims to use blockchain, artificial intelligence and database management system technologies to enable personalised healthcare services. It allows medical practitioners to access patients’ health records securely and use the data collected for predictive health reports, among other things.
The startup, which claims to have been featured in peer-reviewed scientific publications, is backed by NUS, Signum Capital and QCP Capital.
The investment in MediLOT Technologies makes it the first blockchain and healthcare analytics company in SGInnovate’s portfolio as part of its Deep Tech Nexus strategy to develop research-based deep tech startups.
“MediLOT has assembled a great team with a vision to build an interoperable decentralised platform that can be used by all healthcare providers to extract greater value from healthcare records, affording patients better diagnoses and more effective treatments,” said SGInnovate’s Venture Investing head Tong Hsien-Hui. “Their vision is in line with SGInnovate’s mission to help develop high potential companies with products that will have global impact.”
SGInnovate is a private limited company wholly owned by the Singapore Government that invests in and nurtures deep tech startups in Singapore. Its Deep Tech Nexus Strategy focuses on adding tangible value to the Singapore deep tech startup ecosystem in the areas of human capital and deployment of investment capital.
Its investments are prioritized around transformational technologies such as Artificial Intelligence, Blockchain and MedTech.
The firm’s latest investment in the Medtech space came in April when it injected an undisclosed amount of capital in Singapore-based early-medical technology startup NDR Medical Technology (NDR).
Last month, SGInnovate made an undisclosed investment in AIDA Technologies, an AI startup that specializes in predictive analytics and intelligent systems.