Singapore-based digital health platform Speedoc has closed a $5 million (S$6.7 million) Series A round led by Vertex Ventures Southeast Asia and India. Other investors who participated in the deal include Decacorn Capital and Global Grand Leisure.
The firm last raised a $1.8 million (S$2.4 million) seed round last year from Asian family offices such as Footprints Investments and Medic Everlasting Discovery.
Speedoc was founded in 2017 by Duke-NUS Medical School graduate, Dr Shravan Verma. It operates as a virtual clinic and hospital care provider, combining physical and digital services to provide healthcare to patients in their homes. Its services include house call doctors, nurses, medication delivery, telemedicine, remote diagnostics and health monitoring.
“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,” said Dr Shravan Verma, founder and chief executive officer, Speedoc.
“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,” he added.
The funds will be used to develop its technology and product line, particularly its Chronic Disease Home Management (CDHM) service, a fully home-based solution allowing patients with chronic diseases such as diabetes, high blood pressure and high cholesterol to better monitor their conditions. Through CDHM, patients will be able to consult a doctor via teleconference, schedule a home visit from a doctor, or personally manage their medical history and habits.
“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,” said Carmen Yuen, Partner at Vertex Ventures SEA & India.
Speedoc is also looking into market expansion in Southeast Asia, beyond its existing presence in Singapore, Kuala Lumpur and Johor Bahru in Malaysia. The firm currently has 70 full-time and part-time doctors under its roster across these three cities.