MiyaHealth, a health technology startup based in Singapore, has recently secured $10.4 million in pre-Series A funding, with an extension of $2.4 million. The round was led by Fondation Botnar, an impact investment fund, and saw participation from existing investors such as ST Engineering Ventures, Elev8, and HealthXCapital.
The funds will be used to support the expansion of MiyaHealth’s digital health platform across Europe and Southeast Asia, starting with countries like Poland, Indonesia, and the Philippines. The company also has plans to enter markets in Thailand, Vietnam, and the Middle East in the future.
MiyaHealth’s co-founder and CEO Ramesh Rajentheran expressed his gratitude towards the new and existing investors for their support. He stated that their investment is a recognition of the value that MiyaHealth’s digital infrastructure and solutions bring in enabling healthcare systems to scale.
MiyaHealth provides a cloud-based platform that helps healthcare providers manage patient data, track clinical outcomes, and improve operational efficiency. The platform is currently being used by over 100 healthcare organizations in Singapore, Malaysia, and Indonesia.
The company has plans to raise its Series A round in the first quarter of 2024. The digital health sector in Singapore is expected to continue its growth in the coming years due to factors such as increasing adoption of digital technologies in healthcare, growing demand for preventive care, and an aging population.
According to a report by McKinsey & Co., Asia’s digital health market could potentially reach a value of $100 billion by 2025 from just $37 billion in 2020. This growth is said to be driven by a growing consumer-centric digital health ecosystem and rising demand.