Singapore's MyDoc pulls in $5.2M for corporate health platform

By Dave Muoio
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Singapore-based startup MyDoc has collected $5.2 million in Series A funding. The investment was primarily received from Aliso Viejo, California-based digital and IT services provider UST Global, with additional funds coming from venture capital firm Wavemaker Partners and others.

The money will continue financing development of MyDoc@Work, the startup’s digital healthcare platform designed for corporate employees. Video consultations, online prescriptions, on-site health screening, online medical certificates, and a private care network are all available through the platform, and can be delivered via mobile devices.

Currently, MyDoc’s clients include Asian insurers AIA, AXA, and Aetna, as well as Singapore’s Health Promotion Board, Guardian Pharmacy, and other individual clinics and labs. With this funding, MyDoc says it will now be pursuing additional clients in new Asian markets.

“We see increasing corporate and insurer demand for enterprise digital health solutions like MyDoc,” Dr. Snehal Patel, CEO and co-founder of MyDoc, said in a statement. “This funding is a strong boost for us to meet this demand by expanding our services throughout Asia and enter[ing] new markets. Our Series A funding round reflects the confidence our investors have in MyDoc’s business model and services, as well as the potential of the industry.”

In addition, the investment will support continued development of the startup’s insurance-focused cost-efficiency software. Specifically, MyDoc looks to expand the current service to further optimize the platform through data analysis and delivery of personalized care.

The startup said in its statement that their new relationship with UST Global will also bring a new source for reliable technological expertise when developing its software.

“UST, with its global presence, vast customer base, and domain expertise in the healthcare space, will be an ideal parter for MyDoc, to expand MyDoc's reach to global Fortune 500 customers and governments across Asia,” Krishna Sudheendra, chief financial officer of UST Global, said in a statement.

Earlier this year, CXA Group — another Singapore-based startup offering an employee benefits and wellness marketplace platform — announced $25 million in Series B funding and the addition of Facebook cofounder Eduardo Saverin to the company’s board. CXA Group said it would use this investment to expand its reach beyond its previous Singapore and Hong Kong markets further into Asia including mainland China, India, Indonesia, Japan, Malaysia, South Korea, the Phillipines, Taiwan and Thailand.