Singapore-based health technology startup CXA Group, which offers an employee benefits and wellness marketplace platform, has raised $25 million in Series B funding in a round led by B Capital Group and EDBI. Additional funding came from Philips and RGAx, a subsidiary of Reinsurance Group of America.
CXA was founded in 2013, and the company says its benefits and wellness marketplace platform is Asia’s first. The SaaS platform uses health screening, lifestyle risks, and data from claims and wearable sensors to predict future premium costs, and CXA designs data-driven wellness and disease management programs to improve employee health. Beyond that, the company also works with insurers to pre-negotiate reduce future premiums on the condition companies demonstrate there are willing to invest in programs to improve their population health.
In addition to leading the investment, B Capital Group cofounder Eduardo Saverin (who was a cofounder of Facebook) will join the company’s board.
“CXA is an exciting addition to our portfolio. Its unique business model cuts across three out of four of our focus industries, including health and wellness, financial services and consumer services,” Saverin said in a statement. “The CXA platform offers employers and employees an innovative solution that facilitates deeper and more personalized benefits experiences in the workplace, and enables employees to make better financial choices and more informed wellness decisions.”
The funding from EDBI and Philips marks the first joint venture under the two companies’ digital health investment alliance to grow “high-potential digital health companies,” EDBI CEO and President CHU Swee Yeok stated.
CXA Founder Rosaline Chow Koo, who led employee benefits brokerage and benefits consultancy firm Mercer Marsh Benefits prior to starting CXA, said the investments and partnerships with global companies are a direct response to demand from HR leaders across the Asia Pacific region.
“We’re bringing evidence-based wellness into the workplace to improve employee health in order to control rising employer healthcare costs,” Koo said in a statement. “Instead of just offering advice, we actually deliver solutions to companies by aggregating the data analytics and the wellness of disease management providers.”
The company will use the investment to expand its reach beyond existing Singapore and Hong Kong markets further into Asia including mainland China, India, Indonesia, Japan, Malaysia, South Korea, the Phillipines, Taiwan and Thailand.