On November 8, Singapore-based healthtech platform Speedoc announced that it has closed its pre-Series B funding round at US$28 million.
The round sees the participation of new investors including Bertelsmann Investments, Shinhan Venture investment and Mars Growth, as well as existing investor Vertex Ventures Southeast Asia & India.
According to the company, the new injection of funds will be used to make virtual hospitals a reality across the Southeast Asia region.
As countries in the region look for ways to manage an ageing population while the healthcare manpower crunch remains a pressing concern, pilot trials have shown that the home-based, virtual hospital care model — which is the core of Speedoc’s business — is effective.
Results of the trials showed that patient recovery duration is similar or reduced as compared to those who were admitted into hospitals.
Currently, Speedoc is working with local hospital partners such as the National University Health System (NUHS), the Singapore General Hospital (SGH) and Khoo Teck Puat Hospital (KPTH) in a two-year pilot trial for virtual ward services. This is part of the MOH Office for Healthcare Transformation’s (MOHT) Mobile Inpatient Care@Home (MIC@Home) initiative.
Speedoc is also planning to expand its H-Ward virtual hospital programme, an integrated platform monitored by a dedicated 24/7 patient-care team that standardises and combines different services needed for hospital care at home.
Marrying tech and healthcare
Founded in 2017, Speedoc has a vision to vision to empower users to take control of their healthcare needs by making hospital-level care accessible to every person via tech-enabled and innovative services and solutions.
It offers decentralised medical care, providing a wide range of mobile medical services spanning telehealth consultations, on-site doctor and nurse visits, virtual hospital wards, and ambulance hailing services.
Speedoc was also a key partner of the Singapore Government during the COVID-19 pandemic, helping to support Home Recovery Programmes (HRP) and Home Vaccination Teams, particularly for the elderly segment.
Speedoc’s platform is now available in nine cities across Singapore and Malaysia and serves patients and caregivers across both countries.
“The healthcare challenges which have erupted all over the world in the last couple of years demonstrates an urgency to transform healthcare delivery for all. That’s why my co-founder, Serene Cai, and I created Speedoc to push the boundaries of healthcare beyond current times and ensure that access to quality medical care is convenient, safe, and easy,” said Dr Shravan Verma, CEO and co-founder of Speedoc.
“With this investment, we look forward to expanding our collaborations with private and public healthcare players to bring hospital-level care into every home and for every person. This would further empower patients and caregivers by providing them with an alternative to recover at home whilst providing them with effective cost-savings.”
He added that the thrust towards virtual hospitals will complement and ensure better hospital utilisation rates, enabling medical personnel to attend to life-threatening conditions in a more efficient manner.
Featured Image Credit: Speedoc