Singapore government-backed SGInnovate makes forays into Medtech

Singapore’s SGInnovate along with Manatt has led a strategic investment in Dublin and Boston-based HealthBeacon as part of completing the Series A fundraising announced in January. The total Series A fundraising was US$12 million bringing HealthBeacon’s total funding to US$15 million.

HealthBeacon uses smart sharps bin system and eases self-use of injectable medications. This has resulted in improved patient medication adherence and driving patient care. The addressable market for injectable medications has reached nearly $50 billion.

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HealthBeacon operates in 13 markets and has tracked more than 300,000 home-based injections making it one of the largest global deployments of a medical adherence device. It plans to continue its expansion plan into the Asian Market with a growing team over the next 18 months.

Backed by the Singapore government, this is SGInnovate’s first healthcare investment.

Hsien-Hui Tong, SGInnovate’s Head of Venture Investing said: “Medical non-adherence places a significant burden on healthcare systems. HealthBeacon’s use of Smart Tools to tackle this global challenge resonates well with SGInnovate’s belief in investing in best-in-class deep tech tackling difficult problems faced around the world.”

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Image Credit: Hush Naidoo on Unsplash

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