Wavemaker Partner also participated in the latest funding round for Singapore-based MyDoc
Singapore-based healthtech startup MyDoc today announced that it has raised a US$5.2 million in Series A funding round led by UST Global, a California-based provider of end-to-end IT services and solutions.
Wavemaker Partner also participated in the latest funding round for the company.
In a press statement, MyDoc said that it will use the new funding to develop fully-automated corporate healthcare platform MyDoc@Work.
The platform will provide corporate employees with end-to-end health services from video consultation with doctors, online prescriptions, online medical certificates (MyMC), on-site health screenings and a private care network that includes access to dental, physiotherapy, eye health, fitness, and other services.
The company believes that the platform can help corporations to significantly reduce cost and increase efficiency.
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“MyDoc@Work allows corporate employees to enjoy the convenience of consulting a doctor remotely –saving time on traveling to the clinic as well as queuing to see the doctor and collecting medication– and overall better health as they are more likely to follow up with necessary treatments,” explained MyDoc CEO and Co-Founder Dr. Snehal Patel.
It will also use the new funding to develop insurtech solutions that will enable further automation of the health insurance process.
The partnership with UST Global will allow MyDoc to tap into the company’s technological capabilities and expertise, as well as grow the business through UST Global’s distribution channels and government partnerships.
Founded in 2012 by Dr. Patel and Dr. Vas Metupalle, MyDoc started out as a doctor consultation and provider efficiency tool, but has expanded its core product offerings to include advanced data analytics, corporate digital health services, health insurtech, and access to network of health professionals in Asia.
It listed companies such as AIA, AXA and Aetna as clients, and the Health Promotion Board (HPB), Guardian Pharmacy, and individual general practitioner clinics and laboratories as partners.
MyDoc services is currently available in Singapore, Malaysia, Hong Kong, and Sri Lanka.
It raised its first institutional investment round of an undisclosed amount led by August Capital Partners and SPRING SEEDS Capital.
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