Funds to be deployed for clinical validation of proprietary clinical pathways, virtual hospital schemes, artificial intelligence and machine learning in Singapore and Malaysia with expansion into other parts of Southeast Asia
Singapore, 14 December 2020 – Leading digital health app, Speedoc has closed S$6.7 million (US$5 million) in Series A funding led by Vertex Ventures Southeast Asia and India (“Vertex Ventures SEA & India”). Vertex Ventures SEA & India is joined by fellow investors SMRT Ventures, Decacorn Capital and Global Grand Leisure.
The funds will allow Speedoc to drive faster adoption of its digital health services locally, further revolutionising the traditionally centralised, facility-based healthcare model. Locally, digital health services have gained acceptance through the years, with telemedicine, remote diagnostics and health monitoring offering time-efficient solutions to both patients and healthcare professionals. To date, Speedoc has completed over 26,000 patient requests.
Speedoc will deploy funds to drive technology advancement initiatives in Singapore, so that it is able to continue to improve its customised healthcare solutions. These include working with industry partners for clinical validation of proprietary clinical pathways, setting up virtual hospital schemes that provide advanced medical care through digital means and leveraging artificial intelligence and machine learning to create personalised treatment plans.
In particular, the new funding will enable Speedoc to enhance its proprietary Chronic Disease Home Management (CDHM)™ service, the first fully home-based management of chronic conditions in Southeast Asia to allow more patients to optimise the way they manage their chronic diseases such as diabetes, high blood pressure and high cholesterol at the convenience of their own homes.
Speedoc is currently also operational in Malaysia and has plans to expand its presence in other Southeast Asian markets, particularly in high-density capital cities. Speedoc will be evaluating the areas of synergies with their investors and take a phased approach for regional expansion.
Vertex Ventures SEA & India Partner, Carmen Yuen said: “We believe in Speedoc’s vision to make healthcare accessible and affordable for patients through digital means. With the enduring effect of the pandemic, we see immense potential for such innovative digital healthcare services to address the medical needs of many populations. As a strategic partner, we will play an active role in supporting them in their start-up journey and work closely with them to shape the future of healthcare.”
A graduate of Duke-NUS Medical School, Founder and Chief Executive Officer of Speedoc, Dr Shravan Verma said: “As Singapore’s population ages, there will be an overall increase in the need for medical services. Speedoc is looking to solve this gap by advancing digitally accessible healthcare services.
We are looking to enable any home to mirror the facilities of a hospital room, with tools like continuous remote monitoring, telemedicine, and blended clinical pathways; empowering both patients and medical professionals alike.”
“We are thrilled to be in the journey with Speedoc, harnessing technology to disrupt healthcare,” said Debneel Mukherjee, Founder and Managing Partner at Decacorn Capital.
Investing in technological solutions for chronic disease management
A portion of the funds will be set aside to enhance chronic disease management. Chronic disease management is increasingly becoming more important as persistent chronic diseases such as diabetes and hypertension are on the rise, especially with Singapore’s ageing population. In fact, by 2030, 40% of Singapore’s population will be above 65 years old1. According to a local study2, the proportion of older adults with three or more chronic diseases nearly doubled from 2009 to 2017 in Singapore. Additionally, 1 in 4 Singaporeans aged 40 and above has at least 1 chronic disease3.
Many patients, especially those with mobility impairment, have found it challenging to manage their chronic disease(s) as they are required to go to the hospital to get their medication and adhere to routine check-ups at appointed timings. This is exacerbated when the COVID-19 pandemic hit, making it more difficult for patients to schedule hospital visits as hospitals postpone non-urgent check-ups, limit the number of accompanying acquaintances for patients or when patients decide to postpone or cancel hospital visits as a precautionary measure.
Introduced in June this year, Speedoc’s CDHM™ programme helps patients manage their chronic diseases such as diabetes, high blood pressure, high cholesterol and thyroid disorders in the comfort and convenience of their homes. CDHM™ allows patients to consult a doctor via teleconferencing, schedule a home visit from a doctor or nurse and get medication delivered to them directly. Each patient’s programme is tailored to their own habits and medical history through artificial intelligence and machine learning, with the end-goal of empowering patients to better manage their own conditions and improve follow-up leading to better outcomes.
High-res photos can be downloaded from bit.ly/SpeedocSeriesA
Footnote(s): 1 United Nations World Population Ageing 2017 Highlights 2 Proportion of older adults with multiple chronic diseases surges – The Straits Times, 8 May 2019 3 Tips To Prevent And Manage Chronic Diseases In The Workplace – Health Promotion Board
**About Speedoc **
Founded in 2017 in Singapore, Speedoc is an industry leader in the digital health space. Its mission is to provide accessible and affordable healthcare to patients. As a virtual clinic and hospital care provider combining physical-digital services to challenge the traditional centralised, facility-based model, Speedoc believes that medical care need not be a lengthy, cumbersome experience. Their services include house call doctors, nurses, medication delivery; and is complemented by telemedicine, remote diagnostics and health monitoring. With Speedoc, home medical services need not be limited to only certain groups of patients, but to everyday people who may require GP or A&E visits for themselves or their loved ones. For more information, please visit https://speedoc.com, or download the app on the App Store and Google Play.
About Vertex Ventures Southeast Asia and India (“Vertex Ventures SEA & India”)
Vertex Ventures Southeast Asia and India invests in high-growth start-ups seeking their first round of institutional venture capital funding in Southeast Asia and India, with a primary focus on Singapore, India, Indonesia, Thailand and other emerging hubs of innovation across the region. Vertex Ventures Southeast Asia and India is part of the Vertex global network of venture capital funds. A trusted partner to some of the world’s most innovative entrepreneurs, Vertex supports its portfolio companies with unmatched operating experience and deep access to the capital, talent, partners and customers they need to build truly global businesses.
For more information, please visit: https://www.vertexventures.sg/
Media Contacts (GLOO PR on behalf of Speedoc)
Frank Tan (Senior Account Executive) firstname.lastname@example.org | 9022 5708