MyDoc, a Singapore-based regional healthtech start-up, has raised US$5.2 million in funding. The investment was led by UST Global. Other investors include Wavemaker Partners.
MyDoc provides companies with a digital health platform that integrates key aspects of healthcare – connecting patients, healthcare professionals, corporates, pharmacies, health data and insurers. Current clients include Asia’s largest insurers such as AIA, AXA and Aetna and other partners including the Health Promotion Board (HPB), Guardian Pharmacy, as well as individual general practitioner clinics and laboratories.
The funds will finance the development of MyDoc@Work, a digital healthcare platform which provides corporate employees a wide range of health services – video consultation with doctors, online prescriptions, online medical certificates (MyMC), on-site health screenings and a private care network. The private care network provides access to dental, physiotherapy, eye health, and fitness and other services.
Through MyDoc@Work, corporations benefit from significant cost and operational efficiencies, through reduced administrative processes to manage medical certificates, insurance claims, decreased employee absenteeism (due to ill health) and minimised upfront employee healthcare costs.
A second investment priority is the continued development of health-focused insurtech solutions based on MyDoc’s proprietary technology. With the largest network of private insurers already secured, the focus is shifting towards improving and expanding services to benefit both policyholders and payors.
Part of the funds will be used to continue development of insurance-focused solutions that enable further automation of the health insurance process. This work will include tools that allow comprehensive data analysis to enhance the delivery of personalised care.
The partnership with UST Global allows 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.