A Malaysian digital health startup announced that it has raised RM4.75 million (US$1.1 million) after completing another pre-series A round, following its US$1.5 million raised in July last year.
The new injection was led by Malaysia’s Duopharma Biotech and other local and international private investors, according to a statement.
Through its app, the firm combines behavioural science, data science, and digital design to offer health coaching and psychological support.
It assigns personal health experts to users battling or at risk of chronic conditions such as diabetes and cardiovascular diseases, or chronic depression, anxiety, and stress.
It plans to use the fresh capital to extend its runway to at least 12 to 15 months as it gears up for its series A round. The President and Co-Founder of the start-up stated that the company has already gained strong interest from investors for its next round, and it wants “to be able to demonstrate continued growth domestically and regionally.”
The latest investment comes at a time when digital health solutions are seeing increased traction, as healthcare providers are overwhelmed by rising Covid-19 cases.
The firm’s CEO and co-founder also said that the startup has seen a “significant” increase in cases of mental health complications, such as stress, anxiety, and depression, due to the ongoing pandemic.
Another startup that has seen an uptick in activity in its platform is Singapore-based telehealth provider Doctor Anywhere.
Digital health tech on the rise in Malaysia
Recently, DoctorOnCall, a Malaysia-based digital health platform teamed up with Merchantrade Asia Sdn Bhd (Merchantrade), which will allow Merchantrade Money application’s users to access online consultations with accredited doctors and e-pharmacy, purchase medication safely and have them delivered conveniently.
Users just have to click on the icon “talk to a doctor” and “e-pharmacy,” following a consultation.
According to another report, a recent report by analytics company stated that the growing healthtech industry in Malaysia offers “myriad opportunities” for innovative companies.
Government policies and investments over the past few years have been indicative of the country’s attempts to push the industry forward, and create a “conducive business environment” for domestic and foreign firms alike.
Speaking earlier in 2020, the firm’s healthcare analyst stated that Malaysia is considering collaboration as a key to address the current healthcare challenges it is facing and to drive its healthtech market forward.
This offers strategic partnering and distribution opportunities to foreign firms with a global outlook, and a ground for investment for both domestic and foreign start-ups.
The firm’s report, ‘CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Malaysia’, reveals that mergers and acquisitions (M&A) were the most frequently performed deal type between 2018 and 2019 in HealthTech.
The total value of M&A deals was US$42m, whereas the total value of venture financing deals was US$2m during the period.
It was noted that through increased collaboration opportunities with companies in Malaysia, foreign HealthTech companies will gain a greater understanding of the Malaysian healthcare market. This will help in developing innovative smart technology solutions that bring a paradigm shift in the Malaysian healthcare market.