Smarter Health, a Singapore-based healthtech company, has raised S$5.15 million ($3.8 million) in Series A funding led by Southeast Asia venture capital firm East Ventures.
The latest funding round also saw the participation of Orbit Malaysia and Citrine Capital. Other investors in this round include HMI Group and Emtek.
“We are excited to partner with East Ventures and other strategic investors such as Orbit Malaysia, Citrine Capital, HMI Group, and Emtek to realise our vision of making healthcare ‘Accessible, Affordable and Accountable”, said Yit Ming Liaw, Chief Executive Officer of Smarter Health.
He added that they look forward to collaborating with more insurers, healthcare providers and doctors to achieve this vision.
Liaw founded the company in 2017. It now has offices in Malaysia and Indonesia.
Wilson Cuaca, Co-Founder and Managing Partner of East Ventures, said that the COVID-19 pandemic has caused insurers and healthcare providers to evaluate and re-strategize on their operations, catalyzing digital change.
He added that by delivering an AI-powered interoperable platform, Smarter Health aims to make healthcare more accessible, affordable, and accountable.
They also look forward to assisting Smarter Health in eliminating inefficiencies in healthcare processes among healthcare ecosystem players.
According to the company, the money will mostly be used in Southeast Asia for product development and market expansion.
Smarter Health is trying to extend its market footprint and array of solutions after gaining encouraging traction in Singapore, Malaysia, and Indonesia.
The team brings together extensive domain expertise in healthcare operations, medical insurance, and Third-Party Administration, and is led by seasoned senior executives from throughout the healthcare ecosystem.
Throughout the whole healthcare experience, Smarter Health’s unified platform supports secure data exchanges between insurers, healthcare providers, and patients.
This allows data to be used to enhance patient decision-making and improve the accuracy and speed of claims processing. Future advancements will boost operational efficiency, effectiveness, and customer satisfaction.