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Industry News

SG healthtech firm gets additional funding after $4.8m injection

17 August 2022

MiyaHealth secures fresh funding to expand its AI-powered healthcare tools across Southeast Asia and Europe, with a Series A round planned within six months.

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MiyaHealth, a Singapore-based healthtech firm, has raised an undisclosed amount in additional funding from HealthXCapital, Central Capital Ventura, and Seeds Capital. The round follows the startup’s US$4.8 million pre-series A raise in February.

Founded in 2019 by Ramesh Rajentheran, Bevan Cheong, and Shirley Ah Hee, the company currently offers two AI-powered services: MiyaPayor, a platform that helps reduce healthcare costs by using smart claim processing and predictive analytics; and MiyaPatient, a navigation tool that aids patients with chronic diseases to cope with their daily challenges.

MiyaHealth is also working on a new product called MiyaProvider that aims to improve patients’ experience in hospitals and clinics. To date, the firm has partnered with over 3,000 medical service providers and 12,000 physicians.

The startup will use the new funds for product development, talent acquisition, and business expansion, looking to widen its reach in Southeast Asia and Europe. The company also said it is eyeing a series A round in the next six months.

Seemant Jauhari, managing partner at HealthXCapital, estimates that the market for healthcare third-party administrators in Asia is a US$4 billion industry.

This article first appeared in Tech In Asia

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