HealthTech Platform Speedoc Closes US$28 Million Pre-Series B Round to Scale Up Virtual Hospital model
The additional funding will further enable the HealthTech startup to realise its vision of bringing hospital-level care to homes
Singapore, 8 November 2022 – Speedoc, a HealthTech platform that brings advanced medical care to homes, announced today it has closed its pre-series B funding round. The US$28 million investment round includes new investors including Bertelsmann Investments, Shinhan Venture investment and Mars Growth. Vertex Ventures Southeast Asia & India, which led Speedoc’s US$5million Series A funding round in 2020, also participated in the funding round.
The Singapore-based online and offline health provider was founded in 2017 with a vision to give people control of their healthcare needs by making hospital-level care accessible to every person via tech-enabled and innovative services and solutions. Speedoc leverages its expertise in technology, innovation and decentralized medical care to provide a wide range of mobile medical services spanning telehealth consultations, on-site doctor and nurse visits, virtual hospital wards, and ambulance hailing services.
Speedoc’s platform is now available in nine cities across Singapore and Malaysia and serves patients and caregivers across both countries. Speedoc was also a key partner of the Singapore Government during the COVID-19 pandemic, helping to support Home Recovery Programmes (HRP) and Home Vaccination Teams, particularly for the elderly segment.
Dr Shravan Verma, Chief Executive Officer and Co-Founder of Speedoc, said, “The healthcare challenges which have erupted all over the world in the last couple of years demonstrates an urgency to transform healthcare delivery for all. That’s why my Co-Founder, Serene Cai, and I created Speedoc to push the boundaries of healthcare beyond current times and ensure that access to quality medical care is convenient, safe, and easy. We are thrilled to welcome the support and partnership of existing and new investors who share our goal of transforming the healthcare landscape with technology. With this investment, we look forward to expanding our collaborations with private and public healthcare players to bring hospital-level care into every home and for every person. This would further empower patients and caregivers by providing them with an alternative to recover at home whilst providing them with effective cost-savings. The thrust towards virtual hospitals will complement and ensure better hospital utilisation rates, enabling medical personnel to attend to life-threatening conditions in a more efficient manner.”
Funds raised in this round will be channeled towards Speedoc’s efforts to make virtual hospitals a reality across the Southeast Asia region. As countries in the region look for ways to manage an ageing population while the healthcare manpower crunch remains a pressing concern, pilot trials have shown that the home-based, virtual hospital care model, at the centre of Speedoc’s business, is effective, with patient recovery duration similar or reduced as compared to those who were admitted into hospitals.
Speedoc is currently working with hospital partners such as the National University Health System (NUHS), the Singapore General Hospital (SGH) and Khoo Teck Puat Hospital (KPTH) in a 2-year pilot trial for virtual ward services, as part of the MOH Office for Healthcare Transformation’s (MOHT) Mobile Inpatient Care@Home (MIC@Home) initiative. Speedoc will also look to expand its H-Ward® virtual hospital programme, an integrated platform monitored by a dedicated 24/7 patient-care team that standardizes and combines different services needed for hospital care at home.
Mr Jinsoo Lee, Director at Shinhan Venture Investment (Global Investment), said, “Healthcare provision and delivery in Southeast Asia is poised for tremendous change in the next decade. We believe the healthcare model Speedoc champions will see greater adoption in meeting the healthcare gap in the region. As one of Speedoc’s strategic partners, Shinhan Venture Investment is excited to continue partnering with Dr Shravan and his team to make a big impact in the delivery of convenient, universal and quality healthcare services.”
Ms Shobhna Mohn, Chief Strategy Officer at Bertelsmann Investments, said, “Our team at Bertelsmann Investments is very excited to partner with Speedoc as one of Southeast Asia’s leading players in digital health. We believe their vision addresses many of the challenges that arose in recent years and their trajectory displays great potential for future expansion. We are also confident that Dr Shravan and his team will continue be pave the way for digital health in the years ahead. It gives us great pleasure to collaborate with a dynamic and promising company like Speedoc.”
Speedoc is a virtual clinic and healthcare solutions platform enabling users access to home-based medical care and services. Speedoc’s aim is to drive the world’s medical care needs out of hospitals and clinics by delivering a full suite of healthcare services to people’s homes. These services include home visits by doctors and nurses, video consultations, allergy and health screenings, virtual hospital wards, and remote health monitoring, amongst others.