Singapore-based healthtech start-up, MiyaHealth, has successfully raised additional funding which will be channelled into improving patients’ healthcare journey, and to better serve the needs of payors and healthcare providers. The fresh funds from leading healthcare and technology investors including HealthXCapital, Central Capital Ventura, and SEEDS Capital, is expected to drive MiyaHealth’s aggressive growth strategy across the globe, starting with Europe and Southeast Asia.
MiyaHealth has launched suite of products since its inception in 2019. The company introduced “MiyaPatient,” a patient navigation platform with a predictive and personalised system that helps patients with chronic diseases cope with daily challenges; “MiyaPayor,” a platform that incorporates AI (artificial intelligence) systems to reduce costs for payors; and “MiyaProvider,” an upcoming product that improves patients’ experience in hospitals and clinics.
MiyaPatient is currently being deployed in Europe, just as MiyaPayor and MiyaProvider platforms are being deployed in Indonesia and the Philippines; the platform was only recently commercialised in Malaysia.
In February this year, MiyaHealth had raised US$6.5 million in pre-Series A fundraiser which was one of the largest pre-Series A rounds by a healthtech start-up in Southeast Asia. The pre-Series A round was led by ST Engineering Ventures, the corporate capital arm of Singapore Technologies Engineering (ST Engineering) and Elev8.
“Following our successful pre-Series A fundraise, we are delighted to onboard new investors to further scale our product capabilities and expand our operations globally, starting with Europe and Southeast Asia,” said Dr. Ramesh Rajentheran, CEO and Co-Founder of MiyaHealth.
“The pandemic has accelerated the need for governments, corporates, and insurers to contain health costs and improve health care outcomes. Patients are also more aware of and are increasingly vocal about the quality of their healthcare journeys. Having built our technology and established strategic relationships with ST Engineering during the pandemic, we are benefitting from this increased focus from payors and patients post-pandemic. At Miya, patients are at the heart of what we do, and that patient-centricity comes through in the products we have built.”
Meanwhile, Seemant Jauhari, Managing Partner, HealthXCapital, said, “We believe that there is a significant market for the managing general agents and TPAs in APAC that is estimated in excess of US$4 billion. Whilst the US has shown that technology has enabled over 50% to 90% automation across insurance functions such as claims adjudication, prior authorisation, medical review, Asia has lagged behind in digitisation and automation. MiyaHealth’s technology is transforming this space to create a much-needed data repository which can serve as a basis for critical insights to payors and providers reducing leakages, more efficient policy design, and reducing healthcare costs eventually.”
“We realise the importance of finance in improving the healthcare system. With our financial ecosystem, we want to empower the healthcare industry by embedding our financial services and synergising with high-tech companies like MiyaHealth, to provide a better patient healthcare experience together,” echoed Armand Widjaja, President Director, Central Capital Ventura.
With an aim to build technology that elevates every part of the patient journey, MiyaHealth has partnered with over 3,000 medical providers and 12,000 physicians to date for its flagship platforms, including its partnership with a leading hospital group in Indonesia.
Following inbound investor interest, MiyaHealth is also planning to kick-off its Series A fundraise in the next six months to further develop its product suite, expand its operations globally and continue embarking on collaborations with key stakeholders moving forward.