Health tech startup MiyaHealth raises $5M to roll out in Indonesia, Malaysia

MiyaHealth, a Singapore-based health technology startup, has scored SG$6.5 million ($4.8 million) in a pre-Series A funding round led by Singapore Technologies Engineering Ventures, the venture capital arm of publicly traded engineering group ST Engineering, and deep tech investor Elev8.

This brings the total investment raised to more than SG$9 million ($6.6 million).

WHAT IT DOES

MiyaHealth, founded in 2019, currently offers two technical products. One is MiyaPatient, a patient navigation platform built with a predictive and personalized system to help users manage their chronic illness. Another platform is MiyaPayor, a platform that combines AI-driven claims processing and predictive analytics to help insurers and companies design care plans and reduce administrative and medical costs in healthcare.

The company is launching a third offering, MiyaProvider, which will help improve the patient experience in hospitals and clinics.

Currently, the startup has established contacts with more than 3,000 healthcare providers and 12,000 physicians.

WHY IT MATTER

MiyaHealth said it will use its new funds for product development and expansion. Notably, it will be used to introduce MiyaPayor in Indonesia and launch MiyaProvider in Malaysia by Q2. It also plans to bring MiyaPatient to Europe for the first time.

To support the expansion, the company is recruiting more staff in its offices in Singapore, Kuala Lumpur and Jakarta.

“MiyaHealth is poised to optimize the healthcare experience for all patients, and we are excited about this new chapter as we deepen our product capabilities and share the fruits of our innovation with new markets in Asia and Europe,” CEO and Co-Founder Dr. Ramesh Rajentheran said in a statement.

MARKET SNAPSHOT

Singapore’s digital health sector has attracted continued investor support in the new year. Intellect, a mental health startup, closed a $10 million Series A round in late January. Corporate wellness platform MindFi has also raised $2 million in an seed funding round, which will be used to locate its product in Asia-Pacific.

Asia’s digital health market could potentially reach $100 billion by 2025, from just $37 billion in 2020, according to a report from McKinsey & Co. Growth would be driven by a growing consumer-centric digital health ecosystem and rising demand.