To Reduce Healthcare Costs, Smarter Health, Raises $3.8 Million
With aim to support and reduce the cost in healthcare sector, Singapore- based startup Smarter Health raises $3.8M in Series A.
Although technology has empowered every sector a lot yet healthcare is one of the secotrs which require more efforts. The recent outbreak of COVID-19 exposed the meager healthcare across the globe. Even the most developed countries and regions also failed to cope with the pandemic effectively.
Other than that, there are processes in the healthcare which not only makes it sluggish but also costly. Organizing information from providers, insurers and patients are some of the many prominent problems. With the aim to reduce the healthcare cost in Southeast Asia, the platform has raised $3.8 million in series A funding round.
East Ventures led the funding round to assist the company in expanding and working on product building. However, other investors Orbit Malaysia, Citrine Capital, HMI Group and Emtek also participated in the round.
As per the mission statement of the company, it wants to make healthcare affordable, accessible, and accountable. It has developed a technology that will allow different parties to exchange information in between. This will not only help in improving the patient care but also reducing the administrative cost. Becuase it will allow the healthcare to manage less people and it will imbue transparency. Automation in healthcare sector is becoming very popular because of the benefits that it subsumes.
In a statement, East Ventures co-founder and managing partner Willson Cuaca said, “The COVID-19 pandemic has forced insurers and healthcare providers to reflect and re-strategize on their operations, catalyzing digital transformation. Smarter Health is here to make healthcare accessible, affordable and accountable by providing an AI-powered interoperable platform.”
The company is currently operational in Singapore, Malaysia and Indonesia. However, it is now planning to expand into new countries. With the new funds, the total funding of the company has raised to $8 million SGD.
The company aims not to replace currently in-use legacy software but to empower it. The purpose is to reduce the manual processes and AI-based tech enables secure data transfers. The platform has three major customer categories: doctors, hospitals, insurers and other corporate payors.
Story credits: TechCrunch