Singapore Healthtech Firm DocDoc Secures $13M to Enhance AI-Driven Healthcare Delivery Platform

On August 6, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that healthcare technology company DocDoc announced the completion of a $13 million financing round. The raised funds will be used to support DocDoc’s market expansion and optimize its patient intelligence platform. This round of financing was conducted in the form of convertible bonds, with joint investment from Hong Kong-based funds Adamas Finance Asia and Cyberport Macro Fund (CMF).

It is reported that as early as 2015, DocDoc raised $8.7 million in Series A financing, led by Raymond Choong Yee How, President and CEO of Hong Leong Finance Group, with participation from Sparklabs Global Ventures. On March 19, 2018, DocDoc raised $5.5 million through convertible bonds. The company also completed two additional funding rounds in February and July of this year, respectively, with the amounts undisclosed. Following this latest round, DocDoc’s total funds raised have reached $24.6 million. The company’s current product offerings include patient consultation, telemedicine, and cashless settlement.

DocDoc, a medical technology company founded on April 3, 2012, and headquartered in Singapore, connects users with over 20,000 doctors through its patient intelligence platform, providing consultation and medical services. By integrating expertise in clinical informatics, artificial intelligence (AI), and healthcare quality assessment, DocDoc tailors appropriate treatment plans to each patient’s medical history and financial capacity.

DocDoc currently operates in eight countries and has established an extensive physician network across Asia, covering 23,000 doctors as well as 793 clinics and hospitals. By partnering with insurance companies, DocDoc delivers superior services that enable insurers to reduce costs and offer differentiated products to policyholders.

According to DocDoc, it is the world’s first patient intelligence company. Its “AI Doctor Discovery Platform” is building a patient-centric healthcare ecosystem to reimagine the patient journey. This ecosystem supports patients throughout the entire care continuum and provides them with accurate medical information to make informed healthcare decisions.

Cole Sirucek, Co-founder and CEO of DocDoc, stated: “We are delighted to continue our growth with the support of investors and partners. We believe that our patient intelligence platform has the potential to revolutionize and redefine the delivery of healthcare services. Certainly, we enable our partners to save costs in a measurable way, improve engagement, and ensure customer satisfaction. But more importantly, we are committed to helping those who truly face health challenges and have little to no knowledge about healthcare.”

Suresh Withana, Investment Manager at ADAM and Director at DocDoc, stated, “DocDoc’s team is building the world’s first patient intelligence company to help patients navigate a complex challenge. With the completion of this funding round, they are well-positioned to reduce healthcare costs for patients and improve health outcomes. Unlike many other solutions in the industry, DocDoc can achieve both goals while meeting patient needs. Furthermore, the system they have built possesses substantial intellectual property and proprietary data, creating significant barriers to entry for other companies.”

Adamas Finance Asia, established in 2014 and headquartered in Hong Kong, China, is a London-listed investment company. The firm specializes in providing growth capital to small and medium-sized enterprises (SMEs) across Asia, with a primary focus on the Greater China region, to meet the financing needs of SMEs in various industries.

Cyberport Macro Fund (CMF) is an innovative digital community that brings together 1,000 digital technology companies and is managed by Hong Kong Cyberport Management Company Limited, which is wholly owned by the Government of the Hong Kong Special Administrative Region. CMF focuses on four key areas of digital technology—fintech, e-commerce, IoT, wearable technology, big data, and artificial intelligence—to drive the development of Hong Kong as a smart city. With a vision to support startups, promote digital technological advancement, and create new economic momentum for Hong Kong, CMF has been dedicated to nurturing young people and entrepreneurs while fostering startup growth.

(Compiled by Cheng Tao)