HealthTech Startup CXA Scaling to the Next Level
Rosaline Koo, CEO and Founder of CXA successfully raised US$25 million in its latest round of funding but this time, with strategic partners HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica, Heritas Venture Fund and others. Aiming at building CXA solution to the next level and becoming the leading health ecosystem platform addressing escalating healthcare costs across the region, this funding round will have partners working together towards this ambitious goal.
“These latest investors will become strategic partners, and we will look to closely collaborate in designing customised platform-led solutions for their B2B enterprise customers, and as importantly, the employees of these enterprises,” says Rosaline.
In 2018, Asia HealthTech closed the year at a record breaking US$6.3B, confirming it as the 2nd largest digital health ecosystem in the world. Last year experienced a growing presence by strategics such as pharmacos actively seeking commercial partnerships with proven innovators. But acceleration of HealthTech strategies or innovation ambitions by corporates in Asia is dependent on the creation of partnerships with local and regional startups in Asia. CXA’s latest round is a testimony of the trust that corporates are placing into new innovative solutions in Asia.
This investment round from strategics certainly represents another important milestone for Rosaline and the team at CXA and shows how corporate activities in the ecosystem will continue to be an important key driver of the vibrancy of the space. Looking forward, 2019 looks promising for the HealthTech ecosystem in Asia.
Headquartered in Singapore, CXA achieved revenue growth of 65 percent in 2018 and is expected to double that in 2019. This latest funding round follows US$33 million in total funding from Series A and B in 2015 and 2017 respectively. Other investors in CXA include B Capital Group, Openspace Ventures, Government-linked strategic investor EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.