Through our work as the Asia HealthTech Connector, we are collating a wealth of rich information on the Asia healthtech ecosystem. We plan to share our insights with our subscribers via our point of view reports, our assessment of trends shaping the future of HealthTech in the region, access to our database and latest HealthTech funding rounds.
HealthTech provides an unprecedented opportunity to solve Asia Healthcare’s Inefficiencies.
Stay current with our latest thought leadership, predictions and trends on the convergence of technology and healthcare
This report is powered by HealthTech Alpha, a Galen Growth Asia solution, the only analytics and database platform dedicated to HealthTech in Asia Pac.
With a growing and increasingly prosperous middle class, who are still not able to fully pay for long-term advanced therapy, it is time to rethink the traditional models of funding cutting-edge and high-cost pharmaceuticals and medical devices. Properly designed, innovative financing models may enable more patients to access new treatments without the fear of crippling financial consequences.
An interim report published by Galen Growth Asia, in association with Padang & Co and Access Health International, which summarises work to date on a major initiative in Diabetes. This work identifies industry approaches to improving diabetes management across Asia using HealthTech, with inputs from more than 50 participants from 15 organisations, including major medical device companies, insurance and reinsurance companies, tech companies and start-ups. Stay tuned for phase 2!
Other great reports from our partners
Information and communication technology (ICT) in the health system, also known as digital health, can accelerate health system reforms, leading to better-quality, efficient, and accessible patient-centered care. Digital health has been acknowledged by the World Health Organization as a key building block for universal health coverage and the health-related Sustainable Development Goals, and many countries are implementing solutions, such as digital disease surveillance systems, electronic medical records, and social health insurance payment processes.
This year’s PWC study on digital health illustrates
the imperative of getting the ROI measurements right for digital health investments; something which all
economies, both emerging and developed, should bear in mind.
Diabetes-focussed startup Holmusk conducted a comprehensive study on diabetes, which we want to share with you!
Galen Growth Asia is tracking all noteworthy HealthTech funding events in Asia.
| Month | Target | Funding Size ($M)/Stage | Investor |
|---|---|---|---|
| February | Hao Daifu (China) Health Services Search Beijing-based Hudong Feng Technology, operator of online and mobile doctor's consultation and appointment booking platform Hao Daifu ("Good Doctor"), recently announced that it is soliciting USD 200 mln in new funding, led by Chinese internet and mobile services firm Tencent (0700.HK). → |
200.0 Series D |
Lead: Tencent |
| February | CloudMinds (China) Analytics CloudMinds Inc., a Chinese start-up focused on the development of cloud-intelligence-based applications, and backed by SoftBank Group Corp., announced that it raised US$100 million in a series A funding round during a press conference held in Beijing yesterday. Founded in 2015 by Huang Xiaoqing, the former head of research at China Mobile, CloudMinds aims to build artificial intelligent "brains" on the cloud, instead of within humanoid robots. → |
100.0 Series A |
Lead: Softbank Group International |
| May | WuXi NextCODE (China) Medical Big Data WuXi NextCODE, the contract genomics organization (CGO) building the global standard platform for genomic data, today announced that it has closed a $75 million Series B financing from the company's existing investors and partners. → |
75.0 Series B |
Lead: Temasek Holdings, Yunfeng Capital Followed by: Amgen Ventures, 3W Partners |
| January | Practo (India) Health Services Search The rising Indian healthcare booking platform has been growing by 90 % in patients, 80 % in appointment booking, 8X more reviews from users and by 5M+ health records shared in 2016. It further expanded into the Middle East and acquired the advanced analytics firm Enlightiks to enable to offer business intelligence solutions to healthcare enterprises. → |
55.0 Series D |
Lead: Tencent
Followed by: Thrive Capital, Ru-Net, Matrix Partners, Sequoia, CapitalG |
| March |
Genie Solutions (Australia) Health IT Melbourne-based funds manager IFM Investors is in exclusive negotiations to buy health-tech outfit Genie Solutions, sources told Street Talk on Thursday. It is understood IFM Investors, through its Steven Lipchin-run Private Capital platform, is seeking to stitch up the deal for about $55 million. → |
55.0 M&A |
Lead: IFM Investment |
| May |
Yitu Technologies (China) Medical Big Data China-focused investment firm Hillhouse Capital Group has led a RMB380 million (US$55 million) series C financing round in Yitu Technology, a Shanghai-based artificial intelligence start-up specialized in the field of machine vision, big data and advanced hardware. The company, which supplies its face recognition technology to China Customs and China Immigration Inspection bureaus, did not disclose its valuation in the new funding round, but it was valued at US$1 billion last year. → |
55.0 Series D |
Lead: Hillhouse Capital Group Followed by: Yunfeng Capital, Sequoia Capital, Banyan Capital, Zhen Fund |
| May |
Jianke (China) Online Marketplace Jianke, a 10-year old Guangdong-based Online Marketplace has closed a Series A+ round of US$ 50 million led by Yongbo Capital Group. The new funding will be used to continue to focus on strengthening the management of chronic disease, and on its online presence. → |
50.0 Series A+ |
Lead: Yongbo Capital Group Followed by: PGA Ventures, Volcanic Capital, Asia-Pac eCommerce |
| March | Haoeyou (China) Remote Monitoring Shenzhen-listed Chinese smart building and smart city services provider Hakim Unique Internet Co., Ltd. has led a US$40 million series A round in Haoeyou, a digital hospital platform for Chinese patients to directly connect with doctors from the U.S. under the California Healthcom Group. Founded in 2013, Haoeyou provides a platform where Chinese patients can make an appointment with American doctors and receive remote consultancy at home via web camera. It also help patient to travel to the U.S. to receive medical treatment. The platform claims that it has over 1,000 care providers registered. → |
40.0 Series A |
Lead: Hakim Unique Internet |
| April | Health Care at Home (India) Health Services Search Noida-based home healthcare services provider Health Care At Home India Pvt Ltd will raise $40 million (Rs 250 crore) from healthcare-focused private equity firm Quadria Capital Advisors Pvt Ltd. Health Care At Home India (HCAH India) is a joint venture between the Burmans, promoters of FMCG major Dabur India Ltd, and the founders of UK-based Health Care At Home. → |
40.0 Series A |
Lead: Quadria Capital Advisors |
| February | MORE Health (China) IOT Health & Wellness CITIC Capital and a private equity fund jointly established by the Agricultural Bank of China and the Wuxi government have led a RMB250 million (US$36.3 million) series B round in Beijing-based mobile health management platform More Health. More health started as an incubation project under Chinese conglomerate SanPower Group. Its operator Beijing More Information Technology Co., Ltd. was founded in 2015 and has been devoted to creating a comprehensive healthcare platform integrating data collection, data analysis, health management solutions, health behavioral intervention and value-added services. → |
36.3 Series B |
Lead: CITIC Followed by: Agricultural Bank of China, the Wuxi government |
| February | CXA Group (Singapore) Payments & Insurance The rapidly growing Singapore-based Employee Benefits, Flex & Wellness Marketplace has a unique business solution in Asia cutting a across three out of four of our focus industries, including health & wellness, financial services and consumer services. The investment will be used to scale its existing platform and operations beyond Singapore and Hong Kong to include China, India, Indonesia, Japan, Malayisa, the Philippines, South Korea, Taiwan and Thailand. → |
25.0 Series B |
Lead: EDBI, B Capital Group
Followed by: Royal Philips, RGAx |
| April | Medwell Ventures (India) Medical Big Data Medwell Ventures, a home healthcare services company, has raised $21 million (Rs 140 crore) in Series B funding led by Mahindra Partners, the $1 billion private equity and venture capital arm of the Mahindra Group, and existing investors including Eight Road Ventures and US-based F-Prime Capital Partners. The investment will help Medwell, which also runs the Nightingales home healthcare services brand, to expand into other parts of the country including eastern India. → |
21.0 Series B |
Lead: Mahindra Group
Followed by: Eight Road Ventures, F-Prime Capital |
| Month | Target | Funding Size ($M)/Stage | Investor |
|---|---|---|---|
| November | Stasis Labs (India) Telehealth & Remote Monitoring Stasis Labs, based in Bangalore and Los Angeles, offers wireless monitoring device that tracks of vitals and send them to a tablet computer, which shows the patients' trends. Until now, the device is live in a few hospitals in Bangalore. The Seed funding will be utilised to deploy its device across India and other countries. → |
5.0 Seed |
Lead: Techstars Followed by: RTP-Healthcare Ventures |
| September | We Doctor (former GuaHao) (China) Navigating the Healthcare System The Hangzhou-based healthcare service navigator provices online healthcare services such as online hospital appointments, payments and other services to 110 million registered users. The company plans to invest US$300M to establish an internet-based national diagnosis and treatment platform and another US$150M to set up five regional surgery centers. → |
394.0 Series D |
Lead: Tencent Followed by: Hillhouse Capital, Goldman Sachs |
| September | HaloDoc (Indonesia) Navigating the Healthcare System The Indonesian company connects users to a network of 18,600 lincensed doctors, 1,000 certified partner pharmacies through medical delivery service ApotikAntar, and licensed medical laboratory services. Users can communicate with these medical professionals via chat, video and voice call. The investment round will be used to build the engineering resource and develop a product suitable for mass adoption. → |
13.0 Series A |
Lead: Clermont Group Followed by: Go-Jek, Blibli.com, NSI Ventures |
| August | Health2Sync (Taiwan) Patient Engagement The Taipei-based company provides a cable that connects a smartphone to a glucose meter via the headphone jack to get the two devices talking. Once these devices are connected, data stored on the glucose meter will sync with the smartphone via the Health2Sync app. The funding will used to continue product development and emerge into new markets. → |
3.0 Series A |
Lead: WI Harper Gp Followed by: Cherubic Ventures, iSeed Ventures, SparkLabs |
| August | Meet You (China) Navigating the Healthcare System The female social network and period tracker has reported 100 million existing users and 5 million daily avtive users. The money collected will be used to allow existing USD investors to exit as the company dismantles its variable interest entity structure. The company is also in preparation of an initial public offering in the domestic stock exchange. → |
151.0 Series D |
Lead: Matrix Partners Followed by: K2VC, Cathay Capital Private Equity |
| July | Babytree (China) Navigating the Healthcare System The parenting portal is the leading Chinese digital resource for maternal and childcare services. The latest round of financing in RMB, indicates its intention to seek a domestic listing in the future. → |
437.0 Series D |
Lead: Fosun Group Followed by: Zhaojin Investment, Danfu Investment & others |
| June | Chunyu Yisheng (China) Telehealth & Remote Monitoring The Beijing-based Telehealth company finished 2015 with a profit of RMB30M (~US$4.3M). Founded in 2011, Chunyu Yisheng is preparing to spin out its online consultation business and list it via a reverse merger with a A-share company and considering the New Third Board as a potential destination for an IPO. → |
183.0 Series D |
Lead: CICC |
| May | PingAn Good Doctor (China) Navigating the Healthcare System The healthcare service navigator and medical service app Ping An Good Doctor hit a reported valuation of US$3B, with 77 million registered users, 250,000 users daily, and more than 50,000 doctor's in China. The Series A investment of US$500 is unique in size globally. Within 1 year, Ping An Good Doctor recruited 1,000 full-time medical professionals and partners with 5,000 doctors. → |
500.0 Series A |
Ping An |
| April | iCarbonX (China) Big Data & Analytics The Big Data & Analytics company develops artificial intelligence to interpret and mine the data and enables every individual to better manage their health and defeat diseases. The platform will also allow to facilitate research related to preventive care and precision nutrician. An valuation US$1B in six month makes it the fastest technology unicorn in the world. → |
155.0 Series A |
Lead: China Bridge Capital Followed by: Tencent |
| April | 1mg Technologies (India) Consumer Health & Wellness The Mumbai-based Consumer Health platform operates as an online marketplace for medicine and facilitates doctor appointments and diagnostic tests. 1mg reported a growth in revenue by eight times in the last 12 month. The raised money will be used to expand the online pharmacy and diagnostics verticals and to launch digital health products, including smart prescriptions and personalised health feeds for consumers. → |
16.0 Series B |
Lead: Maverick Capital Ventures Followed by: Sequoia Capital, Omidyar Network |
| March | Prenetics (Hong Kong) Genomics The Hong Kong-based precision medicine company focusses on personalized, predictive and preventive treatments. Its proprietary iGenes test helps physicians prescribe medications and dosages to achieve the most effective results with the least side effects, based on a patient's unique genetic profile. The raised money will be used to launch new products and services out that will continue to shape the future of healthcare. → |
10.0 Series A |
Lead: Ping An |
| January | Obino (India) Big Data & Analytics The India-based company builds an artificial intelligence (AI) based-interface so that users can be coached via the app. Obino finished 2015 with 10,000 weekly users and about 500 paid customers. → |
undisclosed Series A |
Lead: RoundGlass Partner |
| Month | Taget | Funding Size ($M)/Stage | Investor |
|---|---|---|---|
| November | Signostics (Australia) Sensors & Diagnostics The Adelaide-founded company offers the handheld ultrasound technology "SignosRT ultrasound system" and will launch its bladder scanner "SignosRT Bladder system in 2016. The new round of funding will be used to grow jobs in Tonsley (SA). → |
35.0 Series C |
Lead: KKR |
| October | Attune Technologies (India) HPC Management The Channai-based company delivers an integrated cloud-based platform for healthcare delivery organisations. The platform interfaces with over 1100 devices such as lab analyzers and ICU machines to absorb labs into the health network. It can serve a single GP clinic up to a national HIS/EMR network. Raised investment will be used to fuel the company’s growth in India and to accelerate its expansion into international markets like Africa, West Asia and South-East Asia. → |
3.0 Series B |
Lead: Qualcomm Followed by: Norwest Venture Partners |
| October | Welcome Cure (India) Consumer Health & Wellness The Mumbai-based company offers a platform for homeopathic treatment, which it claims to deliver all across the world. Users first need to sign up on the platform post which they can enter the health problems they have. The platform will use 10 percent of the funding for developing tech, 20-25 percent for talent and doctor acquisition and the rest on marketing and user acquisition. → |
6.0 Pre-series A |
Lead: Bennett, Coleman and Co |
| September | Portea Medical (India) Sensors & Diagnostics The Bangalore-based home healtcare company reported it adds about 5,000 new user monthly and has 60,000 visits per year. Portea Medical combines highly trained physicians and technology to improve health outcomes, efficiency and accessibility for patients. → |
37.5 Series B |
Lead: Qualcomm Followed by: IFC, Accel Partners |
| April | 1mg (former HealthKartPlus) (India) Consumer Health & Wellness Gurgaon-based Bright Lifecare Pvt Ltd has rebranded its online medicine store HealthKartPlus to 1MG and spun it off into a separate company 1MG Technologies Pvt. Ltd. The funds from this round of investment will be used for scaling up its business and expanding its operations to other cities like Mumbai, Hyderabad, Chennai, Pune and Chandigarh by end of 2015. → |
6.0 Series A |
Lead: Sequoia Capital Followed by: Kae Capital, Intel Capital, Omidyar Network |
| April | DocDoc (Singapore) Navigating the Healthcare System The Singapore-based doctor-booking platform's basic premise provides concierge services – a dial-up Q&A center, specifically – for patients looking to learn more about their choice in doctors. DocDoc is currently present in Thailand, Malaysia, Hong Kong, Singapore, and the Philippines. The new capital will used for marketing and branding development activities. → |
8.5 Series A |
Lead: Hong Leong Financial Group Followed by: SparkLabs Global Ventures |
| April | Huakang Mobile Health (China) Navigating the Healthcare System The Shenzhen-based company offers doctor appointment reservation, online medical consultation, payment, and digital health record in their platform. The revelation of the new funding round follows the announcement of an established strategic partnership with Ali Health a week before.→ |
32.0 Series B |
Lead: Yufeng Capital Followed by: Shenzhen Co-Win Venture Capital Investments Limited, New Horizon Capital |
| April | Practo (India) Navigating the Healthcare System Just two month after announcing a Series B funding, Practo closed its third round of funding. The investment will be used to expand Practo's segments with fitness, wellness, hospitals as well as expanding its business to over 10 countries. They further plan to expand. → |
90.0 Series C |
Lead: Tencent Holdings Followed by: Sofina, Sequoia, Google capital, matrix, and others |
| March | Healint (Singapore) Telehealth & Remote Monitoring The Singapore-based health analytics startup offers the migrane tracking app "Migraine Buddy". The money will be used to strengthen the company's local intellectual development and for growth expansion into markets with high mobile penetration, such as Japan. → |
1.0 Seed |
Lead: Wavemaker Pacific Followed by: Gree Ventures, NRF, Shinryoku |
| February | Connexions Asia (Singapore) Navigating the Healthcare System The Singapore-based Insurance and Wellness marketplace offers customised benefits and wellness packages for employees and provides a tool for employers improve their workforce health, cap premium increases and reduce their workload burden through automation of administrative processes and vendor consolidation. The funding will be used towards regional expansion and scaling of its platform. → |
8.0 Series A |
Lead: NSI Followed by: BioVeda |
| February | Practo (India) Navigating the Healthcare System The India-based healthcare booking platform offers two products, Practo Search, the largest doctor search engine in Asia with 4M montly searches, and Practo Ray a clinic management software. The new money will be used to expanded to 35 cities in India and more within Asia, and to increase their headcount by 150% till the end of 2015. → |
30.0 Series B |
Lead: Sequoia Capital Followed by: Matrix Partners |
| February | BabyTree (China) Navigating the Healthcare System The parenting portal is the leading Chinese digital resource for maternal and childcare services. The money will be used to extend BabyTree's e-commerce operations with the help of their new investor. The investment round is the highest ever recorded by a Chinese company in the maternity and baby market→ |
300.0 Series C |
Lead: Jumei Followed by: unnamed |
