Singapore-based health technology company MiyaHealth has received an undisclosed sum of investment from HealthXCapital, Central Capital Ventura, and SEEDS Capital. 

This comes on top of the $4.8 million it raised in a pre-Series A round earlier this year.

Founded in 2019, the startup offers two technology platforms: MiyaPatient, a navigation platform that helps patients manage their chronic illness, and MiyaPayor, which combines AI-powered claims processing and predictive analytics. It is coming up with a third offering, MiyaProvider, which is intended to enhance patients’ experience in hospitals and clinics.

At present, over 3,000 medical providers and 12,000 physicians have been using these platforms.

WHAT IT'S FOR

The company said the additional funding will help boost its product development, hiring, and expansion plans. Specifically, it will assist in its efforts to deploy MiyaPatient for the first time in Europe and the MiyaPayor and MiyaProvider platforms in Indonesia and the Philippines. 

THE LARGER TREND

Alongside this announcement, MiyaHealth also disclosed that it is preparing to launch a Series A fundraiser "in the next six months," the proceeds of which will help "further develop its product suite, expand its operations globally, and continue embarking on collaborations with key stakeholders moving forward".

Asia's consumer-centric digital health ecosystem continues to grow with rising demand. It has been projected that the region's digital health market could reach $100 billion in value by 2025 from $37 billion in 2020, based on a report by McKinsey & Co.