Health care company secures $41M in funds

Health care company secures $41M in funds Brix Lelis

SINGAPORE-BASED technology-enabled health care firm Doctor Anywhere has raised $40.8 million (approximately P2.3 billion) via a Series C funding extension round.

"We've successfully built a regional digital health care ecosystem, delivering accessible and convenient health care services through digital innovation," company founder and Chief Executive Officer Lim Wai Mun said in a statement over the weekend.

"In the next phase of Southeast Asia's health care evolution, our goal is to empower individuals to take charge of their health and well-being with early detection and preventive measures against chronic illnesses," he added.

"We're excited about the possibilities that generative AI (artificial intelligence) offers to advance this further."

The company said the new funds would be used to "strategically drive next-generation innovation" and "deepen its presence in secondary care."

Doctor Anywhere said that it was also planning to leverage generative AI to produce innovative health care solutions and build a vertically integrated digital health care ecosystem.

"This ecosystem will cater to the rising demand for comprehensive and connected health care solutions that prioritize patient experiences and outcomes," it said.

The Series C extension round — a capital-raising initiative that offers investors the opportunity to invest in a company in exchange for equity or partial ownership — was joined by global investment firms Square Peg and Novo Holdings.

"Our continued investment underscores our strong conviction in [Doctor Anywhere's] growth trajectory and its emergence as the dominant digital health platform across Southeast Asia," said Tushar Roy, partner at Square Peg.

Amit Kakar, senior partner and head of Novo Holdings, said they fully supported the health care firm's vision of delivering "patient-centric care through innovative technology."

"Our investment in Doctor Anywhere reflects our commitment to fostering personalized and intuitive health care experiences that result in better health outcomes," he added.

Doctor Anywhere introduced its services in the Philippines in 2021, offering 24/7 video consultations with primary care physicians, extensive specialist care, and access to mental health support by appointment.