The COVID-19 outbreak in 2022 affected most companies and industries globally, resulting in severe inflation and skyrocketing prices. The pandemic put extreme pressure on healthcare providers, leaving patients struggling to find adequate healthcare options. In many regions, there was also a shortage of staff, equipment, and technology to handle the rise in coronavirus patients.
Healthtech startups in Southeast Asia saw an increase in demand for their innovations as a result of the urgent requirements. The demand for safe, tech-based solutions has caused the healthtech industry to experience massive growth. The hottest healthtech startups Southeast Asia is developing are eyeing this new opportunity to capitalise on the relatively untapped market in hopes of innovating digital health further and creating new revenue streams.
A closer look at current VC trends in healthtech startups in Southeast Asia
We explore the top 5 health tech startups in Southeast Asia and discover how they may change the healthcare game.
MiyaHealth is a company that makes its patients the utmost priority in every situation. It offers health tech solutions that use Artificial Intelligence (AI) to work with patients more efficiently and produce the best results. With the assistance of its products, it is helping people choose better, more affordable healthcare and manage chronic illness more effectively.
The startup raised a total of USD $4.8 million in Pre-Series A in February 2022 and received an undisclosed sum of additional funding from HealthXCapital, Central Capital Ventura, and SEEDS Capital in August of this year. In the next six months, MiyaHealth plans to seek Series A fundraising to expand its operations globally, beginning with Europe and the rest of Southeast Asia, and involving more collaborations with its key stakeholders.
Singaporean startup Hannah Life aims to become the go-to for couples having issues trying to conceive with its alternative to IVF and IUI. It has developed an easy-to-use device used in private at a lower price point than other methods. Currently, it is only available in Singapore and the United Kingdom, but they have plans to expand into the rest of Europe and the United States.
The company has seen robust revenue growth of over 300% and has served over 1000 customers since its debut in August 2021. In May 2022, the company announced a USD $5.15 million Pre-Series A funding round led by Monk’s Hill Ventures. Previously they had also raised funds from Golden Gate Ventures, Y Combinator, Sam Altman’s Scout Fund, Anthro Ventures, Enterprise Singapore, Medtech Alliance 2, and Loh Yu-Chie. The funds will help acquire more talent and its expansion plans.
The Indonesian consumer healthtech startup, Diri Care, is a one-stop digital clinic focussing on the skin, hair, and intimate health conditions. Customers receive rapid health assessments from certified physicians and deliver products clinically proven to help their condition to their doorsteps within 2 hours. Diri Care also provides 24 hours virtual support.
The company was successful in closing its oversubscribed seed round of USD $4.3 million in August 2022, which was co-led by Sequoia Capital India, Southeast Asia’s Surge, and East Ventures. Since launching the platform’s beta version in March 2022, it has experienced more than 13,000 consultations and a growth of 600%. The capital injection will improve the platform’s capabilities and increase its ability to serve millions of customers.
OSbiome, a Singaporean-based startup, provides diet recommendations to improve gut health and offers a fun app that earns users money as they complete a simple health task. Health quests include tracking sleep cycles, journaling mood, and eating specific, beneficial foods.
Recently OSbiome launched its first 3D NFT collection of 8,888 unique Omes designed by Singaporean 3D artist Ning. Apart from running the NFT project, the company is planning to partner with other healthcare industry players to promote a healthy lifestyle to people.
Another Singaporean healthtech startup, Intellect, provides mental health solutions to Asian markets through an app that enables users to build healthy mental habits and provides consumers with virtual support.
Intellect raised an additional USD $10 million in a Series A extension led by Tiger Global, bringing its total Series A funding to USD $20 million in July 2022. This additional capital is the most considerable venture round sum raised in the mental health industry in Asia so far. The company hopes to continue supporting and guiding individual users or employees at corporations/organisations by providing the right tools and connections to appropriate mental health professionals.
These top 5 healthtech startups prove the increasing demand for startups in the sector, with the pandemic playing a significant role in its rapid growth. The hottest healthtech startups in Southeast Asia are utilising and finding innovative ways to promote general health. We can expect improved and more accessible healthtech startups in Southeast Asia as the region recovers from the pandemic and the digitalisation of countries continues.