Singapore has a top-notch healthcare system, with high life expectancy rates and low infant mortality rates. Regardless, the region’s push towards digitalisation has meant that there has been a need to combine health and technology. Thus, healthtech startups continue to emerge and provide innovative solutions to modern-day problems.

The country’s health sector benefits from insurance schemes, affordable care policies from the government, public sector spending, and a high ratio of physicians to patients. Singapore also provides young children with vaccinations, thereby preventing future medical problems. 

Furthermore, investments in infrastructure have contributed to improved living standards, which means patients stay healthy and live with dignity into old age.

The future of healthtech is bright according to Thomas Tsao from Gobi Partners

Statista Research shows that revenues in the digital health segment in 2024 will reach USD 790.10 million. With some companies using data collection and analysis capabilities to research medical solutions and bring them to the market, we take a closer look at the research-focused healthtech startups in Singapore to watch out for:

One BioMed

Innovative company One BioMed aims to improve human health by increasing the speed of biomedical research and testing. It focuses on designing and building best-in-class molecular platforms, making them accessible to clinicians and researchers. Last year, One BioMed launched kits to extract DNA for long-read sequencing, a way of reading DNA to improve clinical care.

Thus far, One BioMed has raised USD 5 million from investors like Biopath Ventures, ARCH Venture Partners, and another collaborator, Seeds Capital. The money has helped the company grow and deliver its products to customers. Its founder, Dr. Mi Kyoung Park, has 25 years of research experience and over 60 peer-reviewed publications, making them well respected and trusted in this field.

DotBio

Technology platform DotBio specialises in developing next-generation antibody therapies. It prefabricates, combines, and generates antibody modules to fulfil specific functions, such as targeting tumours or activating immunity. It operates based on the concepts of rapid prototyping and modular design. The founder is Ignacio (Nacho) Asial, an Adjunct Assistant Professor at Nanyang Technological University.

DotBoi has raised USD 8.1 million from investors like Gaorong Capital and Prox Ventures. The company also received a grant from the government’s agency Enterprise Singapore. It is using its funds to scale its platform and to begin preclinical studies to validate the quality of its therapies.

AMILI

Science experts at AMILI aim to advance microbiome research to benefit human health. It houses Southeast Asia’s gut microbiome transplant bank and maintains a digestive health database. It supports its partners in identifying how their products affect their customers’ well-being and helps create stomach-friendly and healthy products. 

The company founder, Dr. Jeremy Lim, led the first transplants at the National University Hospital. Thus far, AMILI has raised USD 10.5 million from several investors, with its most recent funding coming from venture capital (VC) firm East Ventures. Other investors in previous rounds include PRUKSA, Capital Code, Pureland Venture, Grab, and Seeds Capital, among others. It plans to continue expanding operations to other regional countries.

Engine Biosciences

Engine Biosciences develops precision medicine that its patients can tolerate thanks to their use of specific genetic and treatment solutions. It incorporates artificial intelligence to discover drugs and reprogram cells. Its founder is Jeffrey Lu, who has over a decade of experience and is passionate about building sustainable businesses.

Thus far, Engine Biosciences has raised USD 103 million. Its investors include ClavystBio, Polaris Partners, EDBI, Invus, Coronet Ventures, and Seeds Capital. The company wants to continue its drug development programme and bring value to its patients’ unique health problems. Engine Biosciences will also consider partnering with pharmaceutical companies to license its solutions.

NalaGenetics

Biotech company NalaGenetics helps families get the proper medication based on their DNA. The company uses genetic testing solutions to enable men, women, children, and seniors to avoid potential treatment issues caused by drug allergies. Its founder is Levana Sani, who was able to show that drugs could be dangerous if people’s genes are not compatible with the particular drug.

Thus far, NalaGenetics has raised USD 13.6 million from its investors PharmStars and Google for Startups. Other funding came from investors such as Vulcan Capital, Intudo Ventures, Integra Partners, and East Ventures. The company provides inexpensive DNA testing equipment and is partnering with Singaporean and Indonesian hospitals to bring the information to the patients.

What to expect in 2024 and beyond

Healthtech startups in Singapore have innovative leaders dedicated to developing more medical solutions. The biggest challenge for Singapore currently is its ageing population, with more older people facing numerous physical issues. There is also a need for investors and the government to provide funding to boost the industry.

The healthtech startups above are a few examples of the vast changes happening in Singapore and the rest of the region. While their solutions may be rare and unique, their medication may be a game changer in how society tackles diseases.