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Speedco, a health technology platform that brings hospital care into homes, has raised $28 million in pre-Series B funding. The round includes Bertelsmann Investments, Shinhan Venture Investment and Mars Growth. The returning investor led CDOC’s $5 million Series A round in 2020, with participation from Southeast Asia and India.
Singapore-based Speedoc Founded in 2017 by Dr. Shravan Verma and Serene Kai. Services include telemedicine consultations, on-site doctor and nurse visits, virtual hospital rooms and ambulance hailing. Speedoc is located in a total of nine cities, including eight in Malaysia.
Dr. Verma told TechCrunch that he became interested in creating an app for on-demand medical services when he was an emergency room doctor and saw how many patients had to wait hours for minor ailments. Kai, for her part, wanted to create an easy way for people in underserved communities to receive medical care while her family cared for her grandfather, who had severe dementia.
Spidok is currently participating in the Ministry of Health’s Healthcare Transformation Mobile Patient Care@Home initiative, and its hospital partners include the National University Health System (NUHS), Singapore General Hospital (SGH) and Kho Tek Put Hospital. As part of the program, Speedoc plans to expand its virtual hospital program to include a 24/7 patient care team.
One of the main ways that H-Ward SpeedoC differentiates itself from other telemedicine platforms, said Dr. Verma, is that it standardizes services such as telemedicine, remote monitoring and in-house doctors and nurses for ongoing care. Patients can receive frequent medical evaluations, 24/7 nursing, vascular treatments, blood tests and physical visits.
“Research and survey findings show that patients who receive the same medical care and treatment at home recover faster,” said Dr. Sharma. “We are also encouraged by our patients advocating for home-based care and choices at home. Above all, the push towards virtual hospitals will ensure better utilization rates and the ability for medical professionals to monitor life-threatening conditions.”
Spidoc will use the new funding to expand in Southeast Asia, particularly in cities with shortages of health workers.
Shinhan Venture Investment (Global Investment) Director Jinsoo Lee said in a statement about the fund, “Healthcare supply and delivery in Southeast Asia is poised for significant change over the next decade. We believe that the health care model Spidoc champions will achieve greater adoption by bridging the health care gap in the region.
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