HealthBeats, a well being tech startup primarily based in Singapore, has scored $3 million in a seed funding spherical led by healthcare investor Heritas Capital, along with SEEDS Capital, the funding arm of Enterprise Singapore.
WHAT IT DOES
Launched in 2018, HealthBeats gives healthcare suppliers and sufferers a platform for distant and real-time vitals monitoring utilizing clinical-grade medical units from iHealth, Hillrom, and Andesfit Well being. Parameters embrace temperature, blood oxygen saturation, blood strain, blood glucose, and physique weight.
It has a chat assist function connecting sufferers to their care groups; it reminds sufferers of duties as prescribed by their docs; and it presents summaries and developments of well being information collected in real-time. The platform can even alert healthcare suppliers of their sufferers’ deteriorating circumstances.
WHAT IT’S FOR
The seed funding will assist HealthBeats construct its core capabilities and plans for future worldwide growth. CEO and founder Aileen Lai mentioned: “The funding will enhance our present sturdy development momentum as we proceed to ship stellar worth to our stakeholders by means of the acceleration of our product growth and enterprise growth efforts”.
WHY IT MATTERS
Based mostly on a examine by Australia’s Commonwealth Scientific and Industrial Analysis Organisation, distant monitoring of continual circumstances might doubtlessly save hospitals and well being amenities as much as A$3 billion ($2.1 billion) by decreasing avoidable hospital admissions by greater than half and the speed of size of keep by over 75%.
In keeping with HealthBeats, Australian suppliers which have adopted its Distant Vitals Monitoring platform reported constructive outcomes with some claiming as much as a 50% discount in avoidable admissions.
The HealthBeats Distant Vitals Monitoring platform is at the moment being utilized by about 30 hospitals and clinics throughout Australia, together with main well being networks and native well being districts. It helps Australian well being amenities in numerous areas, corresponding to continual illness administration, post-hospitalisation, emergency response for COVID-19 and medical trials.
MARKET SNAPSHOT
Suppliers of distant affected person monitoring (RPM) options have more and more attracted investments lately. Simply days in the past, Biofourmis scores $300 million in Sequence D funding, pushing it to unicorn standing. Cadence additionally reached unicorn standing following the shut of its $100 million Sequence B funding spherical in December. In the meantime, VitalConnect, which develops wearables and wi-fi sensors for RPM, secured $39 million in Sequence E funding early this 12 months.
ON THE RECORD
Janet Chia, principal and head of enterprise capital at Heritas Capital, famous that the COVID-19 pandemic has created “the pressing must assist our healthcare professionals and caregivers successfully with fit-for-purpose instruments for enabling alternate websites of care, particularly in hospital-home group settings”.
She sees that HealthBeats is “well-positioned to reinforce and ship a best-in-class distant affected person monitoring platform as an integral a part of value-based healthcare infrastructure past the pandemic”.
In the meantime, SEEDS Capital can even be helping HealthBeats in growing the corporate’s core capabilities and growth into world markets, in keeping with Common Supervisor Tan Kaixin. “The options offered by homegrown startup HealthBeats are designed to fulfill the rising demand for distant monitoring options and the gradual shift from supplier to patient-centric options in at present’s healthcare local weather,” he mentioned.
