Speedoc raises US$28m in pre-Series B to scale up virtual hospital model

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Healthcare technology platform Speedoc announced on Tuesday (Nov 8) that it has raised US$28 million in its pre-Series B round with participation from new investors including Bertelsmann Investments, Shinhan Venture Investment and Mars Growth.

Speedoc said this round's funding will be used to scale up the group's virtual hospital model. This includes expanding its H-Ward virtual hospital programme, an integrated platform monitored by a round-the-clock patient-care team that standardises and combines the different services needed.

"We want to enhance virtual hospital capabilities by offering integrated solutions such as remote monitoring and patient dashboarding, which allows us to better address the needs of our patients by offering hospital-level care at home," said a Speedoc representative.

Dr Shravan Verma, chief executive officer and co-founder of Speedoc, also has plans to expand the group's collaborations with private and public healthcare players.

"This would further empower patients and caregivers by providing them with an alternative to recover at home whilst providing them with effective cost-savings," said Dr Verma. *(see amendment note)

"The thrust towards virtual hospitals will complement and ensure better hospital utilisation rates, enabling medical personnel to attend to life-threatening conditions in a more efficient manner."

Founded in 2017, Speedoc is a healthcare solutions platform providing a range of mobile medical services spanning telehealth consultations, on-site doctor and nurse visits, virtual hospital wards, and ambulance hailing services. It has a presence in both Singapore and Malaysia and is eyeing further expansion across South-east Asia, although no material plans have been announced.

With about 120,000 users at present, Speedoc is run by a team of 10 full-time doctors, 20 full-time nurses, and more than 100 locum doctors and nurses.

*Amendment note: An earlier version of the article mispelled Dr Verma's name. Speedoc has since clarified that his name is Dr Shravan Verma.

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