UCARE.AI - a Singapore-based healthcare startup that uses artificial intelligence (AI) to optimise healthcare resources and reduce healthcare costs across the industry - has raised S$8.2 million in funding.
The Business Times has learnt that the funding is mostly Series A funding, but also includes seed funding. No additional details on each funding round were disclosed.
Investors in the Series A round included venture capital firm Walden International, insurance group Great Eastern, Singapore businessman Peter Lim, and WPGrowth Ventures, the startup initiative of law firm WongPartnership.
UCARE.AI said on Wednesday that the new money will be used for talent acquisition and market expansion into South-east Asia.
Founded in 2016, the startup uses proprietary deep learning and neural network algorithms built on existing healthcare data to "help prioritise healthcare resources to reduce preventable hospitalisation". This is said to potentially lead to significant annual savings in the industry. UCARE.AI also boasts a highly accurate predictive capability by correctly identifying the risk of rehospitalisation for a segment of Singaporeans, it said.
Adrian Lee, chief executive officer of Parkway Shenton, said that Parkway Shenton is working with UCARE.AI to provide continuous monitoring and disease management to its corporate patients through personalised health risk assessments and timely interventions.
He added that this empowers patients to make more informed lifestyle choices to improve their health.