Healthtech startup HealthBeats raises $3m seed funding to expand remote vitals monitoring in Australia and Singapore
HealthBeats, a Singapore-based healthtech startup with end-to-end remote vitals monitoring solution, announced the closing of $3 million Seed round led by healthcare investor Heritas Capital together with SEEDS Capital, the investment arm of government agency Enterprise Singapore.
The HealthBeats Remote Vitals Monitoring platform provides healthcare providers and patients with a simple-to-use and simple-to-deploy solution to remotely monitor patients at home using clinical-grade medical devices. The user-friendly platform supports a wide range of diseases using regulatory approved devices from multiple brands, and covering various vitals such as temperature, blood oxygen saturation, blood pressure, blood glucose, body weight and more. Vitals are transmitted real-time to healthcare providers for proactive care management.
Aileen Lai, CEO and Founder, HealthBeats: "At HealthBeats, we believe that regular monitoring both within and outside of institutional healthcare settings can only lead to better outcomes. We aim to work through the healthcare industry's inherent complexities to offer simple solutions and remain the platform of choice by healthcare providers and patients alike. We are fortunate to post positive cashflow and profitability by third year of our operations in 2021, made possible from strong trust and support from our customers, partners and most importantly, our team members. This Seed funding round will help boost our current strong growth momentum as we continue to deliver stellar value to our stakeholders through the acceleration of our product development and business development efforts. We are excited to embark on our next stage of growth in partnership with Heritas Capital & SEEDS Capital."
According to a large-scale Commonwealth Scientific and Industrial Research Organisation (CSIRO) telehealth study funded by the Australian government, remote monitoring of chronic diseases has the potential to save up to A$3 billion a year through reduction of avoidable admission by 53.2% and reduction in rate of length of stay by 75.7%. Australian healthcare providers have also demonstrated positive clinical outcomes from the deployment of HealthBeats Remote Vitals Monitoring solution with some of them reporting reductions in avoidable hospital admissions by up to 50%. The HealthBeats platform has also defied common belief that elderly chronic patients are less technological savvy with the largest pool of patients being aged 61 and above, with those aged 81 and above achieving the highest adherence even after 6 months.
Janet Chia, Principal and Head, Venture Capital, Heritas Capital: "Heritas Capital invests in high-impact ventures across the healthcare space, especially tech-enabled solutions that are scalable in addressing underserved needs. The COVID-19 pandemic has created the urgent need to support our healthcare professionals and caregivers effectively with fit-for-purpose tools for enabling alternate sites-of-care especially in hospital-home community settings. We envision that HealthBeats is well-positioned to enhance and deliver a best-in-class remote patient monitoring platform as an integral part of value-based healthcare infrastructure beyond the pandemic."
HealthBeats has deployed its Remote Vitals Monitoring solution to 30 hospitals and clinics across Australia, working with various Primary Health Networks (PHNs) and Local Health Districts (LHDs) supporting various use cases such as chronic disease management, post-hospitalisation, emergency response for Covid-19 and clinical trials.
Tan Kaixin, General Manager, SEEDS Capital: "The solutions provided by homegrown startup HealthBeats are designed to meet the growing demand for remote monitoring solutions and gradual shift from provider to patient-centric solutions in today's healthcare climate. SEEDS Capital is delighted to partner Heritas Capital to support HealthBeats in building the platform's core capabilities and expanding the use of its solution across markets. Beyond assisting the company in enhancing its technology through further R&D in Singapore, we look forward to supporting HealthBeats as it strengthens its foothold in Australia and expands into new markets like the United States."