MiyaHealth, a healthtech startup in Singapore, is looking at entering the Philippine market as part of its global expansion plan after it raised an additional $1.8 million in its Pre-Series A funding round.
The startup said it is in the final stages of closing multiple 10-year contract deals for its two products – MiyaPayor and MiyaProvider – in the Philippines and Indonesia. It also plans to expand across Europe, starting with Poland.
By the end of 2023, the startup plans to onboard more partners, including insurers, hospitals, and governments, to tailor solutions that will scale up healthcare access and efficiency in these countries, as well as future markets of interest such as Thailand, Vietnam, and the Middle East.
MiyaHealth’s expansion in the Philippines is timely as the country’s healthcare industry continues to expand, driven by government and out-of-pocket spending. In 2020, the total value of the country’s healthcare industry was pegged at about $18 billion.
MiyaPayor incorporates AI-driven claims processing, provider network management, and predictive analytics to reduce healthcare costs for payors. MiyaProvider, on the other hand, serves as the middleware between providers and payors.
MiyaHealth said the additional $1.8 million that it raised in its extended Pre-Series A round was backed by a number of investors, including Fondation Botnar, ST Engineering Ventures, Elev8, and HealthXCapital.
The additional funds bring the total amount it raised in the funding round to about $7.7 million, the startup said.
“Despite the funding winter that is happening across Southeast Asia, we are heartened to have the support of our new and existing investors. Their investment is a recognition of the value that our digital infrastructure and solutions bring in enabling healthcare systems to scale,” said Dr. Ramesh Rajentheran, CEO and Co-Founder of MiyaHealth.
To support MiyaHealth’s growing footprint, the company has strengthened its leadership bench with a new hire, Kevin Yeap, Head of Commercial and Customer Success.
Yeap brings in around 13 years of experience in international expansion and business development and is responsible for pushing growth and value-creation opportunities for MiyaHealth’s partners within the healthcare ecosystem.