SINGAPORE-BASED data science and health technology company Holmusk on Monday said it has raised US$21.5 million in a Series A funding.
The round was led by US private equity firm Health Catalyst Capital and Optum Ventures, the venture arm of US tech-enabled health services firm Optum.
Existing investor Heritas Capital Management, which led Holmusk’s US$9.75m pre-Series A round in 2018, also participated in the latest round through its Heritas Venture Fund.
The new capital will allow Holmusk to expand its operations “aggressively” in the US and Asia through partnerships, acquisitions and new hires, said chief executive and co-founder Nawal Roy in response to The Business Times‘ queries.
It also aims to broaden its reach by expanding across South-east Asia and in China.
Currently, the startup has offices in Singapore, New York, London and Shanghai.
Holmusk said it is building a real-world evidence (RWE) platform in behavioural health and chronic diseases, in hopes of expanding data-driven, evidence-based care for people with behavioural health conditions.
This will be done by bringing together specialty behavioural health data and Holmusk’s novel analytics platform to deliver evidence-based insights. Care providers, healthcare players and patients can use these insights to make informed decisions on care and treatment.
It will also better integrate care for people with both behavioural and chronic health needs, Holmusk said.
“These capabilities can also aid pharmaceutical companies with research and development as well as the commercialisation of new drugs,” the company noted.
It plans to hire about 30 to 40 additional staff across its four major markets, focusing on building its data science and technology teams, neuroscience-focused science teams, as well as its business development teams, Mr Roy told BT.
“The funding round is a sign that more in the sector are convinced this is potentially the future, and the need for mental health assistance and help – both clinically and non-clinically – will go up,” he added.
Moreover, demand is set to increase for digital solutions as well as data science and artificial intelligence in healthcare, and these are all part of Holmusk’s platform, according to Mr Roy.
Health Catalyst Capital’s founding managing director Charles Boorady said: “Holmusk is uniquely positioned to improve patient care while reducing administrative burden and supporting the research and development of new care models and therapies.”
Heritas Capital Management chief executive officer and executive director, Chik Wai Chiew, said: “We are pleased to continue backing Holmusk alongside quality investors like Optum Ventures and Health Catalyst Capital for the next phase of growth within Asia as well as globally to address unmet needs in behavioural health disorders and chronic diseases.”