Philips backs Singaporean healthcare app’s $3.6m round

Photo credit: Cristian Santana

FriarTuck, a Singapore-based developer of enterprise software, has raised US$3.63 million in series A funding from Philips, the Dutch tech giant, and Seeds Capital, the investment arm of government agency Enterprise Singapore.

The startup said it will use the capital for product development, talent acquisition, and regional expansion.

FriarTuck, which was co-founded by computer scientist Alan Sevugan and National University of Singapore associate professor Martin Henz, develops artificial intelligence-driven tech solutions to make operations more efficient.

Its WorkforceOptimizer platform runs the gamut of functions, from budgeting and payroll to managing employee shifts and supply chains.

FriarTuck claims that the tool allows businesses to better predict their workloads and optimize their allocation and use of resources.

While it’s already being used by the likes of NASA, 7-Eleven, and Popeye’s Louisiana Kitchen, WorkplaceOptimizer is particularly geared towards healthcare providers.

Institutions including Singapore General Hospital, National University Hospital Singapore, and Khoo Teck Puat Hospital are deploying the software, which is able “to parse through and analyze millions of data points and possible outcomes,” according to FriarTuck.

Another product called SurgeryOptimizer allows surgeons and hospitals to manage operating theater schedules, roster staff, and keep track of patients and equipment.

Philips realignment

Co-investor Philips is perhaps best known for consumer electronics, covering everything from TVs and hi-fis to electric razors and blenders. But the Dutch company has gone through a wide-ranging strategic shift in recent years. It refocused on healthcare-related tech and services as margins in the increasingly crowded electronics segment become ever thinner – and its losses mounted.

Philips has since returned to profitability, during which time it has divested most of its electronics assets – including its LED lighting business Lumileds, the majority of which was sold to private investors in 2017. The previous year, it spun off its Philips Lighting division, which listed on Amsterdam’s Euronext stock exchange as Signify.

An attempt to sell its audio, video, and multimedia business to Japan’s Funai in 2013 ultimately fell through. Philips, however, continues to license its brand to Funai for TVs sold in the US, and to other electronics manufacturers.

Meanwhile, the Dutch firm acquired and invested in businesses in its new area of focus, including its US$1.2 billion purchase of medical-device maker Volcano in 2015. Its investment in FriarTuck fits in with this realignment strategy.

Currency converted from Singapore dollars. Rate: US$1 = S$1.38