Singapore healthtech startup Holmusk nets $21.5m in series A round

Holmusk, a Singapore-based data science and healthtech company, has raised US$21.5 million in a series A funding round led by Optum Ventures and Health Catalyst Capital.

Existing backer Heritas Capital and other individual investors also participated in the round, according to a statement.

Photo credit: Holmusk

Founded in 2015, Holmusk aims to build a platform to expand data-driven, evidence-based care for people managing behavioral health conditions.

The company brings together health data and its analytics platform to generate evidence-based insights. Healthcare providers and patients can then use the information to make treatment decisions and provide better care for people with behavioral and chronic health needs.

The solution can also aid pharmaceutical companies in developing and commercializing new drugs, the company said.

With the investment, the firm plans to expand its US operations in New York City, adding on to its current offices in London and Shanghai.

In the future, Holmusk looks to invest in real-world data analysis to accelerate drug development and data-driven medicine, according to a statement.

In 2016, the company acquired MindLinc, an electronic health record system focused on behavioral health. The deal enabled Holmusk to leverage data from mental health institutions across the US.

In 2018, it raised nearly US$9.8 million in a pre-series A round from Heritas as well as new and existing investors.

Singapore’s healthcare market is expected to reach S$29.8 billion (US$20.8 billion)  in 2020. Other players in the space include Doctor Anywhere, which just secured US$27 million in series B funding from Australian VC fund Square Peg, EDBI, IHH Healthcare, Pavilion Capital, and Kamet Capital.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.43.