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Singapore-based health tech startup Mesh Bio has secured $3.5 million in Series A funding led by Southeast Asia-focused venture capital firm East Ventures. Elev8, Seed Capitals and existing shareholders also participated in the round.
This funding will enable Mesh Bio to expand its digital twin technology to healthcare providers in Hong Kong and Southeast Asia, particularly Indonesia and the Philippines.
Mesh Bio’s recent Series A funding comes after regulatory approval and implementation progress in Singapore. Just three months ago, the company received approval from the Singapore Health Sciences Authority to market HealthVector® Diabetes as a software medical device. This approval paves the way for pilot implementation at prominent healthcare institutions such as Singapore General Hospital and Tan Tock Seng Hospital.
Dr. Andrew Wu, co-founder and CEO of Mesh Bio, expressed his enthusiasm for this funding round, saying: This pivotal step will enable us to expand our digital health solutions for chronic disease management in Southeast Asia. ”
“With the support of East Ventures, we are poised to support the rapid digital transformation of the region’s health systems and improve lives. We deeply appreciate the trust,” he added.
Founded in 2018 by Wu and Chief Technology Officer Arsen Batagov, Mesh Bio is focused on addressing the increasing global clinical burden of metabolic diseases associated with aging populations and healthcare delivery challenges. I’m leaving it there.
The company’s previous funding included a $1.8 million seed round in October 2021. The company’s digital solutions aim to support healthcare providers in managing patients with chronic diseases such as diabetes and heart disease, which are prevalent in Southeast Asia.
In 2022, Mesh Bio reported revenue of S$361,931, up from S$191,619 a year earlier. However, the company’s losses widened in 2022, reaching S$1.5 million compared to S$990,466 in 2021. Despite financial challenges, MeshBio remains committed to leveraging predictive analytics and patient data to provide healthcare professionals with valuable insights to enhance patient care and disease management.
Mesh Bio’s DARA® Health Intelligence platform is designed to accelerate data-driven care delivery and enhance patient engagement and has been adopted by more than 120 medical centers across Singapore, Malaysia, and Indonesia. The platform’s preventive health screening capabilities have helped promote preventive medical practices.
Willson Cuaca, co-founder and managing partner of East Ventures, praised Mesh Bio’s pioneering approach to predictive analytics and acknowledged its potential to transform healthcare delivery. Founded in 2009, East Ventures is a leading supporter of technology startups across Southeast Asia, including notable companies such as Tokopedia, Traveloka, and Ruangguru.
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