DocDoc raises US$13m; total funds hit US$24.6m

Singapore

MEDICAL technology startup DocDoc, which uses artificial intelligence for medical services delivery, announced an institutional capital fundraising of US$13 million.

The fundraising was done on a convertible note, which will be converted into their Series B round when announced by the startup.

Backers of this round include London-listed investment company Adamas Finance Asia Limited (ADAM), leading regional family offices, a fund managed by a global investment firm specialising in financial services and the Cyberport Macro Fund, a digital technological company managed by the Hong Kong government.

The latest fundraising brings DocDoc's total funding to US$24.6 million. Funds raised will serve the startup's market expansion plans and improvisations to its patient intelligence platform. Currently, DocDoc offers doctor discovery, telemedicine, and cashless settlement to its users.

Chief executive officer and co-founder of DocDoc, Cole Sirucek, told The Business Times that the firm looks to expand its geographical presence.

Through this round, Mr Sirucek said, DocDoc plans to expand its footprint in the Asian insurance industry, and introduce its suite of medical products and services.

At present, DocDoc operates in eight markets across Asia such as Singapore, Hong Kong, Thailand, Indonesia, Malaysia, Korea, India and the Philippines.

Mr Sirucek further added "We are excited to be moving from strength to strength with solid support from our investors and an ecosystem of exceptional partners. We believe in the potential of our patient intelligence platform to revolutionise and redefine the delivery of healthcare."

Chairman of Cyberport Dr George Lam said: "We are glad to see another significant investor follow the footsteps of Cyberport Macro Fund to support this high-potential startup...Hong Kong is Asia's leader in the insurance industry, and it is important that we bring innovative, impactful solutions like DocDoc to our market to ensure we maintain this leadership position for years to come."

DocDoc plans to announce a Series B funding round next year, it told BT.