Health management platform Novi Health raises $5 million in Series A funding round

Novi Health, a healthcare technology and specialty clinic company based in Singapore, has secured $5 million in a Series A funding round led by Monk’s Hill Ventures.

WHAT DOES IT DO

Founded in 2018, the company offers a healthcare platform that integrates clinical treatments with behavioral and lifestyle interventions to address chronic conditions.

It has two core digital products: New Magnum and New Optimum Plus. The former helps people with diabetes manage their condition using continuous glucose monitoring technology, along with medical care and nutrition and lifestyle education. AND a study found that this program helped participants reduce HbA1c by 1% and weight by almost 6% over three months.

Meanwhile, the latter is aimed at people who want to lose extra pounds. It also integrates medical treatment with health coaching to achieve sustainable and healthy weight loss.

WHAT IS IT FOR?

New Health’s latest funding will be used to hire more people for its technology, growth and product teams, as well as invest in its technology-enabled platform.

IMAGE OF THE MARKET

Other Singaporean startups in the field of chronic disease treatment like MiyaHealth and HealthBeats have also recently raised investments to expand their business.

In other news, ConnectedHealth recently launched a new disease management app for patients with type 2 diabetes called SugoSure, offers a subscription-based service that provides digital health support, remote monitoring and health counseling.

ON THE MINUTES

“Our digital approach allows us to increase the availability and affordability of our services, giving us the opportunity to impact more lives. Since launch, our clients have made significant improvements in diabetes control and weight loss, and we look forward to bringing our solutions to an even wider audience.” , said Novi Health CEO and Co-Founder Sue Anne Toh.