Naluri, a Malaysian digital health service provider, has closed its Series A funding round. It has raised around $5 million from cornerstone investor Integra Partners of Singapore and the former investors Duopharma Biotech Berhad, Pathology Asia (via Biomark), and M Venture Partners.
New investors also joined the financing event and Hong Kong-based Sumitomo Corporation Equity Asia, Palm Drive Capital from New York, and Canadian firm INP Capital. The round was promoted by the Hibiscus Fund of Malaysia’s RHL Ventures and South Korea’s KB Investment.
WHY IT MATTERS
Naluri provides human-led and AI-augmented digital health coaching for chronic diseases such as renal disease, cancer, diabetes, hypertension, heart disease, and mental health conditions like anxiety and depression. It delivers multi-disciplinary support through structured programs and proprietary app-based tools for individuals and corporate clients.
In a press statement, Naluri said it would use its fresh funds to launch its service in Thailand and the Philippines and broaden its operations in Singapore and Indonesia. It is planning to enter the key Southeast Asian markets in the next few months.
It also aims to build its technology and data science capabilities to improve its predictive algorithms. They include natural language processing and depression detection, device connectivity, and patient monitoring. The company is intending to use its upcoming funds to initiate clinical research in Europe.
The health startup has partnered with large corporations in Southeast Asia, such as Reckitt, AXA Affin Berhad, Maxis, and SP Setia. The motive is to optimize the rising cost of healthcare in the region and improve team members’ productivity and engagement.
THE LARGER TREND
Digital health companies offering tailored programs to support patients with numerous health conditions have attracted investments this year.
In April, Arli, an addiction support platform in Australia has raised $1.9 million in a seed funding round to expand in the US. Hinge Health and SpineZone, both musculoskeletal treatment providers, have also scored new funds from their respective funding events.
Meanwhile, Indian digital therapeutics company Fitterfly deployed a COVID-19 recovery program for diabetic patients this month. Onduo Health, backed by Verily and Sanofi, expanded its online coaching program to deal with other health conditions, such as hypertension and mental health illnesses.
