Health management platform Novi Health raises $5M in Series A funding round
Novi Health, a Singapore-based health tech company and specialist clinic, has scored $5 million in a Series A funding round led by Monk’s Hill Ventures.
WHAT IT DOES
Founded in 2018, the company offers a healthcare platform that integrates clinical treatments with behavioural and lifestyle interventions to address chronic conditions.
It has two core digital products: Novi Magnum and Novi Optimum Plus. The former helps people with diabetes control their condition using continuous glucose monitoring technology, coupled with medical care and dietary and lifestyle coaching. A study has found that this programme helped participants reduce HbA1c by 1% and weight by almost 6% over three months.
Meanwhile, the latter is targeted at people wanting to lose excess weight. It also integrates medical treatment with health coaching to achieve sustainable and healthy weight loss.
WHAT IT’S FOR
Novi Health’s latest funds will be used to hire more people for its technology, growth, and product teams, as well as invest in its technology-enabled platform.
Other Singaporean startups in the chronic disease management space like MiyaHealth and HealthBeats have also recently raised investments for their business expansions.
In other news, ConnectedHealth recently launched a new disease management app for patients with Type 2 diabetes. Called SugoSure, it offers a subscription-based service that provides digital health support, remote monitoring, and health coaching.
ON THE RECORD
“Our digital-first approach allows us to increase accessibility and affordability of our services, giving us the opportunity to impact more lives. Since launch, our clients have achieved significant improvements in diabetes control and weight reduction and we look forward to bringing our solutions to an even wider audience,” said Novi Health CEO and co-founder Sue Anne Toh.