EDBI, Philips launch Singapore health tech investment platform

It comes one year after the two parties signaled a tentative partnership and weeks after they made their first co-investment in Singapore-based health data analytics technology provider CXA Group. The financial scope of the joint venture was not disclosed.

According to a statement, investments will address healthcare industry pressures related to population aging trends across the region. Mid to late-stage companies will leverage EDBI’s regional healthcare stakeholder network to facilitate international expansion efforts. Philips will provide mentorship support and access to its HealthSuite platform – a cloud-based service that collects and analyzes health data from multiple devices.

"While there is significant value in harnessing data as a digital asset to better personalize health and wellness decisions for individuals, the Asian healthcare sector operates differently from the West where digital health solutions have taken root,” said Heng Tong Choo, executive vice president, investments at EDBI. “We will continue to identify key game-changers which are capable of transforming Singapore's healthcare sector with their disruptive technologies."

Healthcare investment in Southeast Asia has been largely driven by a combination of increasing technology penetration and aging populations. The percentage of people over 65 is expected to quadruple in the region by 2050.

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• Topics
• Southeast Asia
• Healthcare
• Technology
• GPs
• EDBI
• Asia
• Venture
• Singapore