Healthech company Holmusk recently obtained $21.5 million in a Series A investment round. Holmusk is a Singapore-based data science and health technology company.
Founded in 2015, the company seeks to provide its target market – individuals with behavioral health conditions – a platform and wider access to data-driven and evidence-based care.
To make these goals happen, Tech in Asia states that Holmusk leverages health-based data and analytics to procure findings based on evidence. As such, this would allow respective healthcare providers and patients alike to make better-informed decisions when it comes to approaching behavioral needs.
This initiative is made possible with Holmusk’s acquisition of MindLinc in 2016, an electronic health record (EHR) system that is geared towards addressing behavioral health and conditions. This allowed the company access to data to numerous mental health institutions in the United States.
In the same way, Tech in Asia states that data science and technology startup can shed insight into pharmaceutical firms and companies in the manufacturing of new medicine.
Business Times states that the Series A investment round in Holmusk was led by Health Catalyst Capital, a private equity firm from the United States, and Optum Ventures, the venture department of tech-based and -enabled health services firm Optum.
Apart from the aforementioned, Heritas Capital Management, an existing investor in the data science and health tech startup also participated. Heritas once led the pre-Series A funding round for Holmusk in 2018, giving the firm $9.75 million.
Joining the company as part of the board of directors are Dr. Vijay Barathan from Optum Ventures and Charles Boorady from Health Catalyst Capital.
Following the firm’s financial acquisition, Business Times states that Holmusk will now have the capacity to aggressively expand its operations in the United States and in Asia. It currently holds offices in New York, London, and Shanghai, with its headquarters billeted in Singapore.
With its fresh funding, the startup firm also intends to invest in real-world data analysis to further boost its platform. The real-world evidence platform will allow Holmusk to position itself at an advantage in terms of providing evidence-based care for individuals with behavioral and chronic conditions.
In a statement, Boorady said, “By redefining the EHR (electronic health record) from a repository of data to a clinical decision support tool with connectivity to digital therapeutics, Holmusk is uniquely positioned to improve patient care while reducing administrative burden and supporting the research and development of new care models and therapies.”