Singapore-based medtech startup MediLOT today named SGInnovate as its new strategic investor, turning the startup into the first blockchain and healthcare analytics company in the country that has raised investment from the government-backed firm.
The funding round is an undisclosed one.
“MediLOT has assembled a great team with a vision to build an interoperable decentralised platform that can be used by all healthcare providers to extract greater value from healthcare records, affording patients better diagnoses and more effective treatments,” said SGInnovate Head of Venture Investing Tong Hsien-Hui in a press statement.
“Their vision is in line with SGInnovate’s mission to help develop high potential companies with products that will have global impact. We are proud to back MediLOT in their journey to transform the healthcare industry around the world,” he added.
e27 has reached out to MediLOT to find out more details about their plan with the new funding and the commercial implementation of its technology.
MediLOT aims to improve the elements of privacy, security, and data analytics in existing Electronic Health Record (EHR) by using analytics (GEMINI), blockchain (Hyperledger++), and data storage (Forkbase).
The following image describes how their technology works:
Using its technology, patients can have a full access of their health records “anywhere,” having their record secured in MediLOT’s database, and utilise collective data for predictive health records.
For organisations such as hospitals or healthcare service providers, the platform enables them to request patients’ data remotely, access “large, valuable” datasets with “transparent, fair” pricing, and share data and collaborate with authorised partners.
MediLOT took five years to develop the technology and it has been peer-reviewed in 20 scientific publications.
The startup was co-founded by:
– Prof. Ooi Beng Chin, Distinguished Professor at National University of Singapore (NUS)
– Dr. Ngiam Kee Yuan, Group Chief Technology Officer, NUHS Corporate Office
– Dr. Marcus Tan, Clinical Lecturer, NUS
– Prof. Zhang Mei Hui, Professor at Beijing Institute of Technology
– Zhang Jiangwei, PhD candidate at NUS
In June, MediLOT announced an undisclosed funding round from Signum Capital. It also named Blocks, QCP Capital, and NUS as backers.
The startup has partnered with several hospitals and telemedicine services in Singapore and China.