Singapore-based Artificial Intelligence-powered healthcare startup uCare has come out of stealth mode after two years and raised an undisclosed sum in Series A funding from several big names, including global venture capital firm Walden International.
Local insurance company Great Eastern, philanthropist and investor Peter Lim, and law firm WongPartnership’s startup initiative WPGrowth Ventures also contributed, bringing the company’s total investment raised to date to US$8.2 million.
“There is no dominant player currently in ASEAN. The capital raised will be used for talent acquisition and market expansion into the region. We know we’re in the right place, at the right time to succeed,” Christina Teo, Co-founder and CEO of uCare, said.
Founded in 2016 by Teo and Neal Liu (CTO), uCare has created an advanced AI-based predictive engine to help providers and caregivers manage patients throughout the lifecycle of their diseases at lower costs. This, the startup claims, will help prioritise healthcare resources to reduce preventable hospitalisation, potentially resulting in significant annual savings in the industry.
uCare basically serves 3Ps of healthcare — patients, providers and payers. Individuals can obtain a personalised understanding of their lifetime risks, so they can take preventive actions early. According to the company, both doctors and hospitals benefit by this solution as they are able to focus on those who need their expertise urgently, while insurers are able to provide ideal coverage without increasing premiums.
“In a world of rising healthcare costs, AI has shown it can improve health outcomes and improve quality of lives. This is a huge market opportunity and uCare is well positioned to be a leader,” said Yong Soo Ping, Executive Director of Walden International.
With close to 30 years of technical experience in companies such as eBay, Yahoo, Microsoft and Google, Liu left Google in 2016 and assembled a seasoned team of data scientists and machine learning experts to build uCare’s proprietary real-time AI engine. Liu holds an MBA from Wharton, University of Pennsylvania, and a BS in Electrical Engineering and Computer Science from MIT.
A financial leader with 20 years of experience in the private equity field, Christina has led a multitude of investments globally across diverse industries within Asia and the US. Prior to serving as the CEO of uCare in 2016, she was the Director of Mint Media, Managing Director at L Capital Asia (LVMH), and held other senior investment positions at Affinity Equity Partners, Deutsche Bank’s Strategic Investments Group. Teo holds an MBA from Harvard Business School, and a BBA (Honours) from NUS Business School.