Singapore-based digital health data startup Vault Dragon today announced that it has raised S$1.64 million (US$1.16 million) pre-Series A funding co-led by Golden Equator Capital and Raging Bull.
According to a press statement by the company, the new funding brings the total raised by Vault Dragon to more than S$3 million (US$2.13 million). Other names that have invested in the startups including Jungle Ventures, 500 Startups, Golden Gate Ventures, JFDI and undisclosed angel investors.
Vault Dragon helps healthcare services to transition from hardcopy medical records by digitising and integrating records with Electronic Medical Record (EMR) software. It aims to help medical clinics to achieve compliance with Singapore government regulations that require healthcare providers to keep medical records for at least six years with ease and affordability.
Medical records processed through Vault Dragon’s document imaging process has also been certified Singapore Evidence Act, meaning that the documents are presumed authentic, accurate and reliable, and are admissible in Singapore’s courts as primary evidence.
Vault Dragon also provide a practice management software to help clinics manage their day-to-day processes, and is supplemented by a tablet-based annotation system that allows doctors to create and manage digital medical records.
The startup graduated from the JFDI.Asia accelerator programme as a valet storage company in late 2013, though it later pivoted into becoming an end-to-end electronic medical record (EMR) solution vendor.
“We backed Vault Dragon because it has so thoroughly addressed the complications that come with adopting digital systems in a clever way that means little or no change to the established workflow in clinics. Ching and his team stood out because they have clear vision on two complementary scales,” said Raging Bull Founder and Chairman Ivan Lee.
Plans and targets
Vault Dragon cited plans to use the new funding for product development and regional expansion.
In an e-mail to e27, Vault Dragon founding CEO Ching-Tse Tseng stated that the company has started the process of setting up an innovation centre for product development and data capturing capabilities in Vietnam.
“Two reasons for doing so are cost efficiency and [that] one of our lead developers in Singapore office hails from Vietnam,” Ching said.
It said to be “on track” to achieve more than S$1.5 million (US$1 million) in revenue in 2017 and aims to be the largest private electronic health data repository in Southeast Asia by 2020.
The startup also sets the goal of managing two million medical records as its main agenda for 2017.
Image Credit: Vault Dragon