ConnectedHealth, backed by former DBS, SIA and SingTel chairman, gets USD530k from Get2Volume and others
December 2, 2012 by Terence LEE
The United States is backwards when it comes to healthcare. It spends 15.2% of its GDP on medical services, the highest in the world, and yet ranks 50th in life expectancy. Remote health monitoring is one solution, since it enables patients to be taken cared of at home without needing to pay for expensive hospital stays.
Yet remote health monitoring is beset by lacks in connectivity standards, interoperability, and wireless monitoring devices. ConnectedHealth, a Singapore-based startup, aims to make wireless home health feasible.
The company, founded by Mike Holt, the CEO, and Hari Ramachandran, the VP for business development and technology, announced on 3 December that it has received USD530k from NRF-TIS incubator Get2Volume and US healthcare company Sovran. The technology incubator was also founded by Holt.
This latest injection is a follow-up to a USD400k seed round it raised in March last year, which was led by angel investors Koh Boon Hwee, who is advising the startup, and Lim Ho Kee. Existing investors like Get2Volume also participated.
Koh held many Chairmanship roles, with stints at SingTel from 1986 to 2011, Singapore Airlines from 2001 to 2005, and DBS from 2005 to 2010. He is also an angel investor at another Singapore-based health startup, DocDoc, having participated in a seed round of an undisclosed amount.
ConnectedHealth claims that it has a cost advantage of about 75% over its competitors. It cuts expenses by using existing technology, such as Bluetooth, leading third-party health measurement devices, and Android phones with a health management app.
Data collected from the sensors will be transmitted via the Android app into ConnectedHealth’s server, which then packages the information and transfers it to the healthcare provider’s electronic medical records server.
Detailed profiles of key individuals:
Mike Holt, CEO and founder
Mike Holt brings 25 years of experience in leading, managing and developing technology and innovation. Mike’s background ranges from incubation of technology companies, and leadership of startup technology companies to general management of $200M technology businesses. Mike is Managing Partner of Get2Volume, a Singapore and Silicon Valley technology company incubation and adviat Texas Instruments and Silicon Systems.
Hari Ramachandran, VP Business Development and Technology and founder
Hari is a product development expert with 22 years of R&D design and technology management experience. Holds two US patents. HP R&D experience in US and Singapore. Hari has a strong Business and Technology Track Record: Successful management of start-up company, focused on short range wireless communication for medical devices. Grew revenue to US$16m in 3 year period.
Awarded Singapore Technology Achievement award in 1999. Involved in Continua Health Alliance and Bluetooth SIG Work groups.
Koh Boon Hwee, advisor and investor
Koh Boon Hwee is the Chairman of Sunningdale Tech Ltd, Yeo Hiap Seng Limited and AAC Acoustic Technologies Holdings Inc. Boon Hwee was also the Chairman of SingTel Group from 1986 to 2001, Chairman of Singapore Airlines Limited from July 2001 to December 2005, Director and then Chairman of DBS Bank from June 2005 through 30 April 2010. Boon Hwee served on the Board of Temasek Holdings Pte Ltd from November 1996 to September 2010. He started his career in 1977 at Hewlett Packard and rose to become its Managing Director in Singapore, a post he held from 1985 to 1990. From 1991 to 2000, he was Executive Chairman of the Wuthelam Group. Boon Hwee was named the Outstanding Manager of the Year in 1991 by Business Times and DHL Worldwide, and was conferred The International Herald Tribune Visionary and Leader Honour in January 2003.
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About The Author
Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE