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The funds will be used to facilitate Holmusk’s United States expansion and proprietary tech advancements
Singapore-headquartered data science and health technology company Holmusk has closed a Series A financing round with a haul of $21.5 million, according to a statement released by the company.
Healthcare investment firms Optum Ventures and Health Catalyst Capital led the round, which saw participation from Holmusk’s existing backer Heritas Capital and other individuals as well as other individuals, the statement said.
It added that Dr Vijay Barathan from Optum Ventures and Charles Boorady from Health Catalyst Capital will be joining Holmusk’s Board of Directors.
“Our team is encouraged by Holmusk’s evidence-based approach to improving care for people suffering from behavioral health disorders, and we look forward to working closely with the Holmusk team to support the next phase of growth,” Dr Barathan said in the statement.
The statement also said that the fresh capital will be funneled towards an expansion of the startup’s operations in New York City, in addition to further investment in Holmusk’s technology.
Holmusk uses predictive analysis, electronic health records (past and present) and digital therapeutics across mental and chronic illnesses to deliver regulatory grade clinical evidence. Founded in 2015, the startup has offices in New York City, London and Shanghai, apart from its headquarters in Singapore.
Founder and CEO of Holmusk Nawal Roy said in the statement highlighted that the need for ‘Real-World Evidence’ has become more relevant present times.
“We are fortunate to bring on partners like Optum Ventures and Health Catalyst Capital who understand the importance and are excited to join us in our mission to drive evidence-based care,” Roy added.
Through its Real-World Evidence (RWE) platform, Holmusk uses specialty behavioral health data to facilitate data-driven care for patients with behavioral and chronic health conditions. The tech also helps with drug development and data-driven medicine, helping pharma companies with research and development efforts, and commercialization of new drugs.
Boorady noted in the statement, “By redefining the [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.”
He continued that the Holmusk’s approach can also help with “reducing administrative burden and supporting the research and development of new care models and therapies.”
The startup had last raised funding in 2018, when it raised $9.75 million in Pre-Series A financing round led by Heritas Venture Fund. Singapore-based early stage venture investor Capikris Foundation also participate in the round.