HealthMetrics Raises $5 Million for Medical Benefits Platform

HealthMetrics, a Malaysia-based cloud-based employees’ medical benefits management platform, raised $5 million in a Series A funding round.

According to the company, the cloud-based platform helps corporate simplify and manage the tedious manual paperwork related to employee healthcare plans by automating the entire process. Employers can implement benefits for their employees through the platform, such as dental or vision care within seconds.

According to the company, the platform currently serves companies of all sizes, including public-listed companies, MNCs, small and medium enterprises. It has onboarded over 3,000 healthcare partners throughout Malaysia. Clients include PwC, Family Mart, Star Media Group, Taylors Group, Mr. DIY, Pullman Hotels, and KLK.

ACA Investments, a financial institution based in Japan, led the Series A funding round. The company plans to use the fresh funds to expand its regional footprint across Southeast Asia and product development.

Healthcare is one of the few sectors that is witnessing a boom during the ongoing global health crisis.

Alvin Yuan, CEO of HealthMetrics, said: “We want to enhance our solutions to provide best-in-class user experience in health benefits whilst improving cost efficiency in corporate healthcare investments.” In order to support companies during this time, the company is extending its offering to both outpatient and inpatient care benefits.

Yuan added: “As we look to expand across the region, we aim to provide companies and their employees with more well-rounded digital solutions which meet their current needs that have evolved since we founded our company five years ago.”

In 2018, HealthMetrics raised seed funds of $1 million from Spiral Ventures, Cradle, and RHL Ventures. The latest round brings the company’s total to $6 million.

Recently, Healthjoy, an AI-powered health benefits platform that uses a combination of a chatbot and concierge services, raised $30 million in Series C funding. Lyra Health, a provider of mental health benefits for employers, raised $110 million in Series D financing round.