Holmusk, a digital health and data analytics company headquartered in Singapore, has raised USD 21.5 million in a Series A funding round led by Optum Ventures and Health Catalyst Capital. Heritas Capital, which led Holmusk’s USD 9.75 million pre-Series A round in 2018, also participated in the latest round, alongside other individual backers.
With offices in New York City, London and Shanghai, the company intends to use these funds to expand its operations in the US. It will also invest further in its proprietary technology to drive evidence-based care solutions for people with behavioural health and chronic diseases.
Since 2015, Holmusk has been on a mission to build the world’s largest Real-World Evidence (RWE) platform that uses data analytics to deliver evidence-based insights about healthcare. Integrating care for people with both mental and chronic health needs, the system helps major stakeholders across the healthcare ecosystem (including healthcare providers, payers and patients) to make informed care and treatment decisions. Its machine learning capabilities also have the potential to fuel innovation in personalised medicine among pharma companies.
In 2016, Holmusk acquired MindLinc, an Electronic Health Record (EHR) system exclusively focused on mental health disorders, from Duke University School of Medicine. This enabled the company to leverage longitudinal data spanning over 20 years from mental health institutions across the US, tackling mental disorders – the highest unmet medical need today, which exacts a heavier economic toll on global economies than diabetes and cancer.
Charles Boorady, the founder of Health Catalyst Capital, stated, “By redefining the EHR from a repository of data to a clinical decision support tool with connectivity to digital therapeutics, Holmusk is uniquely positioned to improve patient care while reducing administrative burden and supporting the research and development of new care models.”