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Adamas leads funding round for Singapore health-tech project DocDoc
Asia-focused investment firm Adamas Finance Asia announce an investment in a new project, DocDoc, on Monday.
The AIM-traded company said the investment was in line with its revised strategy, following the appointment of Harmony Capital as its new manager in May last year, which aimed to provide investors with a diverse portfolio of pan-Asian income producing assets with capital gain potential.
Its board said it believed that DocDoc was Asia's leading "patient empowerment company".
The company leveraged proprietary data and clinical informatics across a network of physicians and hospitals, to support patients in finding high quality medical care, Adamas explained.
Headquartered in Singapore, DocDoc connected and represented an "extensive healthcare network", the board explained, with more than 23,000 physicians, 700 clinics and 100 hospitals.
DocDoc was established to address a significant unmet need in the marketplace for patient empowerment, which Adamas said resulted in efficiently-priced treatments, better outcomes and improved experiences for patients across Asia.
The benefits of DocDoc's proprietary database, algorithms and data models, combined with its business and customer service processes, were said to be beneficially impacting an underserved need in the health insurance sector, as evidenced by the execution of agreements with several of the leading insurers in the region.
Adamas was the lead investor in DocDoc's latest $5.45m round of investment, via a $2m subscription to a convertible bond offering.
"We are delighted to make our first investment following the change to our investment policy and a series of disposals in 2017," said Adamas chairman John Croft.
"The transformation of the Adamas portfolio is underway and the DocDoc investment represents an important step in reshaping the portfolio.
"DocDoc is an exciting next generation digital health platform, adeptly fulfilling patient demand and supported by partnerships with leading players such as the Ping An Group and Prudential."
DocDoc's co-founder and CEO, Cole Sirucek, said the company was "thrilled" to welcome Adamas to the DocDoc family.
"Their investment has come at a most opportune time as we scale our value-added doctor discovery service in conjunction with the region's largest insurance companies.
"The Adamas and Harmony Capital team have done a great job helping us put this financing together and we look forward to them adding significant value going forward," Sirucek explained.