A series A financing headed by Monk’s Hill Ventures has received $5 million for the healthtech platform Novi Health.
The Singapore-based company, founded in 2018 by Sue-Anne Toh, Joanne Tay, and Kyle Tan, provides its users with a chronic illness management solution. It distributes Novi Optimum Plus and Novi Magnum through its applications.
The earlier provides tips on what to eat and how to exercise to encourage healthy weight reduction.
Novi Magnum, however, focuses on patients with diabetes and employs a continuous glucose monitoring system together with medical attention, food counseling, and lifestyle counseling.
The firm used published research to support its claim that program participants lost 5.8% of body weight and 0.9 points of hemoglobin bA1c during a three-month period without taking more medication.
The additional funding will be used to increase the team size at Novi Health’s growth, technology, and product divisions as well as to continue the platform’s development.
The worldwide healthtech industry, which had a 2021 market cap of US $175.6 billion, is anticipated to increase at a compound annual growth rate of 27.7% until 2030.