SINGAPORE (Aug 6): DocDoc, the doctor discovery platform, has raised US$13 million ($18 million) in institutional capital.
The latest investment brings the total funding DocDoc has raised to date to US$24.6 million.
The new funds will support its market expansion and enhance its AI-powered platform which helps patients discover doctors, and includes telemedicine and cashless settlements.
The financing was done via a convertible note led by Adamas Finance Asia Limited (ADAM), a London-listed investment company, alongside regional family offices, a fund managed by a global investment firm specialising in financial services and the Cyberport Macro Fund.
Currently, DocDoc operates in eight countries and has a network of over 23,000 doctors and 793 clinics and hospitals.
The company started out as a patient referral service, but has evolved to use data gathered from doctors to derive metrics in outcome, price and experience so patients have more information from which to choose their doctor.
For example, a patient needing surgery for an anterior cruciate ligament injury would be able to tell from DocDoc which orthopaedic surgeon has more experience with this particular surgery, and be able to compare prices across suitable doctors.
DocDoc has been partnering insurance companies and corporates, helping policyholders identify suitable healthcare providers.
In a press release on Tuesday, DocDoc says this helps companies reduce costs.
Cole Sirucek (image), DocDoc co-founder and CEO, says: “Of course, we enable our partners to save money, boost engagement and delight their customers in measurable ways, but what is far more important is that we meaningfully help people. Real people with real problems. People who are uncertain or scared, people who know a lot or almost nothing about healthcare, and people who need a friend to help navigate an amazingly complex healthcare ecosystem.”
Suresh Withana, investment manager for ADAM and director of DocDoc, says: “With the close of this round of funding, they are well positioned to demonstrate the effectiveness of HOPE to reducåe costs and improve medical outcomes ... Furthermore, what they have built has considerable intellectual property and proprietary data, creating a significant barrier to entry.”
