Singapore’s leading digital health data startup Vault Dragon has secured $1.16 million in pre-series A round of funding. The round was led by Golden Equator Capital along with Raging Bull.
The startup will utilise the raised funds for product development and regional expansion.
This brings the total funding of Vault Dragon to over $2.13 million till date. The other investors include Jungle Ventures, 500 Startups, Golden Gate Ventures, JFDI and select Angels. The backing comes as Vault Dragon has managed to pave its way across the hurdles in the transformation from paper-based to digital record keeping by the clinicians.
Ching-Tse Tseng, CEO at Vault Dragon, tells consumers are beginning to take their health more seriously. This has led to a shift towards a patient-centred system of care delivery. He adds healthcare providers have to adopt digital processes to improve clinical outcomes, quality of care and client satisfaction.
Digitalisation provides numerous benefits for all stakeholders in healthcare but industry has been slower than others to move away from the paper because of a backlog of decades of hardcopy information. Ching-Tse Tseng continues,
The real challenge lies in digitising past physical medical records and integrating those with Electronic Medical Record (EMR) software. It does not make sense for doctors to refer to physical patient dockets while trying to input new data into their EMR software. While most doctors recognise the need and urgency to go digital, the high costs of document scanning and regulatory compliance deter many from taking the leap.
Vault Dragon has been working to overcome this barrier through a combination of slick operations and smart technology. Its service makes it easier for medical clinics to achieve compliance with regulations that require healthcare providers in Singapore to keep medical records for at least 6 years. This lets the providers maintain the records without the expensive, inflexible legacy of paper documents.
The startup’s document imaging process is Singapore Evidence Act certified which implies the documents are presumed authentic, accurate and reliable, and are admissible in Singapore’s courts as primary evidence.
Vault Dragon, after enabling the doctors to digitise all existing patient records, completes the transition toward a paperless working environment by providing healthcare providers with its practice management software.
The system allows clinics to manage their day-to-day processes. It is also supplemented by a tablet-based annotation system that lets the doctors manage and create digital medical records. Vault Dragon aims to be regarded as the largest private electronic health data repository in Southeast Asia by 2020.