Health2Sync uses data integration to help patients and doctors understand diabetic trends
Health2Sync, a Taiwan-based healthcare platform for diabetes, has secured a Series B funding round worth US$6 million led by Sompo Holdings Inc, one of the largest insurance groups in Japan.
Other joint investors include Alibaba Group and WI Harper Group, which also joined the previous round of funding. Most notably, Health2Sync is one of the nine Taiwanese startups that have won the favour of the new Alibaba Entrepreneur Fund.
Moreover, Health2Sync was selected as one of the four winners from over four hundred international companies in the Merck Be Well Challenge of 2016, a startup challenge that looks for potential partners.
Health2Sync, in an official press release, indicates that they will use the capital to accelerate the expansion to Japan and optimise the existing product and service lines.
According to Ed Deng, Co-Founder and CEO of Health2Sync, it is extremely paramount to acquire support from a local partner to enter Japan even though the country is one of the world’s largest markets in terms of diabetes-related expenses.
There are nearly 10 million Japanese suffering from diabetes thanks to issues of diet and lifestyle, based on a news featured from Nikkei. Health2Sync’s expansion to Japan is expected to alleviate the huge burden on Japanese government, which is desperately seeking immediate solutions.
Founded in 2013, Health2Sync aims to provide diabetics with an effortless way to manage their glucose levels through the use of data-driven technology. It also enables care providers to easily identify issues that need attention.
Currently, the startup has launched different products targeting patients and health professionals respectively. It has over 150,000 registered users spanning across the US, Japan, Hong Kong, Southeast Asia, and Taiwan.
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More importantly, its products greatly solve pain points for diabetics (or at risk individuals). For example, Health2Sync App allows people to record blood sugar levels by synchronising measured data from standard glucose meters via an intuitive and user-friendly interface.
In addition, the Patient Management Platform, a web-based product, helps doctor’s constantly track every patients’ health status and automatically analyses the patients’ data.
In fact, this combination not only benefits diabetics but also insurers. For one, insurers can make use of patient’s data insight from this platform to assess potential risk and effectively price insurance plans more dynamically.
“Health2Sync’s platform capabilities to work with different stakeholders in the ecosystem such as glucose meter manufactures, pharmaceuticals and health insurance provides patients with tools and new approach to proper self-management,” commented Jun Fujita, Deputy General Manager of Sompo Digital Lab – Healthcare.
The spend on chronic diseases is still financially paralysing a great number of families and depleting government budgets. Health2Sync is trying to solve is exactly what society and the markets need.
Until now, Health2Sync has collaborated with Taiwan’s Ministry of Health and Welfare and many other companies to improve existing solutions for diabetics. With this fresh capital coming, we can anticipate that more diabetics should receive proper and fair care.
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