Health-tech startup BeatO announced on Wednesday that it is all set to foray into the highly completive Southeast Asian Market. The startup, which helps in controlling and managing diabetes, will be making its debut in the Asean market by first launching its products in the Singapore market. The company has already partnered with Ascensia Diabetes Care to consolidate its position in the Singapore market.
Notably, this is BeatO’s first ever international expansion and this is in tune with company’s long term objective of targeting market with higher penetration of diabetes patients. Singapore perfectly fits the bill as it has 10.5% prevalence of diabetes compared to the world average of 8.8%.
Through the partnership with Ascensia, users can integrate BeatO’s app ecosystem with their Ascensia monitoring devices. The company has added that it will be investing heavily in business development and improving the product and technology for the Singaporean market.
Commenting on the expansion, Gautam Chopra, Co-founder & CEO, BeatO, said, “We are excited to launch BeatO in Singapore and offer customized comprehensive digital diabetes care and self-management solutions to people with diabetes in the region. In terms of both business growth and patient outcomes, we have seen an overwhelming response during the past year.”
He further added “Engagement rates of users have soared by 50%, increasing the time spent on the platform by 25-30%. Given the high prevalence of diabetes across regions, ASEAN is an important market for us. We believe the Singapore market holds tremendous potential and look forward to creating a meaningful impact on the local healthcare system. Through this expansion, we also intend to double our user base by the end of FY21.”
The company claims that it has benefitted immensely from COVID 19 pandemic. It claimed that the COVID 19 has accelerated the adoption of digital health care solutions and noted increased engagement rates with a significantly higher frequency of blood sugar monitoring as well as interactions with diabetes educators and consultations with doctors on the platform. By December, the startup said, that it witnessed 3x growth of business revenue compared to pre-COVID levels.
BeatO claims that it currently has active member base of 150,000 people with chronic conditions and aims to get closer to half-a-million by the end of FY21.
BeatO is essentially offers comprehensive digital ecosystem for managing chorionic conditions including diabetes and hyper-tension. The company provides many monitoring and other hardware devices at highly cost effective prices to help diabetic patient in better managing their sugar problem. All these hardware devices are compatible with BeatO app eco system, which aims to provide complete solution for diabetic patient.
The health-tech startup had raised USD 4.1 Million in a series A round in early 2020 and has till date raised USD 7 million funding till date. Some of its high-profile investors include Leo Capital, Blume Ventures, Orios Venture Partners and Parkview Ventures.