News Life and Health14 Mar 2019

Singapore:Wellness platform CXA Group raises US$25m for expansion

| 14 Mar 2019

CXA Group, Asia's one-stop, predictive and data intelligence platform for better health, wealth and wellness choices, announced yesterday that it has raised $25m in its latest round of funding.

CXA’s new group of strategic investors include HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund, underscoring the company’s aim to be the leading health ecosystem platform addressing escalating healthcare costs across the region.

In a statement, Ms Rosaline Chow Koo, founder and CEO, said, “These latest investors will become strategic partners, and we will look to closely collaborate in designing customised platform-led solutions for their B2B enterprise customers, and as importantly, the employees of these enterprises.”

This latest funding round follows $33m in total funding from Series A and B in 2015 and 2017 respectively. Other investors in CXA include B Capital Group, Openspace Ventures, Government-linked strategic investor EDBI, BioVeda Capital, FengHe Asia, Philips and RGAx.

The Singapore headquartered company has pioneered a one-stop, self-service platform that allows employers to give their employees access to an ever-widening range of health, wealth and wellness offerings, personalised based on the individual’s health and life-stage data. Employees can purchase offerings by drawing down on existing insurance policies provided by their employers and using funds that are then released into the platform’s eWallet to make transactions cashless, fast and easy.

Through the aggregation, anonymisation and analysis of digitised health and life-stage data, CXA helps employers get to the root cause of their workforces’ health issues and design specific interventions – such as corporate wellness and disease management initiatives – that will have the greatest impact on cost and health improvement, for reductions in tomorrow’s chronic disease and healthcare spend, today.


 

 

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