25/4/2019 – Headquartered in Singapore, health-tech startup Lifetrack Medical Systems has successfully raised US$5.2M in a series A funding led by Asia Impact Investment Fund (AIIF), the investment arm from UOB Venture Management (UOBVM).
The funding round is joined by Philips, the multinational electronics giant, and existing investor Kickstart Ventures, a corporate venture capital firm from the Philippines
Lifetrack Medical Systems is founded by practicing radiologist, inventor and entrepreneur Eric Schulze in 2012
The health-tech startup operates radiology software platform LifeSysTM that transmits and aggregates medical images from multiple sites using a significantly shorter time and lower technology requirements compared to traditional radiology software.
“Our aim is to partner with healthcare systems, both private and public, to make widespread access to diagnostic imaging a reality regardless of where the modality, patient, and doctor are physically located,” said Carl Nicholas Ng, COO of Lifetrack Medical Systems.
According to Schulze in a press statement, “We started this journey with medical imaging in emerging markets such as the Philippines where needs are greatest, resources are scarcest, and demand for high-quality affordable healthcare is growing because of the rapidly expanding middle class. Our new investors embrace that vision and mission, and we’re excited to move into this next phase with them as our partners,”
LifeSysTM is currently employed by medical institutes and professionals in emerging markets across ASEAN, South Asia, and Africa. More than 780,000 patients’ has received a diagnosis on their medical images based on the technology.
Clarissa Loh, Senior Director at UOBVM said: “In many developing areas in Asia, access to affordable medical imaging is constrained by the lack of qualified radiologists. Lifetrack’s solution seeks to overcome this challenge, and with our investment through the AIIF, we hope to help bring affordable diagnostic imaging to more people in this region.”
The fresh funds will be used to continue building LifeSYsTM and supporting the company’s international growth.