Local healthtech launch Instinct concluded a successful $ 5 million Serie A round (RM 20.58 million) today.
Investors include returning ones such as Duopharma Biotech Berhad, Pathology Asia (via Biomark) and VC M Venture Partners, all of whom were previously Naluri raised 1.1 million US dollars (4.52 million RM) from the preliminary round of the A series. This new round was led by Singapore’s Integra Partners.
New foreign investors have also joined the circle, such as Sumitomo Corporation Equity Asia, Palm Drive Capital of New York and INP Capital of Vancouver (both will share their registry).
Naluri Series A also represents the first time that the Malaysian government will match the role of private capital (dollar for dollar) through the Hibiscus Fund, managed by the Malaysian RHL Ventures and Korea KB Investment which forms part National Generator Fund Program.
The launch of Healthtech will first benefit from this new scheme, which aims to enable high-growth companies to innovate and scale quickly.
Helping at-risk people navigate health
For refreshment, Naluri is an app that combines behavioral science, data science, and digital design as part of its digital therapy solution. It is established by former AirAsia CEO Azran Osman-Rani.
The app provides professional health and life coaching services, where users can connect with dietitians, fitness trainers, medical advisors and more. Other digital tools the app offers include food magazines for weight tracking, food intake, and exercises to track your goals and progress.
Users can target all types of goals such as weight loss, lowering blood pressure, blood sugar or cholesterol, or even better stress management. For individuals, Naluri offers a subscription of RM 149.90 per month, and companies and organizations can sponsor its services for their teams.
Light sharing with multiple ASEAN countries
Like other local startups looking to grow, Naluri is increasing its regional growth. With these funds, it plans to expand its business in Singapore and Indonesia, and launch its services in Thailand and the Philippines.
“Malaysia itself has too little domestic market. Our choice of markets to open [in] based on the demand of existing clients from regional insurance and corporate employers operating in the region, this ensures that we do not enter cold markets into new markets, but we have existing clients who can provide initial demand to support business establishment, ”Azran shared with Vulcan Post.
In Europe, Naluri plans to invest in clinical research to obtain digital therapy certifications and standards that can be used to shape the digital therapy landscape in Southeast Asia. This will strengthen clinical research in diabetes, kidney, cardiovascular disease, cancer and mental health therapeutic areas.
Expanding, the new funds will go to deepen their technological and scientific capabilities to improve Naluri products and prediction algorithms, including its natural language processing, depression detection, as well as device connectivity and patient monitoring.
This technology would improve the analysis of health profile trends for trainers so that they can better respond to the right user at the right time, with the right level of support.
It served more than 25,000 users
In 2020, Naluri exceeded the revenue rate of one million US dollars, tripled its growth compared to the previous year. As expected, this was due to the accelerated demand for digital health that emerged from the pandemic.
Dictionary of dictionaries: The annual income rate is a method that predicts future income over a longer period of time (usually one year) based on previously earned income. For example, if your company reported RM 15,000 in sales in the last quarter, the annual delivery rate would be RM 60,000. Run-rate uses current financial data to predict future performance.
“We expect to keep the same growth rate for this year. To date, Naluri has served more than 25,000 members in the region, growing along with our revenue growth, ”Azran told the Vulcan Post.
Although Naluri has quadrupled its gross profit margin to over 40% over the past year and expects it to continue to improve at that margin as its technology improves, Azran added that its net positive operating profit is not expected to reach several more years.
- You can find out more about Nalura here.
- You can read more articles related to Naluri that we have processed here.
Credits for featured paintings: Azran Osman-Rani, co-founder and CEO of Naluri