Vault Dragon, a Singapore digital health data startup has raised over 2 million dollars before their Series A funding round began. The company raised 1.16 million dollars in their last fund-raising effort led by Golden Equator Capital and Raging Bull.
Founder Ching-Tse Tseng, a Graduate of the Singapore Founder Institute, looks to help healthcare services and providers by assisting them in the digitizing of their hard copy medical records and integrating the data with electronic medical record (EMR) software.
"We backed Vault Dragon because it has so thoroughly addressed the complications that come with adopting digital systems in a clever way that means little or no change to the established workflow in clinics. Ching and his team stood out because they have clear vision on two complementary scales,” said Raging Bull Founder and Chairman Ivan Lee.
Other groups that have invested in Vault Dragon include Jungle Ventures, Golden Gate Ventures, 500 Startups, and JFDI. Vault Dragon has currently raised a total of 2.13 million dollars.
The end-to-end EMR solution Vault Dragon also seeks to assist medical facilities comply with the regulations of the Singapore government that requires health care providers to keep physical copies of all medical records for at least six years. Records processed through Vault Dragon have been deemed satisfactory by the Singapore Evidence Act which means all documents scanned by the service are thought to be accurate, reliable, and most of all authentic. This is an important distinction to have because it means that any medical records scanned by Vault Dragon are admissible in the Singapore court of law, which means more medical centers and service providers are going to use the service knowing it is fully compliant with all Singapore Law.
However, Vault Dragon offers medical centers and service providers more than just a document scanning service. They also offer a practice management software that help medical providers manage their day-to-day processes. This service is combined with a tablet system that allows providers to create and annotate and manage digital medical records.
Vault Dragon doesn't plan on staying still even while they find a lot of success and interest in their product and service in Singapore. The company is looking to use new funding efforts to expand their product around the region and develop their product. The company has already begun setting up an innovation centre for further product development and a data capturing center in Vietnam.
Vault Dragon looks to raise another million dollars over the course of 2017 and they plan on being the largest private electronic health data repository in Southeast Asia by the year 2020. The company has very big plans, but big ideas and big plans are necessary for success. There is a large market for their service. The world we live in is becoming increasingly digitized, yet there are a lot of medical records, not only in Southeast Asia but in the entire world, that have yet to be digitized and merged into an EMR service.
In 2013 Vault Dragon was just a valet storage company and have since expanded to their present size as a digital storage and software solutions company for healthcare industry in Southeast Asia. Now the company is trusted by more than 60 different healthcare institutions in Singapore, and most of them use the Vault Dragon service to manage their operational and administrative tasks. They have already digitized over 700,000 different medical records and aim to reach 2,000,000 by the end of 2017.
Vault Dragon has been growing steadily since they were founded in 2013, and a lot of investors have taken notice and contributed funding to their efforts. The future is bright for the Vault Dragon team.