Docquity Holdings Pte Ltd., a startup making it easier for healthcare professionals to exchange knowledge with peers, has closed a $44 million funding round.
Docquity announced the Series C round today. The startup raised the funding from a group of investors led by Tokyo-based Itochu Corp., which contributed $32 million to the round. Itochu is a publicly traded company with a presence in multiple industries, including the textile, industrial equipment and real-estate markets.
Singapore-based Docquity operates a platform that healthcare professionals can use to share medical knowledge with one another. A built-in messaging tool enables physicians to discuss cases with peers, as well as exchange information about new developments in the medical field.
Docquity’s platform also includes a library of educational resources. The platform provides access to medical guidelines, educational webinars explaining treatment methods and summaries of research that appears in medical journals. Docquity’s interface also includes an event calendar that enables users to browse upcoming medical conferences.
Healthcare professionals are required to take part in so-called continuing medical education, or CME, every year to hone their skills and learn about new medical developments. Docquity says its platform’s education features can be used by healthcare professionals to earn CME credits. According to the startup, its users have earned more than 4.2 million CME credits to date.
Docquity also disclosed today that its revenue nearly doubled in 2021. The company didn’t share absolute revenue numbers, but said its platform’s user base now includes more than 300,000 doctors in Southeast Asia.
“Investors are seeing that we are able to achieve what we set out to do,” said Docquity co-founder and Chief Executive Officer Indranil Roychowdhury. “We are now reaping from the foundations that we have built over the years; enabling Southeast Asia’s largest healthcare professional community to build healthier lives at scale and mitigating geography and knowledge boundaries for doctors.”
Using its newly closed $44 million funding round, the startup plans to make its platform available in additional markets throughout North Asia and the Middle East. Docquity will also use some of the capital to support growth initiatives in the markets where it already operates.
Docquity will invest in the development of a virtual clinic product, dubbed Docquity Clinic, that will enable doctors to hold follow-up consultations with patients. It’s also working on a new educational initiative dubbed Docquity Academy. As part of the initiative, it will partner with universities and senior medical practitioners to provide learning resources for healthcare professionals.
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