Singapore insurtech firm CXA Group has landed $25 million in a bridge funding round, which it will use for expansion.
CXA, a AI-powered health and wellness platform, has bagged several high-profile investors in its latest funding round. They include HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, and others.
«Since we expect to break even next year, we may not need additional funding,» said Rosaline Chow Koo, founder and CEO of CXA Group, who was quoted in «Business Times» (behind paywall). The latest round follows $33 million raised from Series A and B in 2015 and 2017, respectively.
Planned Spending
The startup, which runs a Software-as-a-Service (SaaS) health and wellness platform, will use the fresh capital to invest in engineering and data science, talent and acquisitions. So far, its acquisitions involved several brokerages and a Chinese check-up aggregator.
It will also put aside money into integrating platforms to work with partners such as HSBC and Singtel, essential to its white-labeling strategy.
Use Of Data
CXA's platform uses aggregation, anonymization, and analysis of digitized health and life-stage data, allowing employers to zero in on the root cause of their workforces' health issues and design specific interventions to tackle them, lowering chronic disease and healthcare expenditure.
Employees can purchase offerings by drawing down on existing insurance policies provided by their employers.
«CXA's innovative use of analytics helps its enterprise clients effectively manage their healthcare costs and promote their employees' well-being,» said Edgar Hardless, chief executive of Singtel Innov8.
