BeatO goes international; forays into ASIAN market with Singapore launch
Mumbai: BeatO has today announced its foray into the Southeast Asian market with the launch of its operations in Singapore. This is BeatO’s first international expansion. The company has partnered with Ascensia Diabetes Care, to expand its presence in the Asian market and offer comprehensive digital diabetes care and self-management to Singapore.
The expansion comes in line with the company’s objectives of catering to markets with a high incidence of diabetes, as Singapore has a 10.5% prevalence of diabetes compared to the world average of 8.8%. The company plans to build new networks in international geographies while going deeper into existing markets and forming a stronger national network of partners.
Through the partnership with Ascensia, users can integrate BeatO’s app ecosystem with their Ascensia monitoring devices. BeatO will be investing significantly in business development and improving the product and technology for the Singaporean market. The BeatO app in Singapore has been customized to the lifestyle, usage patterns, and culture of the regional market.
Commenting on the expansion, Gautam Chopra, Co-founder & CEO, BeatO, said, “We are excited to launch BeatO in Singapore and offer customized comprehensive digital diabetes care and self-management solutions to people with diabetes in the region. In terms of both business growth and patient outcomes, we have seen an overwhelming response during the past year. Engagement rates of users have soared by 50%, increasing the time spent on the platform by 25-30%. Given the high prevalence of diabetes across regions, ASEAN is an important market for us. We believe the Singapore market holds tremendous potential and look forward to creating a meaningful impact on the local healthcare system. Through this expansion, we also intend to double our user base by the end of FY21.”
As the COVID-19 impact has fast-tracked adoption of digital health, the company noted increased engagement rates are at an all-time high with a significantly higher frequency of blood sugar monitoring, interactions with diabetes educators, and consultations with doctors on the platform. By December, the company witnessed 3x growth of business revenue compared to pre-Covid levels.
BeatO currently has an active member base of 150,000 people with chronic conditions and aims to get closer to half-a-million by the end of FY21.
Founded in 2015, BeatO is a full-stack digital health platform for managing lifestyle-related chronic illnesses – beginning with diabetes. The health-tech startup raised its USD 4.1 Million Series A investment in early 2020 and has received approximately USD 7 million funding to date from leading VCs and angel investors, including Leo Capital, Blume Ventures, Orios Venture Partners, and Parkview Ventures.
The smart connected chronic care management ecosystem is powered by AI, providing actionable insights to manage diabetes, hypertension and offering an entire ecosystem to help users manage their chronic condition. BeatO combines cost-effective IoT hardware with the BeatO app to support end-to-end management for users.
BeatO recently received ISO 13485:2016 certificate for the Design & Development (Hardware and software), Manufacturing, Sales & Marketing and post-sales support for their Made in India Smartphone Connected Blood Glucose Meter (capillary-based blood); ensuring that the complete product design and sales process has gone through rigorous testing and compliance.
