Netherlands-based electronics and healthcare technology manufacturer Royal Philips has boosted the digital health investment agreement it has in place with Singaporean state-owned venture capital fund EDBI.
Philips and EDBI launched the joint investment partnership in early 2016 with a view to investing in connected health technology that could be beneficial in the Asian healthcare market.
The first company to have received funding through the initiative is CXA Group, the Singapore-based employee benefits and wellness marketplace that closed a $25m series B round last month that included both entities.
Caroline Clarke, CEO of Philips Asean Pacific, said: “We have a proven track record of working with healthcare partners across the world to deliver health programs with positive clinical outcomes for patients and economic benefits for our partners.
“It was therefore a logical next step for us to join forces with EDBI and use our expertise and capabilities to support high-potential digital health businesses and entrepreneurs in this way.”