A call between doctors can save lives. That’s what Daquity co-founder Indranil Roychowdhury learned when his father was hospitalized in India with a life-threatening condition. The emergency room doctor initially said he had no chance of survival, but another doctor called one of his colleagues in the United States and they came up with an alternative treatment plan that worked. Docity was created to collaborate on the same, level, even if doctors live in different countries.
The Singapore-based company announced today that it has raised $44 million in Series C funding led by $32 million investor Itochu Corporation. The rest of the round came from investors including iGlobe Partners, Alkemi, Global Brain, KDV and Infocomm.
Roychowdhury told Technology Flow that after his father’s experience, he and his co-founders Amit Vithal and Abhishek Wadhwa wondered, “In today’s day of social media, why does it take one phone call to save someone’s life?” Daquity was founded in 2015, so doctors and other healthcare professionals have an easy way to work with each other.
The new capital brings DaQuity’s total to $57.5 million. It claims to be the largest community of healthcare professionals in Southeast Asia with more than 350,000 doctors. The funds will be used to increase DoQuity in its existing markets such as Indonesia and the Philippines and to enter new ones including Japan, the United Arab Emirates, Saudi Arabia and Egypt. It recently launched in Taiwan, where more than 2,000 doctors have signed up so far. The company has announced double revenue growth in 2021.
The company now has a team of 300 people and apart from its Singapore headquarters, has a tech and engineering hub in Gurgaon, India and other offices in Indonesia, Philippines, Malaysia, Thailand, Vietnam and Taiwan.
In addition to providing tools for physicians to connect and collaborate, Daquity partners with more than 250 medical societies in Southeast Asia to develop learning modules that can be used to earn mandatory continuing medical education (CME) credits. So far, the company says its platform has enabled doctors to earn a total of 4.2 million CME credits.
Docity has three main characteristics. The first, Daquity Academy, partners with universities and senior medical practitioners to create learning tools for doctors. Second, Docity Clinic allows doctors to have follow-up consultations with their patients. Finally, Docity Insights takes data about user engagement to understand what they need on the platform.
An average of 50,000 doctors take courses on its platform every month, Roychowdhury said, and it was one of the first companies to launch online lectures and symposiums when the pandemic hit in 2020. Now it conducts around 500 lectures per month. Doctors taking the courses can also join private groups to discuss real-world cases and best treatment plans.
“While lecture and exam-style education is a key component, we believe that a major source of learning for clinicians is experiential learning through case discussions among peers,” says Roychowdhury.
Docity ensures patient privacy through several measures. It is a closed, GDPR and HIPAA-compliant network that only allows doctors certified by medical associations. It has also established an internal compliance and pharma co-vigilance team to ensure confidentiality and security. It allows pharmaceutical and medical device companies to engage with doctors, but no advertising is allowed on the platform.
Another DoQuity initiative is making healthcare more affordable. It recently launched its Patient Adherence Program (PAP) to help physicians provide care to underserved patients. “Making treatments more affordable is a key objective of the platform and we have started working with one of our clients in breast cancer as a therapeutic area and have already served over 600 breast cancer patients in the Philippines,” Roychowdhury said.