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March 14, 2019updated 29 Mar 2019 4:42am

Health insurance startup CXA Group raises $25m to support Asia-Pacific expansion

CXA Group, a Singapore-based AI-driven health platform, has secured $25m in its latest funding round, to support its Asia-Pacific expansion strategy.

The investment was provided by HSBC, Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund.

Commenting on the funding, CXA Group founder and CEO Rosaline Chow Koo said: “We are honoured to welcome these top-tier corporations into our roster of strategic investors and partners.

“CXA is today the leading health ecosystem platform that enables individuals across Asia to make better choices for healthier living, starting from the workplace, thereby empowering a shift in spend from treatment to prevention.

“These latest investors will become strategic partners, and we will look to closely collaborate in designing customised platform-led solutions for their B2B enterprise customers, and as importantly, the employees of these enterprises.”

Unique Modus Operandi

CXA Group offers an employee benefits and wellness marketplace platform and partners with corporations to provide their employees with health-flexible options, instead of directly selling plans to consumers.

Currently, the health insurance startup focuses on China, Hong Kong and Southeast Asia, where it provides an assortment of over 1,000 programmes and options, which can be customised as per the needs of employees.

Employees can buy offerings by reducing the premium of existing insurance plans offered by their employers and leveraging funds which are subsequently released into its platform’s eWallet.

Using the aggregation, anonymisation and analysis of digitised health and life-stage data, CXA enables employers to get to the root cause of their workforces’ health issues and design specific interventions.

In 2015 and 2017, CXA raked in a $33m in funding and this new round takes the total funding to $58m for CXA Group.

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