The Filipino Startup That Helps Process Your COVID-19 Swab Tests Has Raised Over P65 Million in Funding
The health tech startup that helped process millions of RT-PCR tests during the pandemic has so far raised about P65 million from a number of venture capital firms. In a release sent to Esquire Philippines, Dashlabs.ai said ADB Ventures (the venture investment arm of the Asian Development Bank), Toronto-based Good News Ventures, Immeasurable VC/PE, and other VCs, conglomerates, and angel investors from the U.S., Europe, and Asia Pacific, have all invested in the company.
Founded in 2020, first as a volunteer effort to help combat the pandemic, Dashlabs.ai provides DIY lab software in place of manual processes, helping speed up the process of reporting case results. For its achievements the startup has the honor of being the first Filipino healthcare technology startup backed by well-regarded Silicon Valley accelerator Y Combinator. The company said it successfully raised its seed round last year at a slight oversubscription, adding that ADB Ventures even added a criterion that Dashlabs.ai is addressing the United Nations Sustainable Development Goals (UN SDGs).
Since the onset of the pandemic, which necessitated the quick and accurate processing of swab tests, Dashlabs.ai said it has digitized, automated, and processed in real time more than five million COVID-19 RT-PCR tests in the Philippines. The startup also helped bring saliva RT-PCR testing to the country, which greatly reduced costs.
Dashlabs.ai co-founders (from left to right) Miguel Gemotra, Bryan Giger, Martin Gomez, Weston Lim, JB Tiu and Philly Tan
In addition to the health crisis brought about by COVID-19, Dashlabs.ai says it has expanded to other diagnostics, including Annual Physical Exams as required by the Department of Labor and Employment. It has also established partnerships with organizations such as Ayala Corporation’s AC Health HealthNow, Angkas, CareSpan, MedHyve, among others.
“With a strong 2021 close under its belt, Dashlabs.ai sees continuous recurring double-digit growth in 2022, and even better performance in the years to come,” the company said.