KUALA LUMPUR: IHH Healthcare Bhd has invested in Intellect, Asia's leading digital mental health company, to expand its continuum of care for corporate clients and employees and catalyse a healthier society.
The investment will accelerate Intellect's growth across the region.
As a strategic investor, IHH Healthcare will co-develop and customise digital mental health programmes with Intellect for its patients, corporate clients, and staff.
In a pilot initiative, maternity patients from Gleneagles Hospital Singapore will be among the first from the IHH Healthcare's network to enjoy Intellect's offerings.
There are also plans to extend Intellect's solution to corporate clients of IHH Healthcare Singapore's iXchange and to IHH employees.
IHH Healthcare group chief strategy and business development officer Ashok Pandit said this partnership with Intellect is aimed at providing mental health offerings to patients, corporate clients, and employees towards building a healthier world.
"Mental and physical health are equally important components of total well-being.
"Mental health issues affect one in every four persons. We are pleased to invest in Intellect, a market leader in this rapidly growing category, to boost their growth and enhance access to millions more people who require support, care or treatment," he said in a statement today.
Founded in 2019, Intellect has grown exponentially in recent years to serve more than three million users in over 20 countries on its platform, including Malaysia, Singapore, India and Hong Kong.
Its mental health services include telehealth coaching, clinical therapy, psychiatry, self-guided cognitive behavioural therapy-based programmes, urgent distress support, and mental health screening – all done either virtually via the Intellect platform or in person at an Intellect clinic.
It focuses primarily on enterprise companies and their employees and serves individual consumers.
Intellect co-founder and chief executive officer Theodoric Chew said the company is excited to partner with IHH Healthcare to form a game-changing alliance to transform mental health care across Asia effectively.
"Our mission to scale mental healthcare accessibly to everyone, every day, will be significantly enabled through this partnership, combining IHH Healthcare's global healthcare network with our technology and mental health focus," he said.
The cost of treating mental issues is expected to reach around US$6 trillion globally by 2030.
Within the Asia Pacific, the digital mental health market for business-to-business alone is projected to grow from US$3.1 billion in 2021 to US$8.5 billion by 2026, with increasing demand from corporates, insurers and consumers.
IHH Healthcare's growing number of investments is in line with its aspiration and expanding its capabilities beyond acute care to holistic care and wellness.
IHH Healthcare is the first strategic healthcare investor in Intellect, which also has the backing of established investors and venture funds.
Intellect raised a US$20 million Series A funding round in 2022, led by Tiger Global, and counts many leading investors as backers, including Y Combinator, Insignia Ventures, HOF Capital, MS&AD Ventures, Singtel Innov8, K3 Ventures, East Ventures, and many more.