Fischer Medical Ventures invests in Wonder Tech Group to advance AI-driven mental healthcare

Fischer Medical Ventures Ltd (formerly known as Fischer Chemic Limited) has formalised its investment into the Singapore-based Wonder Tech Group to support the development of advanced AI-driven solutions for mental healthcare. The move aligns with Fischer MVL’s broader strategy to diversify its portfolio in diagnostic solutions, particularly in the mental health sector.

Fischer MVL specialises in producing cost-efficient Magnetic Resonance Imaging (MRI) systems and is the first company to manufacture such advanced medical imaging equipment indigenously in India through its wholly-owned subsidiary, Time Medical International Ventures (India) Private Limited. This investment in Wonder Tech follows a recent collaboration with “The Therapy Platform” in the mental health therapy space, highlighting Fischer MVL’s focus on expanding its offerings in mental healthcare.

Wonder Tech Group has developed a voice-based digital mental health platform that uses a 60-second voice sample, regardless of language, to provide instant mental health analysis through its proprietary AI-driven technology. The platform offers private, objective, and affordable mental health screening using voice biomarkers to identify and measure the severity of mental health conditions. The technology took nine years to develop, involving technology mapping, data collection, ethical approval, model building, clinical research, productisation, and government certification. It has been validated in multiple languages, including the DAIC-WOZ dataset from the University of Southern California, a recognised benchmark in the mental health field.

Wonder Tech’s solution can identify depression with 83 per cent accuracy by analysing 1.8 billion nuanced vocal changes, surpassing the 80 per cent threshold required for clinical depression detection. The technology has gained traction from health check centres, chronic disease management, and insurance companies, and was awarded the “Best Healthcare Innovation award/grant” by the Singapore Temasek Foundation in 2023.

According to a report from The Lancet Global Health, nearly 1 billion people worldwide suffer from a mental disorder. The mental health market, valued at USD 399.7 billion in 2023, is projected to grow to USD 530.5 billion by 2032. Despite the large market, innovation in mental health diagnostics has been slow, with many patients relying on psychiatrists for diagnosis, a process that is often time-consuming, costly, and carries social stigma. These factors deter early assessment and result in delayed treatment.

In contrast, Wonder Tech’s voice biomarker diagnostic solution is user-friendly, unbiased, and scalable through mobile phone capture without additional hardware. Acting as an AI triage, it enables a more personalised, comfortable diagnosis through a private medium.

Commenting on the investment, Ravindran Govindan, Chairman and Managing Director of Fischer MVL, said, “Our alliance with Wonder Tech further underscores our commitment to invest in mental healthcare solutions. We consider this sector as essential healthcare yet heavily under-served and intend to take global leadership in this space. This investment brings along the exclusive rights to market Wonder Tech’s paradigm-shifting technology in ASEAN, India, and Middle East markets, to scale up their impressive acoustic-based depression diagnostic solution that works across languages, including hundreds of diverse Indian languages.”

Wendy Wu, Founder and Chairman of Wonder Tech Group, expressed her enthusiasm about the investment and collaboration: “Fischer MVL’s funding and marketing support propel us toward our goal of democratising mental healthcare globally, to help more patients detect mental health issues early and seek assistance, while safeguarding their personal privacy and bring down screening cost substantially. With our technology, consumers and corporations can monitor mental health and wellness through a few seconds of voice data. We will continue to scale our operations significantly with the support from Fischer MVL’s strong sales network.”

The partnership between Fischer MVL and Wonder Tech Group aims to set a new benchmark in mental healthcare delivery, focusing on innovation, accessibility, and quality. Both organisations are committed to making a positive impact on the healthcare industry through advanced medical technology and healthcare accessibility.