Led by HSBC Asset Management, the funding round also saw participation from existing investors G&M Capital and ParticleX, as well as new investor Wings Capital Ventures. With this latest funding, MediConCen’s total funding reaches $12.7 million.
The infusion of capital will fuel MediConCen’s international growth strategy, with a particular focus on expanding its presence in the Middle East and Southeast Asia. This investment underscores the confidence of investors in MediConCen’s innovative technology and its potential to disrupt the insurance industry globally.
MediConCen, a startup within the Cyberport community, became a part of the Cyberport Incubation Programme back in 2018, where it gained valuable financial backing and access to a wide array of partners and networks. Leveraging the Cyberport Macro Fund, an investment vehicle that offers funding from seed to Series A stages and beyond, MediConCen successfully secured additional co-investments in 2020.
Speaking about the capital raise, William Yeung, CEO and co-founder of MediConCen, said: “Insurance does good for society, but often it is not felt by the customers. There is much frustration in dealing with the medical claim process for both customers and insurers alike. We always aim to create a 10x better customer experience, and we believe that insurance claims are the most pressing area to address. MediConCen’s capability to deliver extraordinary solutions lies in our profound understanding of insurance and state-of-the-art technology.”
He continued: “We are changing the paper-based and human-based claim process to a digital and AI-assisted journey, utilising the latest AI and blockchain technology. We are glad to have the Venture Capital team at HSBC Asset Management join us as an investor, supporting our mission to revolutionise the insurance claim experience.”
“Given our operational background in financial products and services, we are true believers in the transformational effect of digitization,” said Kara Byun, Head of Fintech, Venture & Growth Investments, HSBC Asset Management.
“Insurance’s true value is realised the moment policyholders experience an insured event. We are supportive of MediConCen’s aim to improve this experience by simplifying and speeding up the claims journey, including ensuring that the claim amount is fair, with a technology backbone that supports the scaling up of these benefits.”
