MediConCen Limited has announced that it has raised USD 6.85 million in its latest Series A round.
The new funding is led by HSBC Asset Management and has also received support from existing investors including G&M Capital, ParticleX, and new investor Wings Capital Ventures.
To date, MediConCen received USD 12.7 million, and this new investment will accelerate its growth in the international market, including the Middle East and Southeast Asia.
“Insurance does good for the society but often it is not felt by the customers. There is much frustration 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. We are changing the paper-based and human-based claim process to 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” said William Yeung, CEO and co-founder of MediConCen.
“Given our operational background in financial products and services, we are true believers in the transformational effect of digitization. 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.” Said Kara Byun, Head of Fintech, Venture & Growth Investments, HSBC Asset Management.
Image: (From left to right) Mr. Kelvin Yeung, Co-Founder & Co-COO of MediConCen; Mr. William Yeung, Co-Founder & Co-CEO of MediConCen and Ms. Jenny Lau, Co-Founder & Co-CMO of MediConCen.
