UK HealthTech startup Medopad has secured $28m (£19.6m) at the first close of its Series A round featuring investment from China’s NWS Holdings.
The company, which leverages artificial intelligence as part of its data-capture platform offering, seeks to connect patients and healthcare professionals in real-time.
Medopad is planning to raise a total of $120m (£84m) in what would potentially become of the biggest early-stage raises for a UK firm.
The firm’s primary customers include hospitals, pharmaceutical companies, insurance providers and governments.
Medopad says it has already entered into strategic partnerships with leading healthcare, technology and academic institutions, including Royal Free NHS Hospital, Ping An Good Doctor, China Resources, Tencent, HP, Lenovo, Johns Hopkins University, Imperial College Health Partners and Peking University.
Dan Vahdat, CEO of Medopad, commented: “We now have several amazing strategic investors in the business, which is a great achievement for us as we gear for significant growth and scale our business. Managing population health is one of the greatest challenges for governments across the world. As such, the investment appetite for solutions that address and manage this concern is substantial. We are proud to be at the forefront of solving this problem and supporting people around the world.”
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“We will be opening a number of offices across the world and hiring the most talented people as we grow our regional partnerships. Our mission at Medopad is to help patients suffering from the most complicated diseases receive better care and live longer and healthier lives with their loved ones.”
The company is also announcing the appointment of healthcare industry stalwarts Stuart Fletcher and Simon MacKinnon OBE as non-executive directors.
Fletcher served as CEO of BUPA Group between 2012 and 2016. He was formerly president of Diageo International between 2004-201.
He went on to note: “This is an exciting time for technology and data in the transformation of healthcare provision and impact. I believe Medopad is best positioned to play a major and leading role in this, partnering with progressive and like-minded organisations, creating healthier and happier lives.”
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MacKinnon OBE brings over three decades worth of business experience in Asia to Medopad. He has reportedly delivered over £2bn in investments, joint ventures, M&A and projects in China.
MacKinnon OBE, who also joins the board, noted: “Medopad is radically changing the delivery of healthcare management. With China becoming a world centre for health-tech and AI innovation and the Chinese Government looking to deploy innovative solutions to improve healthcare outcomes and reduce costs, Medopad is very well placed to grow with our partners in the region.”
On the appointment of new board members, Dan Vahdat added: “Stuart and Simon bring over 50 years of business experience to Medopad. Their expertise at the world’s largest healthcare businesses will provide the perspective and guidance Medopad requires to scale new heights. Their appointment is yet a further signal of our intention to challenge the healthcare industry.”
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