(L-R) MediConCen co-founders Kelvin Yeung (COO), William Yeung (CEO), and Jenny Lau (CMO)
Hong Kong-based MediConCen, a startup automating insurance claims using AI and blockchain, has raised US$6.85 million in its latest Series A round.
HSBC Asset Management led this round, with support from existing investors G&M Capital and ParticleX and new investor Wings Capital Ventures.
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This brings MediConCen’s total raise to US$12.7 million.
The capital will be used to expand into 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 are changing the paper-based and human-based claim process to digital and AI-assisted journey, utilising the latest AI and blockchain technology,” said William Yeung, CEO and co-founder of MediConCen.
MediConCen is an insurtech company that utilises Hyperledger blockchain technology to provide clients with an automatic experience in insurance claims. MediConCen has secured a blockchain patent in the US and Hong Kong. The company serves over 16 insurers and over 1 million insured individuals, and its cashless claim platform has over 1,200 medical providers participating.
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MediConCen is a Cyberport community startup that joined its incubation programme in 2018. With the support of Cyberport Macro Fund, a fund that provides seed to Series A stage and beyond funding to Cyberport digital entrepreneurs, MediConCen has secured extra co-investments to facilitate its growth in 2020.
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