MediConCen raises $6.85m in Series A Funding to drive global expansion

By Gloria Mathias

MediConCen, an InsurTech company that automates insurance claims using AI and blockchain, has raised $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 has received $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 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. 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,” 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.

MediConCen is a Cyberport community start-up that joined the Cyberport Incubation Programme in 2018 and benefited from the financial support and access to partners and networks. With the Cyberport Macro Fund, an investment fund that provides seed to the Series A stage and beyond funding, MediConCen has secured extra co-investments to facilitate its growth in 2020.