MediConCen, a Hong Kong-based insurtech company that automates insurance claims using AI and blockchain, raised USD 6.85M in Series A funding.
The round was led by HSBC Asset Management with participation from existing investors including G&M Capital, ParticleX, and new investor Wings Capital Ventures.
The company intends to use the funds to accelerate its growth in the international market, including the Middle East and Southeast Asia.
Led by CEO William Yeung, MediConCen is an InsurTech company that automates insurance claims using AI and blockchain. It uses hyperledger blockchain technology to provide clients with seamless and automatic experience in insurance claims. The company has secured a blockchain patent in the US and Hong Kong, and serves over 16 insurers and more than 1 million insured individuals, and its cashless claim platform has over 1,200 medical providers participating.
Commenting on the news, William Yeung said: “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.”
MediConCen, which is a Cyberport community start-up that had joined the Cyberport Incubation Programme in 2018, received USD 12.7M.