UK HealthTech firm Medopad has raised £19.6m as part of £84m China deal
In a potentially biggest early-stage raise for a UK firm, UK HealthTech firm Medopad has raised £19.6m as part of its planned £84m investment from China’s NWS Holdings. It secured £19.6m at the first close of its Series A round featuring the Chinese firm.
The company offers data-capturing platform using AI to connect patients and healthcare professionals in real-time. The firm primarily offers its services to hospitals, pharmaceutical companies, insurance providers and governments. Currently, Medopad is already 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 that it now has several amazing strategic investors in the business, which is a great achievement as it gears for significant growth and scale its 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. Vahdat said that Medopad is proud to be at the forefront of solving this problem and supporting people around the world. Vahdat added that the company will be opening a number of offices across the world and hiring the most talented people as it grows its regional partnerships. Vahdat said that the company’s 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 has also appointed healthcare industry stalwarts Stuart Fletcher and Simon MacKinnon OBE as non-executive directors. While, Fletcher is an ex-CEO of BUPA Group and a former president of Diageo International, MacKinnon OBE has over three decades of business experience in Asia. He has reportedly delivered over £2bn in investments, joint ventures, M&A and projects in China.
MacKinnon OBE, who also joins the board, noted that 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 its partners in the region.
On the appointment of new board members, Dan Vahdat added that 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 Medopad’s intention to challenge the healthcare industry.