Artificial intelligence healthcare technology company has just landed $28 million in a Series A funding round with lead investments from China’s NWS Holdings. But the company announced that its goal is to raise $120 million in the next few months.
This funding comes after Medopad struck a series of 15 trade deals with Chinese firms, collectively worth more than $140 million (100 million pounds). Medopad was a member of the trade delegation that the UK recently sent to Beijing and Shanghai.
“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,” Dan Vahdat, CEO of Medopad, said in a statement. “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.”
The UK-based company connects patients and providers in real time. It also collects data through wearables and lets patients send their data to healthcare professionals. The platform also offers providers and insurers ways to analyze large amounts of data using artificial intelligence and machine learning.
The company, which primarily caters to hospitals, pharma companies, insurance providers and governments, has made partnerships with a number of global companies, notably many in China. Among the partnerships are Ping An Good Doctor, China Resources, and Peking University. It has also made a number of partnerships in the US and UK including the Royal Free NHS Hospital and Johns Hopkins University.
Medopad has also announced two new members joining the board of directors: Stuart Fletcher, former president of Diageo International, and Simon MacKinnon, chairman of Sinophi Healthcare. MacKinnon also has 30 years of experience working in China and Asia.
“Medopad is radically changing the delivery of healthcare management,” MacKinnon said in a statement. “With China becoming a world center 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.”
The company was founded in 2011. Since its inception the technology has been used in a number of trials and partnerships. For example, it was used in a pilot at King’s College Hospital in London. The platform was integrated with Apple Watches, and patients undergoing chemotherapy were able to record their medication adherence and management.
“We believe Medopad will succeed in revolutionizing the current convoluted methods of disease treatment and prevention into a more succinct ecosystem with the development of its artificial intelligence and big data gathering capabilities,” Brian Cheng, executive director at NWS Holdings, said in a statement.