MediConCen Raises US$6.85M in Series A Led by HSBC Asset Managementby Fintech News Hong Kong February 7, 2024
MediConCen Limited, an Insurtech company specialising in AI and blockchain-driven insurance claims automation, has announced the completion of its latest Series A funding round, raising US$6.85 million (HK$53.57 million).
The investment was led by HSBC Asset Management, with participation from existing investors, including G&M Capital, ParticleX, and new investor Wings Capital Ventures. This latest round brings the total funding raised by MediConCen to US$12.7 million (HK$99.32 million).
According to company statements, the new capital will support MediConCen’s expansion efforts in international markets, including the Middle East and Southeast Asia.
MediConCen is a Cyberport community start-up that joined the Cyberport Incubation Programme in 2018. The company has benefited from the resources and networks available through the programme, including support from the Cyberport Macro Fund.
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”,
said William Yeung, CEO and co-founder of MediConCen.
“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
Featured image credit: Edited from Freepik