PriyaPatel
TLDR: Hong Kong-based insurtech startup MediConCen has raised $6.85 million in a Series A funding round, led by HSBC Asset Management. The startup uses blockchain technology to automate medical insurance claims and plans to expand into the Middle East and Southeast Asia.
Hong Kong-based insurtech startup MediConCen has raised $6.85 million in a Series A funding round led by HSBC Asset Management. The startup plans to use the funding to expand into the Middle East and Southeast Asia. It currently assists over 1 million policyholders and works with 16 insurance companies. MediConCen uses blockchain technology to automate medical insurance claims, utilizing digital signatures and smart contracts to reduce fraud. The startup differentiates itself from other insurtech companies by applying the latest AI and blockchain technology to solve existing problems in the industry.
This funding round brings MediConCen’s total funding raised to $12.7 million. The startup declined to disclose its current valuation. The insurtech industry has seen a decline in investment in recent years, with fintech investment across the Asia-Pacific region falling to $10.8 billion in 2023, down over 75% from the previous year. However, insurtech and wealthtech remain areas of interest for investors.
