PriyaPatel
TLDR:
- Hong Kong InsurTech company MediConCen has raised $6.85m in a Series A funding round, led by HSBC Asset Management.
- The funding will be used to fuel MediConCen’s expansion plans in international markets, particularly in the Middle East and Southeast Asia.
- MediConCen leverages AI and blockchain technology to streamline the insurance claims process and improve customer satisfaction.
Hong Kong-based InsurTech firm MediConCen has secured $6.85m in a Series A funding round led by HSBC Asset Management. The funding will enable the firm to expand in international markets, with a focus on the Middle East and Southeast Asia. MediConCen specialises in automating insurance claims using AI and blockchain technology to enhance efficiency and customer experience. The company aims to revolutionise the insurance industry by streamlining the claims process and eliminating frustrations. The funding round brings MediConCen’s total funding to date to $12.7m. Existing investors, including G&M Capital and ParticleX, also participated in the funding round, along with new investor Wings Capital Ventures.
According to William Yeung, CEO and co-founder of MediConCen, the company’s aim is to create a “10x better customer experience” by digitising and automating the claim process. MediConCen is a member of the Cyberport community in Hong Kong, having participated in the company’s Cyberport Incubation Programme in 2018. The firm has received additional co-investments facilitated by the Cyberport Macro Fund. Kara Byun, Head of Fintech, Venture & Growth Investments at HSBC Asset Management, said that the firm is supportive of MediConCen’s aim to simplify and speed up the claims journey using technology.
