UK digital health startup Medopad has announced $28 million in funding led by China’s NWS Holdings, with a view to raising $120 million in total for the Series A round.
Medopad is a platform for data capture and improving communication between patients and healthcare professionals. Powered by AI and machine learning, the London-based company claims the technology will help make more people proactive and improve early detection rates.
The company will invest the new funds in global growth and plans to create 500 new jobs in the UK by 2020.
“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. Managing population health is one of the greatest challenges for governments across the world,” said CEO Dan Vahdat.
It has partnerships with tech companies and hospitals alike, from Tencent and HP to the NHS and Johns Hopkins University. According to Medopad, it has seen a 400% growth in the value of projects year-on-year since 2015.
“We will be opening a number of offices across the world and hiring the most talented people as we grow our regional partnerships,” said Vahdat.
China has become a major area of interest for the company, which has secured £100 million worth of partnerships deals with giants including Tencent. Medopad was a part of a UK trade visit to Beijing and China recently, which coincided with Theresa May’s meetings with President Xi in China.
Former CEO of health insurance group BUPA Stuart Fletcher and Sinophi Healthcare chairman Simon MacKinnon have been appointed non-executive directors on the board.
“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 our partners in the region,” said MacKinnon.