Hong Kong-based startup MediConCen, specializing in automating insurance claims through AI and blockchain, has secured $6.85 million in its latest Series A round. HSBC Asset Management led the investment, joined by existing backers G&M Capital and ParticleX and new investor Wings Capital Ventures.
This funding round brings MediConCen’s total raised capital to $12.7 million, fueling its expansion plans into the Middle East and Southeast Asia. With HSBC Asset Management, the investment leverages AI and blockchain technologies to streamline insurance processes and drive global expansion efforts.
MediConCen, an insurtech company, uses Hyperledger blockchain technology to automate insurance claims, recently securing blockchain patents in the US and Hong Kong.
With a clientele comprising over 16 insurers and more than 1 million insured individuals, MediConCen’s cashless claim platform has participation from over 1,200 medical providers. With this strategic utilization of technology, the company aims to deliver seamless and efficient insurance claim experiences.
Having joined the Cyberport Incubation Programme in 2018, MediConCen has thrived within the Cyberport community, benefiting from monetary support and access to various industry connections.
Supported by the Cyberport Macro Fund, an investment vehicle catering to digital entrepreneurs at various stages of growth, MediConCen has successfully secured additional co-investments for accelerated growth in 2020.
William Yeung, CEO and co-founder of MediConCen, emphasized the societal benefits of insurance while acknowledging the frustrations often encountered in the medical claim process.
Yeung articulated the company’s aim to enhance customer experience by leveraging advanced technologies such as AI and blockchain to transform the traditional paper-based and human-centric claim process into a digital and AI-assisted journey. He expressed gratitude for the support of HSBC Asset Management’s Venture Capital team.
MediConCen’s focus on creating a significantly improved customer experience underscores its dedication to addressing the challenges inherent in the insurance industry. By harnessing the power of AI and blockchain technology, the company aims to streamline and optimize the claim process, ultimately delivering a seamless and efficient experience for both customers and insurers. Yeung’s remarks underscore the company’s innovative approach and determination to drive positive change in the insurance sector through technological innovation and customer-centric solutions.
HSBC Asset Management, a division of HSBC Holdings plc, oversees assets amounting to US$662 billion as of September 30, 2023. Kara Byun, representing HSBC Asset Management, expressed their support for MediConCen’s mission to streamline and accelerate the insurance claims process, highlighting the importance of simplifying this aspect of the insurance industry.