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The Artificial Intelligence startup also plans to continue expanding globally with key markets like Japan and Belgium.
UAE-based medical artificial intelligence technology startup, Medicus AI, has announced the launch of its Series B funding round of $20 million (AED 80m) to close in H1 2020. The AI-based startup successfully closed their seed round with $1.2 million (AED 4.8), from China-based VC, Sunhope, and Series A earlier this year with $5 million (AED 20m), respectively. The funds gained have allowed them to officially open their offices in China, while plans are afoot for further global expansion into key markets, such as Portugal, Brazil, Japan, Belgium and the Netherlands.
Founded in Dubai in 2015 by Dr. Baher AlHakim, Medicus AI, leverages technology to deliver an innovative solution to health insurance and the medical care industry, with a variety of products that deliver medically-verified and locally-catered insights and analysis respective to each market, including France, Germany, Luxembourg, Switzerland and the Middle East.
“This year, in every market we’ve explored from Brazil all the way to Japan and Australia, whether by design or in response to an opportunity, we learned about developing trends and opportunities confirming the faster developing space for our solutions," says AlHakim. "We’re more confident than ever that this is the right time for Medicus AI to be available in these new markets, as well as in markets we haven’t explore yet. This is driving our decision to grow faster than initially planned.”
While their latest investment was led by Sunhope, further participation came from veteran investors that trust their capabilities, allowing them to open up offices in Shenzhen, China and source a local team of 18 people to further expand the team and support their aggressive growth strategy. A number of projects in China were officially announced during the Demo Day event organised by Chinese cloud-accelerator startup, Ping, in Shenzhen China last month, including a flagship project with the biggest life insurance company in China.
“Medicus’ technology delivers value across the entire medical care system, from expanding the reach and access of patients, to improving the efficiency of doctors. After seeing their plans and initial traction in China, we are happy and excited to lead this round and to continue backing their growth towards their full potential in China,” says co-founder of Sunhope, Dr. Peng Yuan.
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