Mediconcen, a blockchain-powered insurtech startup, secures $6.85M

MediConCen, an insurtech startup from Hong Kong, recently celebrated a financial milestone, securing $6.85M in a Series A funding round. This boosted their total funding to $12.7M.

• Leadership in Funding: This endeavor was spearheaded by HSBC Asset Management. Existing backers like G&M Capital and ParticleX doubled down on their support, while Wings Capital Ventures joined the fold, bringing fresh perspectives and resources.

• Global Expansion Goals: MediConCen, founded by Willian Yeung, Kelvin Yeung, and Jenny Lau is setting its sights on global markets, specifically the Middle East and Southeast Asia.

• Technological Disruption: CEO Yeung conveyed a powerful mission: to alleviate customer frustrations with delayed and paper-laden claims processes by employing AI and blockchain technology to create seamless, digital, and automated experiences.

• Innovation Credentials: Not only has MediConCen been granted patents for its blockchain technology in both the US and Hong Kong, but it has also actively managed to enlist over 1,200 medical providers in its cashless claim platform, serving more than 16 insurers and aiding over a million insured individuals.

Part of the Cyberport community, MediConCen has thrived since joining the Cyberport incubation program in 2018. Backed further by the Cyberport Macro Fund, it has leveraged these connections to secure co-investments crucial for continued growth in 2020.