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Health-tech company Medopad signs over £100m in China trade deals and closes first tranche of US$130m equity funding

2018-02-02 07:00
https://photos.prnasia.com/prnvar/20180201/2046911-1
  • Prime Minister May's China visit inks deals for Medopad.
  • Tencent and Medopad partner to deliver medical AI solutions globally.
  • Deal partners include: Lenovo, China Resources, GSK China, Ping An, Peking University, Accenture and others
  • Medopad raised US$20m in first close, with major participation from China's NWS Holding
  • Simon MacKinnon OBE and Stuart Fletcher join Medopad board of directors

BEIJING, Feb. 2, 2018 /PRNewswire/ -- Medopad, the UK-based health-tech AI company, today announced over £100m of commercial projects and partnerships in China as Medopad was part of UK Prime Minister Theresa May's trade delegation to China.

Medopad CEO Dan Vahdat
Medopad CEO Dan Vahdat

Medopad has signed 15 trade deals, with leading Chinese organisations. Notably, the partnership with Tencent, one of China's largest technology businesses, will advance the use artificial intelligence (AI) in healthcare platforms for research impact and clinical decision support. Others include China Resources, GSK China, Peking University, Lenovo, and Ping An Good Doctor.

In securing the trade deals, Dan Vahdat, CEO of Medopad, commented: "It is a privilege to be a part of UK Prime Minister May's delegation to China.  We are honored to announce collaborations and projects with leading Chinese and international healthcare, technology, academic and corporate partners.

Meanwhile, Medopad, also announced the first close of its Series A US$130m fund raise round. The US$20m capital raise received participation from a number of global family offices and institutional investors including China's NWS Holdings (Hong Kong stock code: 659).

On securing the equity funding, Dan Vahdat, CEO of Medopad, said: "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. As such, the investment appetite for solutions that address and manage this concern is substantial. We are proud to be at the forefront of solving this problem and supporting people around the world."

Richard Burn, Director-General Department for International Trade China, commented: "Medopad is a fast-growing UK SME with cutting edge healthcare technology and AI capabilities that deliver remarkable outcomes for patients and practitioners alike. I am delighted that they have successfully negotiated several deals with such significant Chinese partners."

Brian Cheng, Executive Director at NWS Holdings commented: "Modern medical advancements are at a stage where prediagnostics and analytics for disease prevention are as prevalent and important as ever before.  Medopad is already well positioned to capture this growing demand through its continuous involvement with rare disease patients and helping medical institutions treat patients in a more efficient and cost effective manner.  We believe Medopad will succeed in revolutionising the current convoluted methods of disease treatment and prevention into a more succinct ecosystem with the development of its artificial intelligence and big data gathering capabilities."

In addition to the equity funding announcement, Medopad have appointed healthcare industry pioneers Stuart Fletcher and Simon MacKinnon OBE as non-Executive Directors, bringing strong healthcare, international business and corporate governance expertise to the Medopad Board of directors.

Agreements with Chinese organisations include:

  • Tencent Holdings. Collaborating with one of China's largest technology businesses, to advance the use artificial intelligence (AI) in healthcare platforms for research impact and clinical decision support
  • China Resources. A £36m contract with Medopad to transform how patients with chronic and high cost diseases are cared for, being deployed in 600 hospitals over five years.
  • Peking University. Partnered with Medopad to configure new care models and patient monitoring solutions. This will form part of a £75 million investment in projects funded by government, hospitals and other enterprises.
  • Ping An Good Doctor. Will explore deploying Medopad's technology, alongside their advanced AI, supporting delivery of remote monitoring to a cohort of their chronic and high cost disease patients from their 200m user base.
  • The National Clinical Research Centre for Geriatric Disorders. utilising Medopad's patient monitoring and AI capabilities to better deliver care to their millions of patients with Parkinson's and Alzheimer's disorders.
  • Lenovo New Vision signing a project to explore new types of wearable technology in empowering remote patient monitoring.

Agreements with other organisations include: Actelion, UMP Health Care, Johnson & Johnson Vision Care (Shanghai), GSK China, Accenture, Royal Free NHS Trust, and Chelsea Football Club.

About Medopad

Medopad transforms how healthcare providers, doctors and patients connect with each other. The company's remote patient monitoring apps, mobile technology and advanced analytics unite to deliver a personalised, more efficient care experience.   

Headquartered in London, Medopad has been named a HealthTech unicorn in the making by KPMG. Clients include NHS trusts, national healthcare providers, global pharmaceutical organisations, insurance companies, governments, charities and sports clubs.

Medopad's AI division is leveraging the latest machine learning technologies to address the challenges associated with disease detection, preventative healthcare and patient misdiagnosis.

Further information: www.medopad.com, LinkedIn@medopad or contact our press office: Bilal Mahmood on: press@medopad.com or +44 (0) 20 3640 7759 and +44 (0) 7714 007 257.

Photo - https://photos.prnasia.com/prnh/20180201/2046911-1

Source: Medopad

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