Medicus AI raises €5M Series A funding to transform the future of healthcare sector

Medicus AI raises €5M Series A funding to transform the future of healthcare sector

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With the influx of modern technologies, a broad range of industries has been disrupted, particularly in this information age. Recent automation like machine learning, artificial intelligence (AI) and others are reshaping almost every industry including healthcare.

Progressively, AI is getting increasingly sophisticated in terms of efficiency, cost reduction and agility. In fact, the potential for both AI and robotics in healthcare is vast. One such company that’s working towards transforming the healthcare sector is Medicus AI.

Founded in Dubai in 2015, Medicus, the AI-based platform recently announced the completion of the first tranche of its Series A funding round at €2.75 million (just over AED 11.5m), with the purview to close the second tranche of over €2.25 million (just over AED 9.5m) over the upcoming months.

“At Medicus, we believe that healthcare is in dire need of a user-experience overhaul and that people these days are used to experiencing things in a much simpler and clear fashion, yet healthcare is still complex and impenetrable. We believe that this augmentation can unlock massive value that reverberates across the whole healthcare system,” said Dr Baher al-Hakim, CEO, Medicus.

Explain and interpret medical reports and health data!

In September 2016, Medicus was officially incorporated in Vienna, offering the team a strategic location to expand it geographically across Europe. Recently, the deep tech scaleup also won the second prize in the EIT Digital Challenge under Digital wellbeing category in 2018.

Medicus AI explains and interprets medical reports and health data, turning numbers into meaningful insights. The company works with diagnostic labs to deliver smart features and insights to both doctors and patients in the form of visual and interactive reports. The company was founded by Baher Al-Hakim, a physician and entrepreneur with 15 years of tech experience. Medicus AI also has offices in Berlin, Paris, and Beirut.

“Our proposition to diagnostic labs is simple. We empower labs to deliver defensible value-add services that augment their existing products. We believe that lab directors only have a few years to decide how to react to the impending waves of innovation incrementally disrupting their industry. The market is struggling under increased commoditization, lowering margins and tightening regulations. This is where Medicus comes in; through innovation, we help labs build an attractive and integral service offering,” explained Dr Baher.

Global expansion on cards!

According to the deep tech scaleup, the Series A funding round will further fuel the company’s global expansion, as well as the development of the Medicus diagnostic lab and insurance products, across core markets and in new languages.

Personalised report in more than four languages!

At present, the company supports languages such as Arabic, German, French, English and planning to expand to Italian, Chinese, Portuguese and Spanish later this year. The platform covers biometric data, all vitals, full health profile and family history, medications, blood and urine tests, and stool markers.

Furthermore, the diagnostic lab space, which makes up Medicus’ current core client base, generates an estimated 20 billion reports annually worldwide.

In talks with distributors for global expansion!

Today, Medicus is focused on scalable distribution strategy in existing and new markets. In late 2018, Medicus signed a market access cooperation with Roche Diagnostics, which will amplify its global reach. Medicus is also currently in talks with a number of other distributors in countries spanning the globe.

“Medicus is working towards transforming the healthcare sector, simplifying the relations between healthcare providers and patients, and leading to better health outcomes,” concluded Dr Baher.“Our growing global knowledge and partnerships will help us achieve these outcomes.”

Stay tuned to Silicon Canals for more updates in the tech startup world.

Also, read!

6 things to know before setting up your deep tech scaleup in Belgium today!

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