Medicus AI opens office in China, closes €5 million (AED 20m) Series A funding

Medicus AI launches in China with office in Shenzhen after closing its first funding round in the subsidiary totaling €1.2 million (AED 4.8m) led by VC Sunhope

After closing €5 million (AED 20m) in Series A funding this year and successfully expanding in China with a seed round of €1.2 million (AED 4.8m), Medicus AI is excited to announce the launch of its Series B funding round of €20 million (AED 80m), to close in H1 2020.

Founded in Dubai in 2015, Medicus continues to grow globally, and today embarks on its next phase as it continues its expansion into key markets, such as Brazil, Portugal, Japan, Belgium and the Netherlands.

Dr. Baher Al Hakim, CEO, Medicus, said, “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!

We are 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 that we haven’t explored yet. This is driving our decision to grow faster than initially planned.”

Today, Medicus supports both the diagnostic industry as well as the insurance and wellbeing sectors with a range of solutions that deliver medically verified and locally adapted insights in each market, including France, Germany, Luxembourg, Switzerland, and the Middle East, including others.

Medicus is also excited to announce its recent incorporation in China. Marking this entry, Medicus closed the first round of investment in its Chinese subsidiary with a total of €1.2 million, led by Sunhope, a Chinese and international VC, and supported by contributions from historic investors.

Francisco Vega, Head of New Markets, Medicus AI, said, “We have the chance to be supported by long-term investors that trust our capabilities and stand behind our vision, and we are happy to welcome Sunhope among them. With this initial investment in China, we are opening our China office, based in Shenzhen, starting with a core local team of 18 people, and with plans to further expand the team in 2020 to support our aggressive growth strategy.”

Dr. Peng Yuan, Cofounder, Sunhope VC said: “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.”

Officially announced during the D-Day event organized by Ping An Cloud Accelerator in Shenzhen, China, last month, Medicus has already confirmed a number of projects in China, including its flagship project with the largest life insurer in China.

“The projects that we have confirmed in China are some of the most promising in Medicus’ history, and we have been working on other very exciting projects that will be announced very soon. We truly hope that this will inspire more Western businesses to turn their eyes to China,” added Mr. Vega.