Medicus AI: Dubai Based Startup Now Ruling - MENA startups, innovation, and tech news

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Medicus AI: Dubai  Based  Startup Now Ruling
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Medicus AI: Dubai Based Startup Now Ruling

ABOUT
The company uses artificial intelligence to clarify and interpret medical records, blood tests, and health data for users, resulting in actionable suggestions, tailored health tips, and lifestyle coaching.

Medicus’ mobile apps allow customers to scan their blood results and obtain tailored health insights, evaluations, and suggestions, as well as set reminders for next checks.

Medicus collaborates with a variety of diagnostic laboratories to help them update their diagnostic reports and utilise them to develop and market new services. The company also collaborates with hospitals, clinics, and insurance companies to assist them with health and medical data interpretation, analysis, and tailored insights for patients and policyholders.

HOW IT WAS STARTED
Medicus AI, which was founded in Dubai in 2015 by Dr. Baher AlHakim, uses technology to provide an innovative solution to the health insurance and medical care industries, with a variety of products that deliver medically verified and locally-tailored insights and analysis to each market, including France, Germany, Luxembourg, Switzerland, and the Middle East.

“At Medicus, we feel that healthcare is in desperate need of a user-experience revamp and whereas, people these days are accustomed to experiencing things in a lot more straightforward manner, healthcare remains convoluted and opaque. Dr. Baher AlHakim, CEO of Medicus, stated, “We think that this augmentation may generate tremendous value that reverberates across the whole healthcare system.”

Medicus AI closed a €5 million Series A fundraising round in 2019 and reported a successful expansion into China with €1.2 million seed funding. The firm has announced a €20 million Series B investment round that has concluded in H1 2020.

PLANNING FOR GLOBAL EXPANSION
Medicus AI is targeting worldwide growth into major countries such as the Netherlands, Belgium, Japan, Portugal, and Brazil now that it has established a foothold in China.

“In every country we’ve investigated from Brazil to Japan and Australia, whether by design or in reaction to an opportunity, we learnt about emerging trends and possibilities, proving the faster-developing space for our solutions!” stated Dr. Baher Al Hakim, CEO of Medicus.

The firm inked a market access agreement with Roche Diagnostics in late 2018, which is intended to expand the company’s worldwide reach with a few prospective projects presently being investigated in Asia and Mexico.

 

PERSONALIZED REPORTS AVAILABLE IN 4 LANGUAGES
Currently, the firm supports Arabic, German, French, and English, with plans to expand to Italian, Chinese, Portuguese, and Spanish later this year. Biometric data, vital signs, a complete health profile, and family history, medicines, blood and urine tests, and stool indicators are all covered by the platform.

Furthermore, the diagnostic lab area, which now comprises Medicus’ primary customer base, generates an estimated 20 billion reports each year globally.

FUNDINGS
The Series A round was led by Germany’s DieBrückenköpfe, with participation from Atieh Capital, Bio part, and others, and was used to accelerate 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.

Recently in 2019, Medicus AI has announced the completion of the first tranche of its Series A fundraising round at €2.75 million (slightly over AED 11.5 million), intending to close the second tranche at €2.25 million (just over AED 9.5M)

Medicus AI has already won over China’s leading life insurance business, among other clients, as a result of its newly launched expansion to China, which included a new unit in Shenzhen with 18 people. Following that, an initial investment was made in the Middle Kingdom’s Medicus AI subsidiary. Sunhope, a Chinese venture capital firm, put in a total of EUR 1.2 million. In 2020, a Series B fundraising round with a goal of raising EUR 20 million was planned.

This startup demonstrated that this goal is achievable. Just a few months ago(in 2020), it completed a Series A round of funding with EUR 5 million in revenues.

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