Medopad’s US$120m equity raise reaches first close
- Medopad raised US$28m in first close, with major participation from China’s NWS Holdings
- Simon MacKinnon OBE and Stuart Fletcher join Medopad board of directors
- Medopad to expand in the UK and globally, creating 500 jobs in UK by 2020
- Medopad signs over £100m in China trade deals and partners including Tencent, following President Xi trade visit
Medopad, the UK-based health-tech AI company, has today announced it has secured US$28m in funding at the first close of its Series A fund raise round. The target is to raise US$120m over the coming months in equity capital.
Headquartered in the UK, Medopad’s healthcare technology data-capture platform connects patients and healthcare professionals in real time. Medopad enables patients to continuously capture data through a broad set of modules and connected devices (e.g. smartphones, smart watches, smart asthma inhalers) and transmit the collected data to healthcare professionals.
By improving the communication between patients and healthcare professionals, Medopad enables proactive early intervention, generates operational efficiencies and ultimately drives significant cost savings. Medopad is able to use its AI / Machine Learning capabilities to analyse the large amounts of data collected and develop predictive insights to detect life-threatening medical conditions.
Medopad's primary customers include hospitals, pharma companies, insurance companies and governments. The company has entered into strategic partnerships with leading healthcare, technology and academic institutions, including Royal Free NHS Hospital, Ping An Good Doctor, China Resources, Tencent, HP, Lenovo, Johns Hopkins University, Imperial College Health Partners and Peking University.
UBS Limited acted as exclusive financial adviser to Medopad. The capital raise received participation from a number of global family offices and institutional investors including China’s NWS Holdings (Hong Kong stock code: 659). The news follows the announcement of a series of trade deals1 worth more than £100m secured by Medopad. The deals were announced during UK Prime Minister Theresa May’s recent meetings with President Xi of China. Medopad was part of the trade delegation to Beijing and Shanghai.
Dan Vahdat, CEO of Medopad, commented: “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.”
“We will be opening a number of offices across the world and hiring the most talented people as we grow our regional partnerships. Our mission at Medopad is to help patients suffering from the most complicated diseases receive better care and live longer and healthier lives with their loved ones.”
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 Series A funding announcement, Medopad have appointed healthcare industry stalwarts 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.
Stuart Fletcher served as CEO of BUPA Group between 2012 and 2016. Previously Stuart was President, Diageo International between 2004-2011 where he was recognised for achieving high staff engagement scores with his approach to top-down and ground-up engagement with leaders and staff.
On his appointment to the Board, Stuart Fletcher commented: “This is an exciting time for technology and data in the transformation of healthcare provision and impact. I believe Medopad is best positioned to play a major and leading role in this, partnering with progressive and like-minded organisations, creating healthier and happier lives.”
Simon MacKinnon OBE brings over 30 years of China and Asia business experience to Medopad in setting up and growing businesses. He has delivered over £2 billion in investments, JV’s, M&A and projects in China. He is currently chairman of Sinophi Healthcare. He has served as chairman or director at listed and private companies in the healthcare, environmental and education sectors.
Simon MacKinnon OBE, who also joins the Board, commented: “Medopad is radically changing the delivery of healthcare management. With China becoming a world centre for health-tech and AI innovation and the Chinese Government looking to deploy innovative solutions to improve healthcare outcomes and reduce costs, Medopad is very well placed to grow with our partners in the region.”
On the appointment of new board members, Dan Vahdat said: “Stuart and Simon bring over 50 years of business experience to Medopad. Their expertise at the world’s largest healthcare businesses will provide the perspective and guidance Medopad requires to scale new heights. Their appointment is yet a further signal of our intention to challenge the healthcare industry.”
Medopad recent business highlights (last 12 months):
- 400% growth in value of signed projects year-on-year since 2015 including: Barts Health, Guys & St Thomas’s, GSK, Johnson & Johnson and Boston Scientific.
- Awarded Champion of the European Accenture HealthTech Innovation Challenge
- Expanded leadership team with senior hires: Karen O’Regan (Head of Partnerships) from Tesco Plc, Dan Martin (Head of Capital Markets) previously at Goldman Sachs and Mridula Pore (Head of Customer Development) from Novartis.
- KPMG names Medopad a “US$1bn HealthTech company in the making”.
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