Medicus AI GmbH today announced the completion of the first tranche of its Series A funding round at €2.75 million, with the purview to close the second tranche of €2.25 million over the coming months.
Medicus works with diagnostic labs to deliver smart features and insights to doctors, in terms of smart testing and diagnosis support, and to patients, in the form of visual and interactive reports, powering continuous healthcare and coaching across all digital platforms.
“At Medicus, we believe that healthcare is in dire need of a user-experience overhaul and that people today are used to experiencing things in a much simpler and clearer fashion, yet healthcare is still complex and impenetrable. We believe this augmentation can unlock massive value that reverberates across the whole healthcare system,” said Dr Baher al Hakim, CEO, Medicus.
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. To date, Medicus supports, German, French, English and Arabic, with Italian, Chinese, Portuguese and Spanish in the pipeline for 2019.
The diagnostic lab space, which makes up Medicus’ current core client base, generates an estimated 20 billion reports annually worldwide. However, the industry operates in highly consolidated markets and struggle to differentiate themselves, maintain growth and introduce future-proof business models.
“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. Through innovation we help labs build an attractive and integral service offering,” explained Dr Baher.
Today Medicus is focused on scalable distribution strategies in existing and new markets from its Vienna headquarters, with offices in Berlin, Paris and Beirut. In late 2018, Medicus signed a market access cooperation with Roche Diagnostics, which will amplify its global reach.
“Medicus is working towards transforming the healthcare sector, simplifying the relations between providers and patients, and leading to better health outcomes,” concluded Dr Baher. “Our growing global knowledge and partnerships will help us achieve these outcomes.”
Medicus is an AI-based platform that converts health data into an interactive experience with easy-to-understand explanations, personalized health insights and smart wellbeing coaching. Medicus is used by diagnostic labs and health insurance companies to provide patient-friendly health reports and foster continuous and personalized wellbeing coaching.
Medicus is based in Vienna, with offices in Berlin, Paris and Beirut. For more information, visit www.medicus.ai