Pakistan-based startup MedIQ has raked $6 million in a Sequence A funding spherical led by Rasmal Ventures and Joa Capital.
WHAT IT DOES
Based in 2020, the corporate affords end-to-end options to allow a hybrid digital healthcare ecosystem for companies (hospitals, insurers, and authorities companies). These embody EHR, income cycle administration, telehealth, e-pharmacy, and AI-powered determination assist.
Its founder, physician and entrepreneur Dr Saira Siddique, began the corporate following her private expertise with Pakistan’s “fragmented and inaccessible” healthcare system. “MedIQ isn’t simply one other well being app. We’re constructing the spine of digital healthcare – a scalable infrastructure that improves outcomes and reduces prices,” she mentioned.
WHAT IT’S FOR
In a media launch, MedIQ mentioned it should use its contemporary funds to develop additional in Saudi Arabia, whose well being know-how market is reportedly price SR 7.2 billion ($1.9 billion). Its Sequence A elevate is claimed to be one of many largest within the kingdom’s well being sector.
The startup first entered Saudi Arabia in 2023 with a mission to assist the dominion’s Imaginative and prescient 2030 purpose of reworking healthcare by offering options for the digitalisation of healthcare amenities and back-office operations of insurance coverage firms.
Moreover, the brand new funds will assist its entry into Qatar and neighbouring Gulf states.
This newest elevate brings its whole funding pooled to $9.8 million up to now.
MARKET SNAPSHOT
One other women-founded Pakistani well being tech startup, Sehat Kahani, additionally bagged $2.7 million in Sequence A funding in late 2023. In 2021, fellow startups in digital well being, Ailaaj and Marham, secured seed funding for his or her respective enlargement throughout Pakistan.
Different firms in well being tech throughout Asia-Pacific have additionally explored partnerships in Saudi Arabia because the launch of the dominion’s Imaginative and prescient 2030 program. Beamtree from Australia, for instance, have secured offers to produce AI options to public and private hospitals within the kingdom. New Zealand-based Orion Health, in the meantime, is constructing what could possibly be the world’s largest well being data trade system for Saudi Arabia.
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