British healthcare startup Medopad has done something that’s notoriously difficult for a foreign startup and struck $140 million in deals with China and a partnership with local giant Tencent.
The company tracks patients with long-term illnesses to help them manage their conditions.
It has deals with London hospitals including the Royal Free, Guy’s and St. Thomas’, and St. Bartholomew’s.
CEO Dan Vahdat explained to Business Insider how a small startup without venture capital backing tackled China.
It isn’t easy for foreign tech firms to establish themselves in China. Uber didn’t manage to do it successfully, while Google and eBay have both struggled to expand into the market. The reasons vary from local competition, to cultural missteps, to having to deal with a pro-censorship government.
British startup Medopad has not only been striking deals in China for the last four years, it’s just bagged a partnership deal with local internet giant Tencent, and $28 million (£20.2 million) in Series A funding from Hong Kong-listed NWS Holdings. It plans to raise $120 million (£86.4 million) in total for the round this year. A normal Series A cheque in the UK generally maxes out at £10 million.
How did the firm do it?
Medopad is a healthcare startup that tracks patients with complex diseases
Medopad works with hospitals and pharmaceutical firms, using mobile software to track patients afflicted with long-term diseases, such as cancer, or pulmonary hypertension. Such a patient isn’t in hospital permanently, but might be in and out for tests every six months, even if they aren’t showing any symptoms.
Patients feed data into Medopad’s software about their symptoms, and the app feeds that information back to the patient’s care team, who might advise skipping the next checkup if they seem well enough for the time being. The software also can tell patients when to take their medication. CEO and cofounder Dan Vahdat described the service as a “satnav” for chronic illnesses.
Another aspect of Medopad’s business, since it tracks large “cohorts” of patients suffering the same disease, is tracking and analytics, with patient consent.
The next phase of the company, Vahdat said, would involve using machine learning to try and predict some aspects of a patient’s condition, such as when they may deteriorate. “When you get patients who have complications, that’s already expensive. But if you can avoid those [complications], that’s good news,” he said.
Medopad’s business might sound similar to Google-owned DeepMind, whose healthcare arm processes huge amounts of hospital data …read more
Source:: Usa latest news – Technology