Pakistan-based startup MedIQ has raked $6 million in a Collection A investment spherical led via Rasmal Ventures and Joa Capital.
WHAT IT DOES
Based in 2020, the corporate gives end-to-end answers to permit a hybrid virtual healthcare ecosystem for companies (hospitals, insurers, and govt businesses). Those come with EHR, income cycle control, telehealth, e-pharmacy, and AI-powered resolution fortify.
Its founder, physician and entrepreneur Dr Saira Siddique, began the corporate following her non-public revel in with Pakistan’s “fragmented and inaccessible” healthcare device. “MedIQ isn’t simply some other well being app. We’re development the spine of virtual healthcare – a scalable infrastructure that improves results and decreases prices,” she mentioned.
WHAT IT’S FOR
In a media unencumber, MedIQ mentioned it’ll use its recent budget to enlarge additional in Saudi Arabia, whose well being era marketplace is reportedly price SR 7.2 billion ($1.9 billion). Its Collection A elevate is claimed to be one of the crucial biggest within the kingdom’s well being sector.
The startup first entered Saudi Arabia in 2023 with a challenge to fortify the dominion’s Imaginative and prescient 2030 purpose of remodeling healthcare via offering answers for the digitalisation of healthcare amenities and back-office operations of insurance coverage firms.
Moreover, the brand new budget will fortify its access into Qatar and neighbouring Gulf states.
This newest elevate brings its general funding pooled to $9.8 million thus far.
MARKET SNAPSHOT
Every other women-founded Pakistani well being tech startup, Sehat Kahani, additionally bagged $2.7 million in Collection A investment in past due 2023. In 2021, fellow startups in virtual well being, Ailaaj and Marham, secured seed investment for his or her respective enlargement throughout Pakistan.
Different firms in well being tech throughout Asia-Pacific have additionally explored partnerships in Saudi Arabia for the reason that release of the dominion’s Imaginative and prescient 2030 program. Beamtree from Australia, for instance, have secured offers to offer AI answers to public and personal hospitals within the kingdom. New Zealand-based Orion Health, in the meantime, is development what may well be the sector’s biggest well being knowledge alternate device for Saudi Arabia.
