Qmed Asia raises US$1.2mil in equity crowdfunding via Leet Capital, plans regional expansion
By Digital News Asia April 7, 2023
- Began as an appointment booking and mobile live queue system provider
- Allows doctors and clinicians to identify patterns and trends in patient data
[Ed: Qmed raised US$1.16 million and not US$932k as per an earlier version. The error is regretted. Article has also been updated with additional quotes from Dr Kev Lim.]
Malaysian health-tech startup Qmed Asia has successfully raised US$1.16 mil (RM5,101,298) through an Equity Crowdfunding (ECF) campaign on Leet Capital. Attracting support from 110 investors, including Angel Investors, the Malaysia Co-Investment Fund (MyCIF) and 1337 Ventures. Qmed was the winner of the 1337 Ventures ECF Accelerator.
Established in 2018, Qmed Asia (formerly QueueMed) is founded by a group of Doctors and Engineers to assist both public and private healthcare providers with their digital health transformation. The idea was to address the problem of long queues in hospitals born out of co-founder Dr. Kev Lim's unpleasant hospital visit. Along with Dr. Tai Tzyy Jiun and Nic Tai, the company now serves over 4,000 healthcare providers in both the public and private sectors, with over 3 million active patients to date.
Qmed Asia's journey began as an appointment booking and mobile live queue system provider for the healthcare industry, and during the pandemic, they became the official partner for the operations of 42 COVID-19 vaccination centers, signing key partnerships with Nestlé Malaysia and SP Setia Group.
Revenue comes from two business units. A provider unit which delivers digital solutions for clinics and hospitals, providing wide range of SaaS solutions in healthcare including online booking, mobile live queue, to self-registration kiosk, remote patient monitoring, teleradiology, etc. "This B2B model been growing all the while, expanding to Indonesia's private hospitals as well," said Kev.
The second is a clinical wing, which provides corporate employee wellness programs, as well as home healthcare services (sending nurses to individual's place for checkup, health screening & vaccination).
"Our mission has always been to redefine healthcare by equipping healthcare providers with innovative digital solutions that empower them to deliver exceptional, efficient, and personalized care to their patients. With this funding, we are well-positioned for regional expansion into markets such as Indonesia and Saudi Arabia, while also driving the development of our deep-tech solutions in medical AI. We are thrilled to continue our journey, fostering a positive impact on the healthcare industry through our groundbreaking products and services,” said Kev.
The Saudi expansion is in partnership with another healthtech startup, Doc2Us, on the digital health solutions for pilgrims performing Hajj or Umrah in The Kingdom of Saudi Arabi (KSA). "Our JV company, DOC2QIOSK, will be providing one-stop telehealth kiosk solutions for pilgrims of KSA connecting them instantly to the doctors for health advisory or medical consultation. The IoT solutions within the kiosk will help our doctors to better assess patient vital signs before making any formal diagnosis and treatment plan," explained Kev.
With a staff strength of 47, with 11 engineers in the tech team, Qmed Asia recently unveiled two innovative products: Qmed GO, a telehealth kiosk for workplaces, offering teleconsultations and remote patient monitoring run by local GPs, aimed to reduce employee medical coverage costs.
The second product, Qmed Copilot, is an AI-powered clinical assistant that empowers healthcare professionals to make faster and more accurate diagnosis. By leveraging technology, Copilot allows doctors and clinicians to identify patterns and trends in patient data, effectively reducing diagnostic errors and ultimately improving patient outcomes.
“We're thrilled to see Qmed Asia successfully fundraise. It's exciting to see innovative startups like Qmed Asia use alternative financing methods to raise capital and grow their businesses. Equity crowdfunding provides an avenue for startups to access a wider pool of investors, gain exposure, and build a community of supporters. We're proud to support Qmed Asia and other promising Malaysian businesses on our platform, and we look forward to seeing their continued growth and success.” said Bikesh Lakhmichand, CEO at Leet Capital.
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