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U.K. Startup Medopad Signs Deals with Tencent and Ping An
London-based digital health company Medopad Ltd. has signed over 100 million pounds ($141 million) in commercial projects and partnerships with Chinese firms, the company said Thursday.
Among the 15 different partnerships and projects the company announced were a collaboration with China’s Tencent Holdings to use artificial intelligence to support doctors’ decision-making, as well as deals with China Resources, Ping An Good Doctor, Lenovo New Vision, GSK China, UMP Healthcare Holdings Ltd., and Johnson & Johnson’s Vision Care division in Shanghai and its Actelion China pharmaceutical company.
Medopad sells a mobile app that lets doctors remotely monitor and connect with patients, as well as provide analytics that help improve their care. The company is working with UBS Group AG to raise up to $30 million from private investors, Bloomberg reported in August.
The flurry of projects were announced as Medopad accompanied U.K. Prime Minister Theresa May on a trade mission to China. May has been trying to drum up British trade deals as the country prepares to exit the European Union and faces the prospect of potentially higher commercial barriers with the bloc, the country’s largest trading partner.
Medopad said that its Chinese deals would help it expand internationally, and create 500 jobs for the company in the U.K. by 2020.
Specific terms of most of the deals were not disclosed. The company said its partnership with China Resources to deploy Medopad’s technology in 600 hospitals over five years to help improve the treatment of patients with chronic diseases would be worth 36 million pounds. It said a partnership with Peking University to find new patient care models would form part of a 75 million pound investment by government, hospitals and unnamed “other enterprises.”
“We are honored to announce collaborations and projects with leading Chinese and international healthcare, technology, academic and corporate partners,” Medopad co-founder and chief executive officer Dan Vahdat said in a statement. “Together we will work to improve patient care in China and around the world, and we look forward to our technology and AI capabilities contributing a small part towards China’s healthcare reform goals.”
Founded in 2011 by Vahdat and Rich Khatib, Medopad has previously announced deals with a number of U.K. National Health Service trusts as well as Intel Corp. and Bayer AG. Bayer has also provided funding for Medopad.