The Japanese MedTech startup behind the PidPort tele-pathology solutions and the Medteria cloud for medical students Medmain announced on Monday that it has secured 1.1 billion yen that’s about $10Mn through a private placement of new shares by multiple hospital groups, venture capitalists, businesses, and private investors.
The current Investment round is not mentioned by the company but it’s believed as a series A round. Company has raised 100 million yen/ Seed from Deepcore and DOGAN beta back in August 2018, and brought the total sum of funding to date up to 1.2 billion yen (about 11.3 million US).
The latest round was joined by investors are Fukuoka Wajiro Hospital Group, IHW Group from International University of Health and Welfare (IUHW), QTnet, Hike Ventures, Innovations and Future Creation, Deepcore, Dogan Beta as well as unnamed angel investors. Deepcore and Dogan Beta also participated in the previous round of Investment.
The company is planning to utilize the fresh funds in developing Medmain’s technology, including the development of pathological AI, facility for digitization, strengthening of the sales and development system, and marketing.
Medmain said it adopted the scheme this time to streamline raising a large sum of funding from multiple investors including hospital managements.
The hospital groups have high expectations for the development of solutions to support pathological diagnoses, and for Medmain’s mission “To create a world where medical services can be accessed with technology anywhere,anytime”. They have also put a high value on our business and technology, and that is how this funding came about.