Australian healthcare technology start-up Heidi has secured US$65 million in a new funding round, as it aims to expand its workforce and establish offices in Hong Kong and Singapore to capitalise on the growing demand for medical artificial intelligence technology in the region.
The company is valued at US$465 million following its series B round announced on Monday, led by Point72 Private Investments, a global alternative asset manager.
The six-year-old start-up planned to build a team of about 15 to 20 people in Hong Kong and Singapore by the end of next year, depending on market traction, with a central office to be established in one of the two cities, according to CEO and co-founder Thomas Kelly.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
Heidi’s self-developed AI-enabled platform was designed to transcribe consultations between medical professionals and patients into clinical notes to reduce doctors’ administrative workloads. This would allow them to focus more on patient care and enhance hospital operational efficiency, the company said.
Heidi’s AI platform has been designed to transcribe consultations between doctors and patients into clinical notes to reduce doctors’ administrative workloads. Photo: Handout alt=Heidi’s AI platform has been designed to transcribe consultations between doctors and patients into clinical notes to reduce doctors’ administrative workloads. Photo: Handout>
Hong Kong has a large patient population but a relatively small number of doctors, according to Kelly, a former doctor. “If we can increase the capacity of clinicians, it’s going to make a much bigger impact than in places like Australia,” he said.
Heidi said its data showed nearly 20,000 and 55,000 consultations had been conducted through its platforms in Hong Kong and Singapore, respectively. “That was before we’d even launched here,” Kelly said.
Regulatory bodies and governments in Hong Kong and Singapore were enthusiastic about using AI in healthcare, actively promoting initiatives such as AI applications in hospitals because “they see the economic and social value of faster, cheaper and better healthcare”, he said.
Heidi’s expansion into Asia is part of its broader global strategy. The company said it planned to use the new funding to further develop its products and grow its workforce in the US, UK and Canada, while also expanding use of its products in France, Spain, Germany, Ireland and South Africa.