For regional expansion, healthtech startup Qmed Asia raised $1.16 M through equity crowdfunding

A successful equity crowdfunding (ECF) campaign on Leet Capital raised MYR5.1 million ($1.16 million) for the Malaysian health-tech startup Qmed Asia.

Qmed Asia has received support from 110 investors, according to a statement released by Leet Capital on Wednesday. These investors include angel investors, the Malaysia Co-Investment Fund (MyCIF), and 1337 Ventures.

“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,” said Dr. Kev Lim, Co-founder of Qmed Asia.

“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 artificial intelligence (AI). We are thrilled to continue our journey, fostering a positive impact on the healthcare industry through our groundbreaking products and services,” he added.

The 1337 Ventures ECF Accelerator was won by Qmed Asia, the statement claims.

A group of doctors and engineers founded Qmed Asia (previously QueueMed) in 2018 to help both public and private healthcare providers with their digital health transformation.

After Co-Founder Dr. Kev Lim’s unpleasant hospital visit, the idea to address the issue of long lines in hospitals was born.

Along with Dr. Tai Tzyy Jiun and Nic Tai, the business now provides healthcare services to more than 4,000 healthcare providers in the public and private sectors, and it has more than 3 million active patients as of this writing.

Initially serving the healthcare sector as a mobile live queue system and appointment booking provider, Qmed Asia later transitioned into the role of official partner for the management of 42 COVID-19 vaccination centers during the pandemic by forging significant alliances with Nestlé Malaysia, a global conglomerate in the food and beverage industry, and SP Setia Group, a developer.

Two cutting-edge products were recently unveiled by Qmed Asia, including Qmed GO, a telehealth kiosk for workplaces that provides teleconsultations and remote patient monitoring run by local general practitioners (GPs), with the goal of lowering employee medical coverage costs.

The second product, called Qmed Copilot, is a clinical assistant that uses AI to help doctors diagnose patients more quickly and correctly.