Irish insurance startup MedoSync has raised €1.1 million in funding.
Contributors included returning investors Enrique Curran and JP Sisk. The money was raised in the first part of a 2023 funding round, with the next stage set to open in late 2023 to a select pool of potential industry investors, chiefly medical consultants.
A key focus and use of the latest secured funding will be on market preparation in order to expand on existing proven bespoke product solutions currently in operation. However a primary target is the €400 billion German healthcare market.
MedoSync aims to eliminate waste from medical claims in order to free up capacity across the healthcare system.
By integrating with existing hospital and insurer systems, MedoSync’s suite of user-friendly solutions automates the medical claims process for healthcare providers, clinicians and insurers, providing a single source of verified information for medical billing.
MedoSync CEO Dr Martin Rochford said: “We are pleased to have closed this first part of our 2023 funding round, with a mix of new and returning investors.
“A key focus of this funding will be used for European market preparation while continuing to expand our services in Ireland.
“This strategic approach will enable us to reopen the funding round later in 2023 to investors with industry expertise such as medical consultants, a key target audience affected by issues related to outdated, paper-based billing.”
