medIQ, launched by Dr. Saira Siddique in July 2020, revealed that it has secured $1.8 million in early-stage finance, continuing the fund-raising frenzy of Pakistani entrepreneurs. According to the business, the financing was headed by Amana Capital of the United States and Cordoba Ventures (CorVCF). It focuses on the Middle East and Pakistan.
Pakistani Health Startup, medIQ
The financing included participation from the American-based early-stage Seraph Group, TAJDEED, a network of notable physicians from the All-Pakistani Physicians of North American Descent Association, House of Habib, and significant healthcare tech venture capital from Silicon Valley.
The startup, which connects users with healthcare providers, claims to be Pakistan’s first entire B2B virtual care platform. It offers everything a company or insurer requires to give virtual care to its users.
“In only 18 months, medIQ has serviced over 300,000 patients,” stated founder and CEO Dr. Saira Siddique, highlighting the demand for virtual healthcare. “The mean consultation average wait in hospitals is 90 minutes, with only 2.5 minutes spent on the real consultation.” Nearly 90% of patients can be treated successfully at the time of need without having to go to the hospital.”
It claims to offer a flexible plug-and-play technological stack, as well as a complete network of online pharmacy and diagnostic facilities. They were backed by general physicians, specialists from 32 different specialties, nursing personnel, and dedicated home care crews. In a safe electronic medical record, patient’s medical records are transformed into a single profile, allowing for information sharing and insights for AI and Machine Learning remedies.
Where will the Money Spent?
According to the company, the money will be used to invest in the company’s technology infrastructure. Particularly AI and Machine Learning capabilities, to provide complete virtual care to businesses and patients. mediQ also intends to expand its services to 20 cities across Pakistan, with a regional expansion planned later.