Square Peg leads $6.3m seed round for NexusMD to deploy AI in Aussie hospitals

The news: Melbourne-based AI startup NexusMD has secured A$6.3 million in seed funding, led by Square Peg, to develop and deploy AI agents for Australian hospitals. The technology automates administrative tasks for medical staff by integrating with existing hospital systems.

The numbers: The company's AI technology has demonstrated a 30% improvement in emergency department consultation efficiency at Peninsula Private Hospital. The A$6.3 million seed funding will support NexusMD's expansion across more hospitals and development of additional AI agents for different hospital units.

The context: NexusMD's AI agents process clinical content and medical information through ambient listening and image-based text, converting it into structured clinical notes and accurate clinical coding. The technology has been operational in three Victorian emergency departments for nine months. The company was founded by Mike Zhu, co-founder of Baikemy Net which was acquired by ByteDance, alongside co-founders Kevin Sun PhD as chief technology officer and Neo Nie as chief product officer. Andrew Wilson has recently joined as chief commercial officer.

What they said: "We are building an AI healthcare company to transform care in Australia, and then we plan to expand globally. Our technology empowers doctors to confidently use AI to become the best clinicians they can be, while helping patients access faster, higher-quality care," said Mike Zhu, founder and chief executive officer of NexusMD.