Healthcare startup NexusMD has raised in $6.3 million Seed funding from Square Peg to help hospital staff automate and save time on administrative tasks using AI.
NexusMD develops customised artificial intelligence (AI) agents that integrate with existing hospital systems to help doctors, nurses, and medical staff save time and costs on admin to focus on patient care. It’s already being used in three emergency departments across Victoria since 2024, including Peninsula Private Hospital, in Frankston, where they report a 30% improvement in consultation efficiency.
Austrade and Invest Victoria have supported the Melbourne startup from the outset and the funding will be used to scale the technology across more hospitals and expand its AI agents beyond EDs to other critical care units.
While another Melbourne startup, AI transcription platform Lyrebird Health raised $12 million earlier this month to transcribe medical notes for doctors, NexusMD says it’s more than a note taking service, processing clinical content and medical information captured through ambient listening and image-based text. The agents compile this information into structured clinical notes and clinical coding.
NexusMD technology has already been where it has been automating tasks, streamlining clinical documentation, providing real-time insights, and improving operational efficiency
The startup was cofounded by healthcare entrepreneur Mike Zhu, whose previous venture, the online medical information platform Baikemy Net, was acquired by ByteDance. He’s is joined by Neo Nie, cofounder and COO of Baikemy and the former head of user operations at ByteDance Healthcare, as well as Kevin Sun.
Zhu, the CEO, grew up in a family of doctors, witnessing the impact of admin on both family and their person health.
“That personal connection fuels my mission with NexusMD. We are building an AI healthcare company to transform care in Australia, and then we plan to expand globally,” he said.
“Our technology empowers doctors to confidently use AI to become the best clinicians they can be, while helping patients access faster, higher-quality care. Together, these advances will also drive meaningful, long-term economic benefits for hospitals.”
Square Peg partner James Tynan said a solution that provides relief to overworked clinicians was needed to improve healthcare.
“Mike and his team’s powerful ability to put AI to work and their empathy for clinicians working in the hospital system make Nexus the perfect vehicle to solve these problems,” he said.
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