China’s KingYee, Quyiyuan raise combined $47m
Chinese mobile healthcare services provider Shanghai KingYee and its independent unit Quyiyuan - which operates a medical services booking app - have raised a combined RMB313 million ($47 million) in their latest rounds of funding.
KingYee has received an additional RMB97 million for its Series C round, having secured RMB221 million last August. Meanwhile, Quyiyuan has added RMB216 million to its Series B round, which closed at $40 million in September. Investors in the extended rounds were not disclosed.
KingYee was founded in 2004. It develops mobile-based solutions for hospitals and other healthcare centers, across areas such as the internet-of-things and risk management. Products include digital platforms that enable patients' medical records to be managed more efficiently.
KingYee has worked with 3,000 healthcare institutions since inception. It received a RMB55 million Series A round from SBCVC, and then a RMB93 million Series B from CDH Investments and SBCVC in 2014. The Series C round was led by Sensegain Investment, with participation from SBCVC and HighLight Capital.
In 2013, KingYee launched Quyiyuan as a spin-off. The app is a platform through which patients can book medical services, make payments and collect medical records provided by healthcare centers. It also offers video chat services between doctors and patients.
Quyiyuan has also received funding from SBCVC and HighLight Capital, while its Series B round was led by Chinese search engine Baidu. The mobile app is used by more than 1,000 public hospitals and is targeting 2,000 online members by the end of this year, Quyiyuan told 36kr.
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