PICC leads $64m round for China's Neusoft Xikang
PICC Property and Casualty, a subsidiary of People's Insurance Company of China (PICC), has led a $64 million funding round for cloud-based medical and healthcare services provider Neusoft Xikang.
Alps Electric and other investors also took part; according to a release, all of the participants in this round are strategic investors in the commercial insurance and wearable health devices industries. Neusoft Xikang intends to use the capital to further its connections in these industries.
The company has developed a mobile app that connects users with doctors and medical institutions, covering 30 cities in China. It is a subsidiary of Neusoft Corporation, a publicly listed IT services provider that also owns medical imaging products developer Neusoft Medical Systems. Neusoft Corporation is itself a subsidiary of healthcare conglomerate Neusoft Holdings
Both Neusoft Xikang and Neusoft Medical received an investment from a consortium including Hony Capital, Goldman Sachs and Canada Pension Plan Investment Board in 2014. The group committed $610 million between the two companies, with Hony planning to collaborate with Neusoft on consolidation plays in China's healthcare sector.
More recently, China Everbright invested an undisclosed amount in Neusoft Holdings through its renminbi-denominated mezzanine fund. The company will use the capital for strategic maneuvers in the healthcare space.
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