CICC leads $102m Series B for China's Allcure Medical
Beijing Allcure Medical Technology, a healthcare technology provider specializing in radiotherapy and tumor diagnosis, has received RMB700 million ($103 million) in Series B funding led by China International Capital Corp. (CICC).
Other investors include CEC Healthcare Fund, which was established by China Electronics Corporation Data (CEC Data), and a vehicle managed by Shanghai-based GP Capital. Allcure claimed in a statement that this is the largest funding round for an independent radiotherapy platform and the first time that a state-owned enterprise has participated in an investment of this nature.
The company was founded by Zhen Cheng, who also set up US-listed Concord Medical Service Holdings, a Chinese radiotherapy and diagnostic imaging equipment leasing business. Allcure operates a cloud-based big data platform that helps medical industry professionals diagnose tumors quickly and accurately, and then plan radiotherapy treatment for patients. It also provides educational services.
The new funding will be used to build a smart radiotherapy demonstration hospital, strengthen information systems, and develop an improved service model for tumor radiotherapy. The company also plans to improve its data collection and processing capabilities with assistance from CEC Healthcare Fund as well as through investments in two artificial intelligence (AI) companies.
“We will not only provide capital support, but also take advantage of our national-level healthcare big data team. The two sides will cooperate to expand coverage into oncology, accelerate coverage of tumor radiotherapy, and develop the entire ecosystem of cancer diagnosis and treatment by providing AI solutions,” said Shifeng Li, chairman of CEC Data and a managing partner of CEC Healthcare Fund.
Allcare previously raised RMB210 million in Series A funding with commitments coming from the likes of Zhengheci Capital and Lain Fund.
Private equity and venture capital investors have backed multiple businesses that provide technology-enabled solutions to the healthcare sector. Several of these companies, including Beijing Infervision, 12 Sigma, and Huiyi Huiying, operate big data platforms that use medical imaging to support diagnoses.
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