China’s Zhiyun Health nets $100m Series C round
Chinese online healthcare services provider Zhiyun Health has raised $100 million in a Series C round of funding across two tranches.
The first tranche featured IDG Capital, LB Investment and Meinian Onehealth Healthcare Holdings, China’s largest medical examination center operator. The second was led by CICC Capital and CEC Shurong Investment Management, with participation from Tasly Pharmaceutical Group, Samsung Ventures China, and Ping An Insurance.
Founded in 2014, the company provides healthcare consultation services on diabetes through its mobile app Zhangshang Tangyi. It allows patients to record and track their health data, which can be accessed by doctors with a view to providing more accurate treatment recommendations. There is also a software-as-a-service (SaaS) platform that connects patients with hospitals, while Zhiyuan has collaborated with Meinian to deliver specialized health check-ups intended to aid the prevention of diabetes.
In addition to diabetes, the company provides healthcare services for chronic conditions including kidney and cardiovascular diseases.
Zhiyuan currently works with 1,000 Chinese hospitals and expects this figure to reach 5,000 in 2019. It claims to have over 10 million registered users and annual revenue of more than RMB1 billion last year. The new capital will go towards expanding the company's network of hospital partners and utilizing machine learning and artificial intelligence in daily operations.
There are around 300 million people in China suffering from various kinds of chronic diseases, among them 140 million patients with diabetes, according to the country's National Health Commission. The healthcare services market for these diseases is said to be worth over several hundred billions of renminbi, according to industry participants.
Other major players in the online healthcare services space include Miaoshou Doctor, which raised RMB500 million in January and Ping An Healthcare & Technology - operator of mobile app Ping An Good Doctor - which public in Hong Kong last year. Meanwhile, Tencent Holdings-backed WeDoctor closed a $500 million round at a valuation of $5.5 billion in May 2018.
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