Chinese cancer database provider Medbanks raises $59m
Beijing and Shanghai-based Medbanks, an information service provider specializing in cancer care, has raised RMB400 million ($59 million) in Series C funding led by CLP Fund.
CLP Fund was established last year by CICC Capital and a unit of state-owned China Electronics Corporation, with a target of RMB3 billion. Other participants in the round include CDH Investments and existing investors Eight Roads Ventures, F-Prime Capital, IDG Capital, and Tencent Holdings, according to a statement.
Founded in 2014, the company’s main product comprises a database of cancer patients and doctors, academic papers about oncology, and artificial intelligence and big data-powered models assist in the cost management of customized treatments. In addition, Medbanks has an online pharmacy dedicated to selling oncology drugs.
“Medbanks has built a preliminary ecosystem that connects oncology patients, doctors, experts, pharmaceutical companies and medical institutions. We will help the company to leverage our resources for achieving further development going forward,” said Xuan Zhou, a partner at CLP Fund.
There were 4.3 million cancer diagnoses in China in 2015, twice the total from 2000 and more than any other country. As the five-year survival rate for Chinese cancer patients stands at 30%, significantly lower than 60-70% in the US, there is strong demand for faster and more accurate treatment on cancer and other chronic conditions using the help of big data and AI-powered technology.
Other recent investment activity in online healthcare services - specifically companies that bring together patients, doctors and information - includes a $100 million Series C for diabetes specialist Zhiyun Health and a RMB500 million round for Miaoshou Doctor.
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