Ping An, CITIC invest China's Airdoc

Ping An participated via its $1 billion Global Voyager Fund, which was set up in 2017 with a focus on healthcare and financial technologies. It extends a round of funding begun last year that includes commitments of undisclosed size from Fosun Investments and Sogou Investments.

Airdoc specializes in using AI to improve the efficiency of processes including diagnosis and image analysis. The company operates via R&D centers in Beijing, Shanghai, and Seattle and claims a staff with experience at the likes of Microsoft, Google, and Samsung. It says its technology can recognize about 30 common diseases.

"This is an important investment for Ping An and the Global Voyager Fund," Jonathan Larsen, CIO of Ping An Group, and CEO of Global Voyager, said in a statement. "Airdoc brings world class AI-driven medical imaging analytical capabilities in multiple domain areas. There are many applications for their solutions within the Ping An health and financial services ecosystem, in China, regionally and internationally."

Ping An claims to have invested $7 billion in R&D in the past decade and expects to invest another $15 billion in the next ten years. Recent activity by Global Voyager in the healthcare space includes participation in $25 million round for US devices maker TytoCare and a $70 million round for Israeli diagnostics systems developer MeMed. Both companies are looking to expand into China.

Global Voyager portfolio companies have access to Ping An's broader network of healthcare-related assets, including Good Doctor, which operates in China as Health Cloud. The mobile app, which helps patients book appointments and allows doctors to access various records, was said to have 228 million registered users as of June last year.

Good Doctor went public in Hong Kong last year in a $1.1 billion IPO after a $500 million round the prior year valued it at around $3 billion. Ping An raised $400 million in pre-IPO funding for the company in early 2018.

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• Topics
• Greater China
• Healthcare
• Technology
• Early-stage
• China
• artificial intelligence
• Ping An