Chinese healthcare data management platform raises $74m
Miaojiankang, a China-based company that provides health data tracking, management, and analysis services through an online platform, has raised RMB500 million ($74 million) in a Series C round from China Pacific Insurance and Xiran Capital.
The insurer is participating through two separate units: Pacific Healthcare Management and China Pacific Insurance Company Endowment Fund.
Miaojiankang received a RMB100 million Series A round from River Head Capital in 2016. A year later, it got a RMB250 million Series B led by CITIC Capital, with participation from Nongyin Wuxi Capital, a joint venture between Agricultural Bank of China and the government in Wuxi province. Also in 2017, it raised an extended round of RMB100 million from Jiangxi Jiangzhong Chinese Medicine Industry Investment & Development Fund.
Founded in 2014, Miaojiankang serves corporate clients, insurers and medical institutions. Individuals are encouraged to use the app as a source of health advice and Miaojiankang draws on the data to provide companies with insights into the health of their customers. Insurance coverage and other services can then be tailored accordingly.
In China, one of the longstanding pain points for insurers is getting access to accurate information, so as to avoid selling insurance plans that ill-suited to customers. The likes of China Pacific have chosen to team up with third-party service providers such as Miaojiankang. Ping An Insurance took a different approach, setting up its own online healthcare platforms. They include Ping An Healthcare & Technology, operator of the Ping An Good Doctor app, which raised $1.1 billion in a Hong Kong IPO in 2018.
China Pacific plans to cooperate with Miaojiankang to build a comprehensive online-to-offline healthcare ecosystem, with a view to delivering better services to customers.
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