IDG leads $100m round for China healthcare platform Weimai
IDG Capital has led a $100 million funding round for Weimai, a Chinese healthcare-focused big data platform that helps hospitals and clinics in lower-tier cities automate everything from appointment registration to medical records management.
Existing investors such as Source Code Capital, Matrix Partners China, Vision Plus Capital and Cenova Ventures also re-upped. They all participated in a $30 million Series B round last September.
The company was founded in 2013 and received seed funding from Source Code and two individual investors – Eddie Wu, a co-founder of Alibaba Group who chairs the company's Ali Health subsidiary, and Shuguang Wu, a member of the founding team at Tencent Holdings – two years later. In 2016, Weimai launched its internet-enabled healthcare platform.
The objective is to facilitate the localization and integration of healthcare services on a city-by-city basis. Weimai's big data platform allows patients to make appointments with doctors, receive online consultations, and make payments. It can also be used by healthcare professionals to store and manage medical records online, distribute prescriptions, coordinate ongoing treatment of chronic diseases, and make remote diagnoses.
Jialin Qiu, founder and CEO of Weimai, said the additional capital would be put towards expanding the company's network, driving technical and service upgrades with a view to providing "closed loop" medical services, and strengthening the management team. He added that Weimai seeks to empower hospitals, rather than subvert the role of the offline institution by replacing it with an online entity.
The company focuses on China's approximately 150 tier-three and tier-four cities, which have a combined population of more than 500 million. At present, it covers more than 150 million people across 70 cities in 17 provinces, working with 100,000 doctors in 1,000 partner hospitals.
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