Chinese cancer database provider secures $140m
Medbanks, a Chinese oncology database platform, has raised around RMB1 billion ($140 million) in an extended Series D funding round led by Tencent Holdings and Wu Capital.
Existing shareholders Eight Roads Ventures, F-Prime Capital, IDG Capital, and CLP Fund all re-upped. Eight Roads and F-Prime are both controlled by Fidelity International, while CLP is a private equity fund launched last year by CICC Capital and a unit of state-owned China Electronics Corporation with a target of RMB3 billion.
The new investment follows a RMB400 million Series D round led by CLP Fund in January.
Founded in 2014, Medbanks' main product is a database of cancer patients and doctors, academic papers about oncology, and artificial intelligence and big data-powered models that assist in the cost management of customized treatments. In addition, it has an online pharmacy dedicated to selling oncology drugs.
MedBanks's platform encompasses 3000 oncologists, covering all major tumor types across major cancer centers in China. The company has also established more than 70 pharmacies, each equipped with three pharmacists, that stock specialist medicines, according to a statement.
Prior to launching the company, founder and CEO Peter Ma worked as director of sales for oncology drugs at German multinational pharmaceutical company Bayer AG, and as a sales director at Schering, another German company. Medbanks' core management team includes medical and technology professionals with deep knowledge of oncology.
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