Trustbridge leads $500m round for China's Dxy.cn

Tencent Holdings and the VC arm of Hillhouse Capital also took part in the round. According to AVCJ Research’s records, this is only the company's second equity funding event in six years. DCM contributed $2 million in 2010 and $10 million alongside Shunwei Capital in 2012. Tencent committed $70 million in 2014 and then followed Trustbridge into a $100 million round in 2018. 

Dxy has more than 5.5 million registered members from the life sciences community, including two million doctors, its website states. Communication, information sharing, and collaboration are facilitated by an online medical database and information platform that covers major treatment areas. Revenue is generated through advertising.

The company has sought to broaden the scope of its business. Dxy looks to connect all stakeholders along the healthcare value chain, from hospitals, doctors, and medical researchers to health insurance and pharmaceutical companies to patients. It claims to have tens of millions of public users. Dxy has released apps that connect doctors and patients and provide information to patients as well as those that address academic and practical issues within healthcare.

A third business line involves offline treatment services. The company has opened clinics in Hangzhou, Zhejiang province, and Fuzhou in Fujian.

Earlier this year, Dxy unveiled a dual-core strategy targeting professional and public user groups. Tiantian Li, the company’s founder and chairman, said in a statement that the focus is unchanged. Dxy received a profile boost during COVID-19 with a live map that tracked the spread of the pandemic within China. This was used as a resource by Johns Hopkins University in its global tracking effort. The company offered various other services, including free online consultations.

Tencent has exposure to start-ups across the digital healthcare space, among them telemedicine platform WeDoctor, pharmaceutical e-commerce business Miaoshou Doctor, online-to-offline healthcare services player Trusted Doctors, and hospital resource planning services provider Kyee Technology. Miaoshou and Kyee have both raised new funding in the past six months, while WeDoctor is reportedly targeting a Hong Kong IPO.

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• Topics
• Greater China
• Healthcare
• Technology
• Expansion
• China
• healthcare
• Tencent
• Trustbridge
• Hillhouse Capital Management
• Shunwei Capital Partners