IDG leads $77m round for China health-tech player Synyi

Other investors include Dragon Gate Investment Partners and Sharewin Investment.

It follows a RMB250 million Series C in 2019 led by Tencent Holdings and featuring Sinopharm Capital and a RMB400 million Series D last December led by China International Capital Corporation (CICC). Sunshine Insurance and Tencent also took part.

Founded in 2016, the company uses natural language processing, machine learning, and data mining to carry out in-depth analyses of healthcare data on a large scale. The goal is to enable intelligent diagnosis of medical conditions and improve the efficiency of record-keeping and data management by hospitals, research institutes, government agencies, and pharmaceutical companies.

Synyi has more than 150 top-tier hospitals as customers. Over 25% of its staff have medical backgrounds. The company claims revenue increased fourfold in 2020.

“The medical service industry has a long history and its digitalization process has just begun. As a leading company in the industry, Synyi has started with scientific research tools and gradually expanded its business boundaries to many Data application scenarios. The digital medical market is fast-growing and imaginative," said Sai Zhang, a managing director at IDG.

Sequoia led Synyi's RMB55 million Series A in 2017 with participation from a healthcare fund operated by CEC Shurong Investment Management, AVCJ Research’s records show. A Series B of RMB100 million, led by GGV Capital, came in early 2018. Sequoia and ZhenFund re-upped. Xianghe Capital then provided a Series B extension that took Synyi’s total funding past RMB300 million.

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• Topics
• Greater China
• Healthcare
• Technology
• Expansion
• China
• artificial intelligence
• IDG capital