AVCJ

Fosun, Tencent lead $35m round for US medical device start-up

  • LinkedIn  
  • Google plus  
  • Save this article  

China's Fosun International and Tencent Holdings have led a $35 million Series B round for Scanadu, a US-based medical technology start-up working on devices that can send diagnostic tests directly to smart phones.

Other investors include China Broadband Capital (CBC), Singapore-headquartered iGlobe Partenrs, as well as returning backers Relay Ventures, Redmile Group, AME Cloud Ventures and Three Leaf Ventures. The latest round brings the company's total funding to $49.7 million.

Founded in 2011, Scanadu is in the process of shipping its first device - Scanadu Scout - to more than 8,000 people who supported the company through the Indiegogo crowdfuning platform. The device, which is waiting for US regulatory approval, measures heart rate, body temperature and blood oxygenation, and the information is shared via a mobile app. The company has also developed an at-home urine test device that works along similar lines.

The new funding will be used to develop new products and pursue regulatory approval in the US and China.

"Advances in health technology are bringing powerful capabilities to understand our bodies via our smart phones. These trends will revolutionize health care over the long-term," said David Wallerstein, senior executive vice president of Tencent, in a statement.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs