LinkDoc Technology, the China-based healthcare data technology provider that counts e-commerce group Alibaba as an investor, filed yesterday to raise up to $100m in an initial public offering in the United States.
Founded in 2014, LinkDoc provides healthcare data technology and disease management services for patients with serious medical conditions such as cancer, and its LinkCare platform helps patients manage their conditions more effectively in and outside of hospital.
The company also operates LinkData, a data analysis software platform for longitudinal medical data, and LinkSolutions, a precision life sciences tool for clinical research. It reported $144m of revenue for 2020, with a net loss of $75m, having generated $71.7m of revenue the year before resulting in a $62.3m net loss.
LinkDoc will use the majority of the IPO proceeds to bolster its research and development capabilities and technology infrastructure. It also plans to hire more oncologists, data scientists and other professionals.
A portion of the proceeds will support the expansion of the company’s patient care centre network, while the remainder will go towards potential strategic investments and acquisitions as well as general corporate purposes.
Alibaba subsidiary Alibaba Health had invested $59.3m in the company in February 2021, according to the IPO filing. It had raised $102m in a September 2020 series D-plus round that included CBC Capital, CICC Capital, Youshan Capital and iFOF.
China Investment Corporation provided $151m of series D funding for LinkDoc in 2018, two years after a series B round of undisclosed size backed by China Broadband Capital (CBC), Ally Bridge Group, Cenova Ventures and New Enterprise Associates (NEA).
Tianze Zhang, chief executive officer of LinkDoc, is its largest shareholder, owning a 19.7% stake. Singaporean state-owned investment firm Temasek’s Esta Investments vehicle has 11.2% of its shares, NEA 10.2%, CBC 9.2%, Alibaba Health 8.4% and MBK Management 6.3%.
Morgan Stanley, BofA Securities and CICC have been appointed underwriters for the offering, which is slated to take place on the Nasdaq Global Select Market.