Allcure Medical, a China-based cancer treatment services provider spun off from hospital management services provider Concord Medical Services, has raised RMB700m ($103m) in series B funding, China Money Network reported today.
China Capital Investment Group, a subsidiary of investment bank China International Capital Corporation, led the round, investing with China Health Industry Investment Fund, a fund run by data technology provider China Electronics Corporation Data, and Shanghai Jinpu Jiangfu Equity Management.
Founded in 2015 out of Concord’s telemedicine assets, Allcure provides and installs radiotherapy systems and hardware as well as supplying medical imaging technology, software development, training and marketing services for hospitals and clinics that treat cancer.
The company has partnerships in place with some 500 Chinese hospitals or medical centres across 27 provinces and regions.
The latest funding comes after Allcure raised approximately $4m from venture capital firm Lotus Venture Capital in 2015 and about $26m from Lotus and investment firm Hangzhou (China) Magsun Investment the following year, according to China Money Network.
Concord Medical sold a 16% stake in Allcure to an investment vehicle called Tibet Allcure Information Technology in June this year according to a press release, though it did not detail how much was invested or who owns the entity.
– Photo courtesy of Beijing Allcure Medical Technology Co., Ltd.