China-based medical diagnostics technology provider China Diagnostics Medical Corporation has raised almost RMB2bn ($294m) in funding from investors including insurance firm Ping An, China Money Network reported today.
Legend Capital, the venture capital firm launched by conglomerate Legend Holdings, invested $100m to co-lead the round with investment bank China Renaissance’s healthcare fund.
Matrix Partners, High Light Capital, Zhongjin Kangrui Healthcare Industrial Fund and Shanghai Free Trade Zone Equity Fund also took part in the round. Ping An invested through its corporate venturing unit, Ping An Ventures.
Chinese Diagnostics develops diagnostic testing reagents to detect conditions such as HIV, cancer, diabetes or syphilis, and runs more than 20 testing centres across China.
The company had previously received $5m from industrial technology and appliance producer Siemens’ corporate venturing fund, SBCVC, which invests on behalf of telecommunications firm SoftBank, and VC firm WI Harper in 2007, according to China Money Network.
Legend Capital managing partner Zhou Hongbin was quoted by China Money Network as saying: “Legend Capital took less than a month to decide on the $100m investment…
“We follow thousands of clinical projects and analyse the needs of multi-level medical institutions from county hospitals to the country’s top-ranking hospitals.”