China-based online psychological health service Haoxinqing has attracted RMB125m ($17.7m) of series A capital from investors led by 6 Dimensions Capital, the biotech investment firm co-founded by pharmaceutical firm WuXi AppTech.
The round is backed by investment management firm CDIB Capital International and Korea Investment Partners, a venture capital fund management arm of investment group Korea Investment Holdings.
Founded in 2016, Haoxinqing has built an online portal which employs algorithms to match mental health and central nervous system patients to appropriate care providers.
Patients can book online or in-person consultations with clinicians through the platform, which also supports digital prescriptions for medications.
China Money Network said the incidence rate of mental illnesses in China was 17.5% and yet there were only 20,000 psychiatrists, equating to around 1.5 for every 100,000 patients.
The funding will enable Haoxinqing to pursue further expansion through technological R&D and work alongside pharmaceutical industry partners.
– Image courtesy of Haoxinqing