China-based psychological healthcare provider Haoxinqing has raised $31m in series C funding led by internet technology company ByteDance and backed by healthcare group Fosun Health, DealStreetAsia reported on Tuesday.
6 Dimensions Capital, a biotech investment firm backed by pharmaceutical company WuXi Apptech, as well as Decheng Capital, Richen Capital, Korea Investment Capital and unnamed new investors also took part.
Founded in 2015, Haoxinqing operates an online platform to match patients with mental health needs to care providers using an algorithm, providing consultation, diagnostics and treatment through both a mobile app and clinics.
Proceeds from the round will be used to advance R&D on its artificial intelligence-based products, expand Haoxinqing’s business and build clinics and an intelligent supply chain.
Haoxinqing raised $17.7m in a May 2020 series A round led by 6 Dimensions Capital with participation from CDIB Capital International and Korea Investment Partners, followed by a $19.4m series B round in May 2020.
The company had previously raised a $7.7m angel round in March 2016.
DealStreetAsia identified pharmaceutical company Jiangsu Nhwa Pharmaceuticals, China Development Financial and Sinosan Capital as early investors, but did not offer further details.
