Internet group Tencent has led a RMB1bn ($142m) series D-plus round for China-based oncology data platform developer Medbanks Network Technology, DealStreetAsia reported today, citing a company statement.
The round included telecommunications equipment maker China Electronics Corporation, Eight Roads Ventures and F-Prime Capital, which both invest on behalf of financial services and investment group Fidelity, as well as Wu Capital, IDG Capital and CICC Capital.
Founded in 2014, Medbanks operates a cancer data platform equipped with a natural language processing-equipped smart search engine that helps medical professionals and researchers find information on different types of tumours.
The company has offices in the cities of Guangzhou, Beijing and Shanghai but oversees a network of business partners that spans 30 Chinese provinces and regions.
The deal came 10 months after MedBanks completed a $58.8m series D round co-led by CLP Fund, a joint venture between China Electronics Corporation and CICC Capital, and CDH Investments that was backed by Tencent, Eight Roads and F-Prime Capital.
IDG Capital had provided an undisclosed amount of series C funding for MedBanks in January 2018 following a $30m series B led by Tencent and backed by insurance group Ping An, Eight Roads and F-Prime two years earlier.
The company had previously raised an undisclosed amount from Ping An’s corporate venturing unit, Ping an Ventures, as well as Eight Roads and F-Prime, in 2015.
