China-based healthcare data platform operator Medbanks Network Technology has closed a RMB400m ($58.8m) series D round that included internet group Tencent, China Money Network has reported.
The round was co-led by CLP Fund, a vehicle owned by telecommunications equipment manufacturer China Electronics Corporation and investment banking firm CICC Capital, with asset management firm CDH Investments.
Investment and financial services conglomerate Fidelity also participated, through investment subsidiaries Eight Roads and F-Prime Capital.
Medbanks provides cancer and tumour data to oncologists, pharmacies and cancer care centres in the country. It will use the series D cash to expand its offline clinical network and form partnerships with hospitals, pharmaceutical companies and insurance firms.
Eight Roads Ventures and F-Prime Capital had joined Ping An Ventures, the corporate venture capital vehicle of insurance group Ping An, to provide an undisclosed amount of series A funding for the company in 2015.
Tencent led Medbanks’ $30m series B round, which included Ping An, Eight Roads and F-Prime, in 2016. VC group IDG Capital then supplied an undisclosed amount of series C funding for the business in January 2018.