Internet group Tencent led a RMB250m ($36.3m) series C round for China-based medical data processing software developer Synyi yesterday.
Sinopharm Capital, the private equity arm of pharmaceutical firm Sinopharm, also took part in the round, according to a statement on the WeChat account of existing Synyi backer ZhenFund.
Founded in 2016 and previously known as Shanghai Senyi Medical Technology, Synyi provides software that utilises natural language processing, machine learning and data mining technologies to source data from medical texts.
In addition to hiring artificial intelligence and medical experts, the company will use the proceeds to further develop its software and technology.
Synyi had raised more than $14.5m in series B-plus funding from venture capital fund Xianghe Capital in November 2018, according to China Money Network.
The series B-plus round came six months after the company secured $15.8m in a series B round that was led by GGV Capital with participation from fellow venture capital firms ZhenFund and Sequoia Capital China, the regional affiliate of VC firm Sequoia Capital.
Sequoia China had already joined China Electronics Health Fund, a vehicle launched by IT product supplier China Electronics Corporation’s CEC Data subsidiary, in Synyi’s $8m series A round in 2017.
Healthcare provider Shulan Health, ZhenFund and private equity firm ChinaRock Capital Management had previously contributed to an eight-digit renminbi round for the company the previous year.