VoxelCloud, a US-based medical diagnostics technology developer backed by internet group Tencent, has received $50m in a series B round led by investment firm Shenzhen Hongtai Capital Management, China Money Network reported yesterday.
Venture capital firms Sequoia Capital and Qingsong Fund both took part in the round, as did Hanfor Capital Management, a subsidiary of asset management firm Hanfor Holdings.
Founded in 2016, VoxelCloud provides artificial intelligence and cloud computing-powered medical imaging and diagnostics services, helping clinicians evaluate lung cancer, coronary heart disease and retinal diseases.
The company’s products include a CT scan analytics service that has been cleared for clinical use in the US and European Union. It currently counts more than 50 domestic or international hospitals as clients.
VoxelCloud maintains offices in Los Angeles and the Chinese cities of Suzhou and Shanghai as well as a research and development centre in Phoenix, Arizona. It will use the funding to grow its customer base and seek regulatory clearance for additional products.
The round increased VoxelCloud’s funding to $78.5m altogether, including $15m in a Tencent-led series A-plus round in October 2017 that also featured Sequoia and wealth management firm United Capital.
Sequoia and United Capital had funded VoxelCloud’s $8m series A round five months before, after $5.5m in seed capital from undisclosed investors in September 2016, according to China Money Network, which said its other existing investors include VC firm NewMargin Ventures.