China-based digital health platform Zhiyun Health has received a total of RMB1bn ($144m) from investors including consumer electronics producer Samsung across its series C-plus and D rounds, DealStreetAsia reported today.
Quantitative trading firm Susquehanna International Group (SIG) led the series C-plus round through subsidiary SIG Asia Investments, and it included OP Financial, a big data affiliate of telecommunications equipment producer China Electronics Corporation.
The series D round was led by CMB International, a financial services subsidiary of commercial bank China Merchants Bank, and it also featured SIG Asia Investments, OP Financial, investment bank Bojiang Capital, fund manager LB Investment and undisclosed other participants.
The company did not reveal individual round sizes nor its valuation, but founder and chief executive Kuang Ming said in a statement seen by DealStreetAsia that it was “on the path” to becoming a unicorn.
Founded in 2014 and also known as Kang Sheng Health Management, Zhiyun operates an online platform that helps patients living with chronic diseases, in particular diabetes, to manage their condition. It also allows doctors to track patients’ health and generate treatment plans.
The company additionally markets a patient management platform to hospitals and an e-commerce marketplace for drugs and medical equipment. The new funding will enable it to increase its data collection and analysis capabilities and strengthen artificial intelligence technology development.
Zhiyun closed a $100m series C round in January 2019, the second tranche of which was co-led by energy utility CLP and investment bank China International Capital Corporation and backed by Samsung unit Samsung Ventures, pharmaceutical firm Tasly and insurance provider Ping An.
Healthcare analytics provider Health 100, venture capital group IDG Capital and LB Investment had supplied the series C1 funding.
Ping An had already taken part in a $15m series B1 round for Zhiyun in 2017 through investment subsidiary Ping An Ventures, alongside Co-Stone Capital, Matrix Partners and IDG Capital.
