Beijing-based medtech startup Yuanxin Technology has closed its RMB 3 billion (USD 465 million) Series E round led by Sequoia China and Tencent and joined by a slew of investors including Qiming Venture Partners, Citic Securities, and CICC Capital, 36Kr reported on Tuesday. The company closed its Series D1 round in June 2020, collecting RMB 600 million (USD 85 million).
Founded in 2015, Yuanxin operates Miaoshou Doctor, an app that allows users to consult physicians via video or phone outside of their normal working hours, to buy medicine and health insurance plans. Miaoshou Doctor receives 7 million visitors on a daily basis, which it can connect to 1.3 million registered doctors.
The company has built and runs online presences for more than 200 traditional health centers, including the Beijing Chaoyang Hospital and Harbin First Hospital. For example, within the WeChat mini program of the Beijing Chaoyang Hospital users can pay registration fees remotely, make appointments with doctors, get diagnosed and medicated like during an in-person visit. The services, which include home delivery of the medicine, are available for chronically-ill patients who previously visited the hospital.
Similarly, internet giants Alibaba and JD.com have their own medical arms, providing online consultancy and drug delivery. TikTok’s parent ByteDance has also been exploring the sector unveiling medical brand Xiaohe Yiliao late last year.