Chinese telehealthcare startup Miaoshou Doctor continues to gain financial support from world-class VC investors.
A yellow ambulance car is on the way. Image credit_ Zhenhu2424_Unsplash
Beijing Yuanxin Technology, whose brands include Miaoshou Doctor, has announced that it has closed a Series D1 funding round at a CNY 600 million amount. This funding was co-invested by Sequoia China, Qingming Ventures, INCE Capital, CITIC Securities and Index VC. Miaoshou Doctor plans to utilize this bankroll to push a collaborative construction, pivoting to medical consultation, medicines and insurance, connecting Internet hospitals, medical technologies, description distribution and healthcare insurance.
Founded in 2015, this startup has built three primary platforms pivoting medicine trade, consultation trade and insurance technology, tightly interlinking patients, doctors, hospitals, drug distribution and insurers. Apart from Miaoshou Doctor, this Beijing-based company has four other product brands: Yuanxin Medical, Yuanxin Pharmacy, Yuanyin Insurance and WuJie Medical (literally ‘Infinite Improvement’ for doctors).
Now the 'healthcare platform' is a buzzword in China. It benefits the new generation of 'consumer-users;' on the other side, it transforms the tremendous C-end traffic into revenue boosts in online consultation, offline clinic services, medicine sales and insurance products.
Several telehealth platforms backed up by these giants demonstrate different characteristics. Ali Health, the oldest entrant, is still playing an e-commerce game but in the arena of medicine and offline services. WeDoctor connects with doctors by building an online network and providing online registration services. Ping An Good Doctor makes a closed-circuit business model with a strong anchor in insurance products offered by its parent company, Ping An Insurance – the largest insurance group in China by far. Another big name is JD Health, a new rising star in this arena. JDH is sticking to its supply chain-specific logic – landing on the ground in those hospitals to facilitate workflow and digitize their internal operations.
More or less, all these players are trying to take up some market space and cultivate a unique ecology. Yuanxin Tech seems to have one step ahead. This AI-driven medical tech company has come to the stage of creating synergies out of these differentiated portfolios based on five particular brands.
“As a dedicated investor from the seed phase to Series D1, we witnessed the fast growth during the last five years,” says Mr. Zhou Kui, the partner of Sequoia China. “Yuanxin Tech has always been exploring an ‘Internet+’ and big-data solution to facilitate medical services, lower healthcare costs and drug prices,” says Mr. Hu Xubo, the managing partner of Qingming Ventures.
Many industries have the potential to be digitized and revitalized by adding Internet power. In China, there seems to be more possibilities.