IDG Leads Weimai’s Latest Financing of USD 100 Million
IDG led the latest financing series of USD 100 million of Weimai. The internet hospital platform is a key component in the healthcare service digitalization process.
Source from iyiou.com, Weimai (微脉) officially announced the latest financing round of USD 100 million on June 19th. IDG led the financing round and former investors including Matrix Partner China, Cenova Ventures, Vision+ Capital, Source Code Capital, etc. participated in this financing round.
Weimai is a company integrating local healthcare resources and assisting citizens and hospital via healthcare service digitalization. Inclined by Weimai, the funding will be used to solidify its strengths in the healthcare localization process and extend the relationship with more hospitals and cities; upgrade products and technology to realize the goal of Innovative Healthcare Service Operation; company’s structural development and team construction.
Founded in 2013, Weimai has raised five financing rounds. In September 2018, it acquired series B financing of USD 30 million and then followed recently closed financial round. Weimai is a platform designated for local healthcare services.
The digitalization process in healthcare area falls behind the process in other industries. Weimai, though a latecomer, the market was still virgin land. In 2014, the year before Weimai’s foundation, startups related to internet+ healthcare came in bundles. The Booming of startups indicated the spring of for internet+ healthcare had come.
With a different positioning, Weimai is not simply a platform to link users and hospitals, but an integrated and one-stop platform for hospitals and clinics to manage their healthcare data. Considering this feature, Weimai is a product with both to-B and to-C functions.
The to-C side means that it provides one-stop experience to users during using local healthcare services, i.e. making appointments with doctors, checking out, e-prescription, etc. The to-B side is the function designed for hospital and clinic’s internal use. The digitalization of healthcare service accelerates the process of internet hospitals and is able to provide accurate internet+ healthcare services based on data accumulation.
Weimai will develop its service based on the units of cities instead of numbers of hospitals. Using cities as development units implies Weimai’s ambition and appetites. While the heat of internet hospital is cooling down, the investment calls the attention. Weimai is more cautious in expanding its business. Cooperating with governments, state-owned hospitals, large healthcare groups, etc. is a safe way for Weimai to enlarge its business and intensify its influence in the local online healthcare service market.
Based on current cooperation with healthcare institutes, Weimai tries to innovate through creating new product lines such as Nurse Hailing, similar to call a family doctor. In the healthcare industry, innovations come with risks and opportunities. As early as in 2017, Nurse Hailing service was once questioned and nearly suspended due to safety concerns, but now it is encouraged with installed regulatory policies.