Healthcare Startup Medbanks Carries out CNY 1 Billion from Tencent
Shortly after completing a CNY 400 million (USD 56.89 million) Series D, the medical data processing services provider received a further windfall on November 20.
Beijing Medbanks Network Technology (思派集团) has announced that it has completed a Series D+ funding worth CNY 1 billion (USD 142 million) led by tech giant company Tencent (0700: HK); this round of financing also saw participation from F-Prime Capital, IDG Capital (IDG 资本), Wu Capital (双湖资本) and Eight Roads Ventures (斯道资本).
The oncology database firm engages in the development of intelligent diagnosis and treatment systems and provides a professional tumor database, clinical research support, patient community support and intelligent pathology systems for health institutions.
In the five years since its foundation, the Beijing-based company has made eye-catching progress in the oncology field. The latest fundraising will help the company to enlarge its capacity to retain information and create more multi-center databases in tumor treatment, the company claimed.
When it comes to data processing services providers in the oncology field, the American-based medtech firm COTA has also been a notable player in the development of cancer database systems. The company, founded in 2011 by doctors, engineers, and data scientists, has raised a total of over USD 65 million in 4 funding rounds.
The global expenditure on cancer treatment reached USD 133 billion in 2017 from USD 96 billion in 2013, with the US leading the ranking. The US spending rose from USD 38 billion in 2013 to USD 61 billion in 2017 in 2017, which accounts for 46% of global expenditure.
The Oncology Information System (OIS) market also experienced significant growth in 2017. The market was valued at USD 1.66 billion, with a CAGR of 8.4%, while the increasing prevalence of cancer is expected to be the key driver for the market, according to Grand View Research.
According to the World Health Organization, cancer continues to be the leading cause of death, with one in every six deaths caused by the disease.
Advances in technology and the use of the information will be crucial factors that will impact cancer treatment and decrease high costs in future. This will include the development of sophisticated database systems, mobile apps and medical devices to help patients to understand their cancer treatment better.