China’s freight transportation and logistics mobile app company, Yunmanman, has raised $160 million in new funding, while venture capital firms WI Harper Group and JAFCO Asia plan to exit hospital IT operator Suzhou MedicalSystem following its successful IPO last week.
New funding for logistics app operator
Yunmanman has obtained $160-million worth of funding from two undisclosed international investors, with participation of existing backers, according to Chinese media reports. The new funding includes a $50-million series C2 round completed five months ago, and a $110 million series D round that was closed recently.
Proceeds from the new round will be used on big data and artificial intelligence, the company said. It is planning to improve matching efficiency between cargo and truck drivers, as well as monitor road conditions.
The Jiangsu province-based company raised a series C round led by Yunfeng Capital back in August. It had also raised venture funding from other investors such as Lightspeed Venture Partners, and Sequoia Capital.
Yunmanman started in 2013 as a tool for vehicle and cargo management for both cargo owners and truck drivers. The company, which operates via Ymm56.com and a number of mobile apps, has about 800,000 registered cargo carriers and 3.5 million truck drivers.
JAFCO, WI Harper exit healthcare firm
Venture capital firms JAFCO Asia and WI Harper will initiate the process to exit Suzhou MedicalSystem after the company completed its A-share listing in the Shanghai Stock Exchange last week, ChinaMoneyNetwork reported.
Liu Yuhuan, chairman of WI Harper, said in a statement, “Smart healthcare brings great value to the people, and the company has helped move China’s healthcare industry forward.”
WI Harper made its initial investment in the company about nine years ago, where in 2007 it invested an undisclosed amount. In 2009, WI Harper joined JAFCO Asia in a $10 million funding round for MedicalSystem.
Founded in 2005, MedicalSystem provides the technology infrastructure for hospitals to digitise their operations, including smart operating room, smart ICU, smart emergency operations, and smart specialty care. The firm claims to be the first medical information and IT company listed on the Shanghai Stock Exchange.