China Digest: Alibaba-backed Banma raises $234m; Meimai snags $30m

Sports utility vehicles (SUVs) waiting to be exported are seen at a port in Lianyungang, Jiangsu province, China April 5, 2018. REUTERS/Stringer/Files

Chinese smart car venture Banma Network Technologies has secured $234 million from Yunfeng Capital and others while healthcare technology platform Meimai has snagged $30 million led by Cenova Capital.

Banma secures $234m funding from Yunfeng Capital others

Banma Network Technologies, a smart car venture of Alibaba Group and Chinese state-owned automaker SAIC Motor, has raised over RMB1.6 billion ($234 million) from Yunfeng Capital, Shang Qi Capital and China’s State Development & Investment Corporation (SDIC), according to a release.

The venture aims to roll out 6 million cars for the Chinese market by 2023 while also targeting partnerships with other car-makers.

SAIC Motor Corp and Alibaba Group, back in 2015, announced a fund of $160 million to invest in the deployment of Internet cars. In 2018, SAIC Motor also launched a computing cloud platform in partnership with Alibaba Cloud, a subsidiary of Alibaba Group for vehicle research and engineering.

Meimai secures $30m led by Cenova

Meimai, Chinese healthcare technology platform that offers big data-led medical and health services, has raised a $30-million Series B round from Chinese investors led by Cenova Capital, the China Money Network reported.

Other investors who participated in the round include Matrix Partners China, Vision Plus Capital and its existing investor, Source Code Capital which contributed a Series A investment closed in June 2016.

Meimai has a coverage across 17 regions in China and offers a number of services such as making appointments, online consultation with doctors, medical record management, grading diagnosis and treatment.

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