China-based AllinMD Orthopaedics Hospital has snagged $100 million in a Series B round of financing led by healthcare-focused Sheares Healthcare Group that is wholly-owned by Singaporean sovereign wealth fund Temasek Holdings.
The investment claimed to be one of the largest deals in China’s internet healthcare industry also saw the participation of Tencent Holdings and Shanghai-based investment company Trustbridge Partners, according to a recent statement on the WeChat official account of China Renaissance, which advised on the deal.
AllinMD was founded in 2013 by Liu Zhengrong, a former Chinese investor and a cancer survivor. Leveraging big data and artificial intelligence (AI) technologies, the company operates a healthcare platform that automatically matches doctors with relevant expertise based on profile uploaded by registered patients.
The platform also helps patients arrange follow-up online and offline treatment, and provides doctors with online medical training services. The company has so far connected over 150,000 doctors and more than 170,000 hospitals with patients.
The six-year-old company plans to use the proceeds to integrate resources and expand its connections with the offline medical network. The company will also optimize its diagnosis and treatment services, and further promote the systematic education to help nurture high-quality doctors.
AllinMD raised an equity investment from Chinese private equity company Beijing Wedo Capital Management in August 2018. The company also closed $27.7 million in a Series A+ round from investors including Trustbridge Partners and Zhejiang Jinke Culture, a Chinese firm that manages intellectual property products. In January 2016, Trustbridge Partners invested $10 million in its Series A round.