Singapore’s Temasek Holdings and Beijing-based Taikang Asset Management have co-led a $60-million Series C2 round for Orient Speech Therapy (OST), a Chinese firm that provides speech and autism therapy for kids.
The new financing is the second tranche of OST’s $83-million Series C round. In February, the firm raised $23 million in a Series C1 round led by Chinese healthcare-focused investment firm Cenova Capital, with participation from returning investors including Northern Light Venture Capital (NLVC) and Long Hill Capital.
It closed $25 million in a Series B round in December 2017. The firm’s Series A round, completed in 2015, was backed by Eight Roads and its sister fund F-Prime Capital.
OST was co-founded in 2007 by Edward Yiu after he met a child with cerebral palsy who had received no therapeutic support for her speech issues. Yiu partnered with co-founder Cindy Cui, a certified rehabilitation psychologist, to build the venture that claims to have served more than 200,000 children to date.
With 45 therapy centres across cities such as Beijing, Shanghai, and Shenzhen, OST delivers a set of systematic and tailored programmes for Chinese children with speech impediments and autism to help improve their learning abilities and day-to-day living skills. It currently employs over 1,200 professional rehabilitation therapists.
After the completion of the Series C2 round, OST will continue to expand its nationwide network of therapy centres, increase investment in the R&D of therapist training courses, and forge wider cooperation with academic institutions at home and abroad.
The firm is looking to grow into an online and offline platform that also offers remote diagnosis and treatment solutions to reach more children in need.
“As our next step, OST will focus on the organic integration of new-generation technologies, such as big data and AI, with therapist-led clinical practices,” said Yiu, founder and group CEO, in a statement.