Beijing-based oncology database platform Medbanks has secured about 1 billion yuan ($142 million) in a Series D+ round of financing led by Tencent with participation from investment firm Wu Capital.
Medbanks’s existing shareholders Eight Roads Ventures, the investment arm of Fidelity International, F-Prime Capital, which invests in healthcare and technology firms, Boston-born IDG Capital, and an RMB-denominated private equity fund launched by subsidiaries of CICC and China Electronics Corporation, all poured money into the Series D+ round, the company announced in a statement on Wednesday.
The new investment came after Medbanks closed 400 million yuan ($57 million) in a Series D round this January. Tencent and the aforementioned shareholders as well as Chinese alternative asset management firm CDH Investments participated in the previous round.
Medbanks, fully known as Medbanks Network Technology, provides professional tumour database, clinical research support, patient community, pathology intelligent classification system, and other services. It develops intelligent diagnosis and treatment systems, as well as comprehensive solutions to improve the level of tumour diagnosis, treatment, and the efficiency of doctors’ clinical work.
The five-year-old company has set up branches in Guangzhou, Beijing and Shanghai, delivering services to clinical research bases, biotechnology enterprises, and pharma companies in China and worldwide. The firm has a business network spanning 30 provinces in China. It also operates in over 70 specialty pharmacies to offer drugs for the treatment of tumours and other diseases in the country.
Investments in the healthcare field require “long-term patience and continuous cultivation,” said Wu Capital CEO Zhang Yan in the statement.