China: Xiang He Capital invests in GGV-backed medical AI startup Synyi

Artificial intelligence photo by Reuters

Synyi, a Shanghai-based provider of artificial intelligence-powered medical data solutions, has secured an undisclosed amount in its Series B+ funding round led by Beijing-headquartered venture capital firm Xiang He Capital.

The announcement, posted on Synyi’s website, did not disclose the amount of Xianghe’s investment, the sole investor in the round, but said the fresh funds bring its total funding to date to more than Rmb300 million ($43.3 million).

Its Series B round in May raised Rmb100 million from GGV Capital, Sequoia Capital China, and ZhenFund. Synyi also raised Rmb55 million in its Series A round in April 2017, backed by CEC Data Capital and Sequoia Capital China.

Established in 2016, Synyi develops big data-driven application for medical research, healthcare, and patient services.

On its website, the company said it harnesses natural language processing technology to structure and standardize medical related texts, including lexical analysis, syntactic analysis, semantic analysis, structured expression, and standardized mapping, kept by many Chinese hospitals.

The firm was founded by Zhang Shaodian, who completed his PhD in biomedical informatics from Columbia University. It integrates experts in areas such as artificial intelligence, medicine, medical informatics, and medical informationisation.

Commenting on the investment, Xiang He’s co-founding partner Hesong Tang said medical care is a huge market in China, worth tens of billions, and that Synyi possesses the capabilities and technology to make it big in the market.

“We are very optimistic about the development prospects of Synyi… the team at Synyi is very good, the strategic goals of the decision-making level are clear, and the overall technical strength of the team is strong,” he said in the statement in Chinese.

Xiang He Capital is a venture capital fund focusing on early and growth stage investments AI and TMT industries in China. Last year, the firm led a $30-million Series B financing round in Hong Kong-headquartered on-demand delivery company Lalamove.

Since its inception, Xiang He made 11 investments, with five of them as lead investor, and has made one exit so far, which was iQiyi, a Chinese ad-supporting TV and movie portal providing fully-licensed, high-definition media content.

Its portfolio includes Sensors Data, DataCanvas, Infervision, Ezcarry, Kuaikan Manhua, and Zuoyebang.

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