Led by Yidu Cloud Technology Company Ltd., the value is reported to be in ‘tens of millions’
China’s diabetes management platform Weitang announced on Monday that it has raised ‘tens of millions USD’ in a Series B round led by Yidu Cloud Technology Company Ltd, a Beijing-based solutions provider for Big Data analytics in healthcare.
Feng Yanfei, CEO of Weitang, claimed that the number is currently the largest amount ever raised by a diabetes management application.
Previously, the startup had secured RMB4.5 million (US$734,000) in angel investment from Ameba Capital and Wu Jiong, executive director of Guahao.
IDF Diabetes Atlas estimates that almost nine per cent of China’s population is diabetic, leading to the rise of startups aiming to provide solutions to manage the disease, such as Hongkong-based Gather Health. The company recently raised US$2 million seed funding from angel investors in the US, Europe, and India.
Also Read: How a competitive market is transforming China’s on-demand services
China’s e-health industry is expected to grow to US$110 billion by 2020 from US$3 billion in 2014, according to a report by Boston Consulting Group.
“Digital healthcare revolutionises every party involved in the healthcare industry chain. Patients can enjoy better quality health service anywhere, anytime. Doctors can have wider access to medical information, and their value can also be better represented in this digital age,” said Xia Xiaoyan, Managing Director of The Boston Consulting Group, as quoted by CCTV.
Even tech giants such as Baidu, Alibaba and Tencent are getting into the industry.
Baidu has signed a strategic partnership with mobile healthcare service provider EZTcn.com, while Alibaba launched the Cloud Hospital initiative in April to promote partnerships between medical centres in the country. Alibaba also has online healthcare service provider Alijik.com.
As for Tencent, it has signed strategic agreement with Guangdong Biolight Meditech Co. Ltd. and invested in US-based Scanadu.
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