YuanXin Tech, a portfolio company of INCE Capital, recently announced the closing of its Series E funding at 3 billion yuan. Only six months ago in June 2020, the company completed its Series D funding which INCE Capital participated in. This Series E funding is jointly led by Sequoia Capital China Fund and Tencent and followed by CITIC Securities, CCIC Capital, OrbiMed, Qiming Venture Partners, Kunling Capital, Gopher Asset Management, and E Fund. Index Capital acts as the exclusive financial advisor of this round of financing.
YuanXin Tech will use the funds to further enhance its service capacity, improve its competitiveness in Internet healthcare, drug administration management and health insurance, and further consolidate its “Doctor-Patient-Drug-Insurance” ecological service advantages.
Established in 2015 and headquartered in Beijing, YuanXin Tech has built four business units of MiaoShou Doctor, YuanXin Medical Technology, YuanXin Pharmacy, and YuanXin HuiBao, making it a leading comprehensive service platform integrating medical advice seeking, drug administration and payment in China. Relying on its deep insights into the medical industry, YuanXin Tech has developed innovative medical treatment channels and divided them into three scenarios of “medical advice seeking, drug administration and payment”. In terms of medical advice seeking, MiaoShou Doctor and MiaoShou MediCool have more than 1.3 million registered doctors and receive daily visits of 7 million, and YuanXin Medical Technology has completed the construction and operation of Internet hospitals for over 200 physical hospitals around China; as for drug administration, YuanXin Pharmacy has covered over 370 Grade III Level A hospitals in more than 80 cities through its over 200 next-to-hospital pharmacies and self-operated DTP drugstores, providing drug delivery and pharmaceutical services for patients; regarding payment, YuanXin HuiBao has rolled out excellent insurance guarantee with more accurate coverage together with insurance companies based on its analysis of the treatment and drug administration data of patients, through which it can provide patients with accurate medical and pharmaceutical services. The insurance now covers over 30 million people.
As noted by He Tao, Founder and CEO of YuanXin Tech, a huge market with a potential of trillions is to be explored as the state has continually issued policies on healthcare and medicine in recent years and structural changes are happening to how patients seek medical advice, take medicine and make payment. Over the last six years of development, YuanXin Tech gained strong support from many partners and received great recognition from the government, investors and the industry. We believe that only by providing more professional services can we achieve long-term and sustainable development in the industry. We will continue to put users first, remain true to our original goal, constantly consolidate our “Doctor-Patient-Drug-Insurance” services, keep a rapid development pace, and join hands with our partners to build new infrastructure for digital payment for medical treatment and drugs, in an effort to develop more accurate, efficient, scientific, coordinated, and safer healthcare.