According to VCBeat, after the D round of financing at the beginning of this year, Medbanks has recently completed its Series D+ financing, of about 1 billion yuan (US$142 million), led by Tencent with participation from investment firm Wu Capital. Existing shareholders Eight Roads Ventures, the investment arm of Fidelity International, F-Prime Capital, IDG Capital, and an RMB-denominated private equity fund launched by subsidiaries of CICC and China Electronics Corporation, also increased investment in the Series D+ round.
Medbanks, fully known as Medbanks Network Technology, provides professional tumor 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 tumor 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 tumors and other diseases in the country.
Relying on the database and entities, Medbanks has cooperated with many pharmaceutical companies to conduct a lot of Real World Research (RWE) and assisted pharmaceutical companies to complete the marketing without clinical trials of new drug and drug indications expansion in innovative ways.
"Investments in the healthcare field require long-term patience and continuous cultivation," said Wu Capital CEO Zhang Yan in a statement.
About Tencent Holdings Ltd. (Tencent)
Tencent is a Chinese multinational conglomerate holding company founded in 1998, whose subsidiaries specialize in various Internet-related services and products, entertainment, artificial intelligence, and technology both in China and globally. Its many services include social network, music, web portals, e-commerce, mobile games, internet services, payment systems, smartphones, and multiplayer online games, which are all among the world's biggest and most successful in their respective categories.
About Wu Capital
Founded in 2013, Wu Capital is a leading Chinese evergreen fund with offices in Beijing, Hong Kong, and Silicon Valley. As the only Chinese LP of many top-tier investment funds based in the US and Europe, Wu Capital has developed a robust portfolio comprised of diverse asset classes, hedging against the risk of global market fluctuations. In addition to its fund-of-fund portfolio, Wu Capital has a portfolio of direct equity investments across the technology, consumer, education, and healthcare sectors.