Zhiyun Health Snags $144M in its Series C+ and Series D Financing

According to equalocean.com, Zhejiang-based medical online platform Zhiyun Health, announced it has carried out a combined of funding round of Series C+ and D, worth 1 billion yuan (equivalent to US$142 million). Whereas its funding round C+ was led by China Merchants Bank subsidiary CMB International, with participation from investment firm Oriental Patron and South-Korean based venture capital LB Investment, round D was led by China US-headquartered venture capital firm SIG SUSQUEHANNA, Beijing-based data center CEC and existing investor Samsung electronics.

So far, the company has been through nine financing events. Among them, six disclosed funding rounds were worth more than 2 billion yuan (equivalent to over US$ 280 million).

Founded in 2014 by Kuang Ming, a graduate of Cambridge University, Zhiyun Health offers a one-stop online health management service. The company has developed an app allowing patients to record and track their health data and obtain advice from the program, while doctors can gain data in visualized form and make treatment adjustments according to a patient's current status.

The app also provides an oriented and personalized diabetes program for diabetic patients to easily monitor and manage their blood glucose data. Moreover, it offers extra services, including advice on medication, diet, exercise and online shopping malls. 

In addition to the business of chronic disease management, Zhiyun health is also trying to extend its service by cooperating with insurance companies, pharmaceutical companies and industry associations. Kuang Ming said that this is of great significance to those three parties. For insurance companies, cooperation can ensure the health of customers in the short term and reduce the overall loss rate. For pharmaceutical companies, it can directly help them improve R&D efficiency of clinical trials. This kind of service is now being commercialized, he said.

CMB international is a comprehensive and professional financial institution based in Hong Kong. Relying on China Merchants Bank's strength and its social reputation, CMB International provides Hong Kong listing sponsor and underwriting, placement of listed companies and rights, financial advisory, bond issuance services, asset management, direct investment, wealth management, stock sales and trading and other financial services.

Since its foundation in 1996 as a venture capital firm, LB Investment has always been known as one of the best and most active fund managers in Korea. The company has repeatedly received the A+ grade since the Small and Medium Business Administration (SMBA) started VC evaluation. LB opened its Shanghai office in 2007 and has expanded its investment area into growth equity (PEF) since the implementation of the capital market act.