Yuanxin Technology Raises ￥3 Billion in Series E Funding Round

(VCBeat) Feb. 9, 2021 -- Beijing Yuanxin Technology Co., Ltd. ("Yuanxin Technology") announced today that it has secured 3 billion yuan in a Series E funding round. This is another round of financing in half a year after the completion of the Series D financing in June 2020. 

The latest round was led jointly by Sequoia Capital China and Tencent, with participation from CITIC Securities, CICC Capital, OrbiMed, Qiming Venture Partners, Kunling Capital, Gopher Asset Management and E fund, etc. Index Capital acted as the financial advisor. 

Yuanxin Technology plans to use the funds to improve its service capacity and the company's competitive advantages in internet medical treatment, drug management, health insurance and other fields, and further optimize the services of "doctor-patient-drug-insurance".

Founded in 2015, Yuanxin Technology is headquartered in Beijing. After nearly 6 years of rapid development, it has established four business segments, including Miaoshou Doctor, Yuanxin Medical Technology, Yuanxin Pharmacy and Yuanxin Huibao, and become a leading comprehensive service platform for medical treatment, medication and payment in China.

In terms of medical treatment, Miaishou Doctors and Miaoshou Yiku have more than 1.3 million registered doctors, with average daily visits of 7 million. Yuanxin Technology has completed the construction and operation of online hospitals for more than 200 physical hospitals in China.

As for medication, Yuanxin Pharmacy has covered more than 80 cities and more than 370 first-class hospitals at grade 3 in China by relying on more than 200 hospital-side and self-run DTP pharmacies to provide drug delivery and pharmaceutical services for patients.

Besides, through the analysis of patients' treatment and medication data, Yuanxin Huibao works with insurance companies to provide more accurate and high-quality insurance services, so as to solve the payment problem for patients and provide better medical services for patients. Currently, the number of insured people of Yuanxin Huibao has exceeded 30 million.

Sequoia Capital China, as the "entrepreneur behind entrepreneur", focuses on investment in four directions including technology/media, healthcare, consumer goods/modern services and industrial technology. Over the past 15 years, Sequoia Capital China has invested in nearly 600 enterprises with distinctive technical characteristics, innovative business models, and high growth and development potential.

Founded in Shenzhen, China, in 1998, Tencent is an internet service portal offering value-added internet, mobile, telecom, and online advertising services. The company is well-known for its communications and social platforms Weixin and QQ.