Tencent backs Chinese healthcare portal DXY in $500M round – TechCrunch

DXY, a 20-year-old on-line healthcare neighborhood for Chinese language customers and healthcare organizations like Pfizer, introduced this week that it has raised $500 million in its Collection E spherical led by non-public fairness agency Trustbridge Companions.

Existing backer Tencent and Hillhouse Capital’s early-stage focused GL Ventures additionally participated within the spherical, which lifted the agency’s complete funding to over $680 million so far. DXY’s earlier buyers embody Xiaomi founder Lei Jun’s Shunwei Capital, Legend Capital and DCM.

The corporate began out as a knowledge-sharing platform for medical doctors and has over time added a consumer-facing facet by bringing wellness recommendation and medical session companies to the general public, that’s, steps that sufferers can take at house earlier than having to go to the hospital.

Because the pandemic took maintain, hospitals and folks world wide rushed to shift their actions on-line, spurring demand for healthcare apps. DXY responded swiftly and was among the many first in China to introduce a real-time COVID-19 tracker at first of the outbreak.

At the moment, healthcare organizations can even use DXY as an promoting channel, a studying platform in addition to a recruiting web site, methods for the corporate to generate income.

Since its inception, the location has attracted some 130 million customers, greater than 9,000 medical establishments, and 50,000 medical doctors who’ve offered on-line session. The platform has a present consumer base of 20 million and counts Eli Lilly, Pfizer, and AstraZeneca amongst its main purchasers.

DXY plans to spend its new proceeds on buttressing the 2 pillars of its enterprise — assist for healthcare professionals and companies for customers. It is going to achieve this by strengthening cooperation with hospitals, client items enterprises and pharmaceutical firms, together with collectively funding R&D in merchandise or new client purposes.

On the patron entrance, the corporate faces some sturdy opponents in China together with the likes of SoftBank-backed Ping An Good Doctor, Alibaba Health, JD Health, and WeDoctor, which can be backed by Tencent.

The article is up to date on December 29, 2020 with extra particulars on the funding.

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