Yunhu Technology, an internet platform for primary medical service in China, has raised RMB220 million (US$30.73 million) in a series pre-B round of financing for its industrial internet service platform "Me Health+."
The latest round was led by Chinese venture capital firm ZWC Ventures, with participation from returning investors China Creation Ventures (CCV), BioTrack Capital and Cash Capital.
Yunhu Technology, fully known as Hangzhou Yunhu Network Technology, was founded in 2017 in southeastern China’s Hangzhou city. It started as a mobile medical testing platform that provides pregnancy, genetic, and male pre-pregnancy chromosome testing services. The platform provides high-speed delivery of samples to labs and then transfers the results and analysis to a cloud-based platform to allow clients to view their results immediately.
The company’s "Me Health+," a software as a service (SaaS)-based platform oriented toward local medication institutions, aims to open up industrial information occlusion grassroots through primary medical inspection services. Yunhu Technology claimed to have connected more than 150,000 local medical institutions across 25 provinces in China.
"We have noted that China has a grassroots market covering nearly 800 million population whose great demand in basic medical services still remains untapped," said ZWC Ventures cited by Chinese online publication 36Kr.
Proceeds of this round will be used for the in-depth operation of "Me Health+" and the expansion of offerings. The company will also use the proceeds to strengthen professional education and customer transformation, increase research and development investment, and improve the infrastructure construction of the supply and logistics system.
The company previously raised tens of millions of yuan in a series A+ round led by China Creation Ventures in March 2019. It also closed RMB38 million (US$5.66 million) in a series A round from Cash Capital and BioTrack Capital in 2018, after it raised a series pre-A round from Vision+ Capital and Morningside Venture Capital in 2017.