Qiming Venture Partners and Legend Capital have led a RMB100 million (US$14.5 million) series B round in Qiang Sen International Community Medical (QSICM), a community clinic franchise operator based in Xianyang city in Shaanxi province.
The establishment of widely available community healthcare service centers will help lower patient numbers at big public hospitals, which have been over-stretched and flooded by patients, says Ouyang Xiangyu, a managing director at Legend Capital.
Founded in 2014, QSICM currently operates over 20 clinics in Xi’an and Chengdu, and plans to expand to 35 clinics at the end of the year. It wants to open 1,000 clinics nationwide eventually.
“QSICM is an explorer of basic healthcare services in Chinese cities. Its strategy is in accordance to state strategy to creating a multi-layer healthcare services system and a network of community healthcare centers,” said Hu Xubo, a partner at Qiming.
QSICM completed a pre-A from Chinese venture firm Divine Capital in April 2015, and a series A round from Divine Capital and Legend Capital in June 2016. No financial details were disclosed for those two rounds.
QSICM clinics feature departments including internal medicine, pediatrics, gynecology, stomatology, laboratory, ultrasonography and electrocardiography. The company plans to use the latest proceeds to expand its network of clinics, improve medical services and increase promotion.