Venture capital firm GGV Capital has led a RMB100 million (US$15.7 million) series B round in Shanghai-based artificial intelligence-powered medical data solutions provider Synyi.
Existing investors including Sequoia Capital China and Zhen Fund also participated in the round, according to GGV’s announcement on its official WeChat account.
Synyi focuses on processing medical data to serve smart medical systems. It uses natural language processing technology to structure and standardize medical related texts, including lexical analysis, syntactic analysis, semantic analysis, structured expression, and standardized mapping.
"Synyi is an important step for our AI medical investment," said Foo Jixun, managing partner at GGV Capital, "Synyi’s solution improves efficiency in clinical research and will be an important step for precision medicine and AI medical in the long run."
The firm will use the proceeds of the round to invest in medical natural language processing, medical data governance, machine learning. The firm was founded in 2016 by Zhang Shaodian, who completed his PhD in biomedical informatics from Columbia University.
Last April, the firm raised a RMB55 million (US$8.6 million) series A round from Sequoia Capital China and China Electronics Health Fund, a fund established by China Electronics Corporation Data (CEC Data).
In 2016, it raised tens of millions of RMB from Zhen Fund, ChinaRock Capital Management and Shulan Health.