Tencent Leads $36M Series C Round In Chinese Medical Data-Focused AI Start-Up

Synyi, a Chinese artificial intelligence (AI) start-up providing medical data analysis solutions, announced on Wednesday that it has raised RMB250 million (US$36.32 million) in a series C round of financing led by Chinese tech giant Tencent.

Sinopharm Capital, the healthcare-focused private equity arm of state-owned pharmaceutical giant Sinopharm Group, also participated in this round, said Synyi’s angel investor ZhenFund in a statement released on its WeChat official account.

Synyi, formally known as Shanghai Senyi Medical Technology Co Ltd, was founded in April 2016 to focus on developing solutions for the analysis of the medical text. The Shanghai-based company uses natural language processing, machine learning, and data mining technologies to structure and standardize medical-related texts, providing medical big data solutions for medical management, patient services, and clinical research.

"With the popularity of big data and AI technologies, the hospital digitalization will embrace a new era when the digital hospital system will be centered around patients, interconnected, and empowering scientific research, clinical diagnosis and treatment, hospital management, among others," said Jeffrey Li Zhaohui, managing partner of Tencent Investment.

Proceeds will be used to accelerate the exploration and development of comprehensive smart medical solutions and attract more AI and medical talents.

The three-year-old company has so far collected a total of over RMB550 million (US$80.04 million). Synyi raised over RMB100 million (US$14.53 million) in a series B+ round from Chinese venture capital fund Xianghe Capital in November 2018. It also closed RMB100 million in a series B round led by venture capital firm GGV Capital with participation from Sequoia Capital China and ZhenFund in May 2018.

The company completed a RMB55 million (US$8 million) series A round from Sequoia Capital and China Electronic Health Fund in July 2017, and a RMB10 million (US$1.45 million) angel round from investors including ZhenFund and ChinaRock Capital in April 2016.