HaiXin Zhihui Completes $B1$ Funding Round, Secures RMB 400 Million Within a Year to Build Digital Patient Management Ecosystem

VCBeat (WeChat: vcbeat) has learned that on February 22, 2022, Zhejiang Haihui Technology Co., Ltd. (hereinafter referred to as “Haihui”), a leading intelligent service platform in the field of oncology diagnosis and treatment in China and a provider of full-course disease management services for cancer patients, announced the completion of its Series B1 financing round, with an amount reaching hundreds of millions of RMB.This financing round was led by the renowned fund Qiming Venture Partners, with existing shareholder Hepei Investment participating as a co-investor, and ROBE CAPITAL serving as the exclusive financial advisor.

The proceeds from this financing round will be used to further accelerate the development of our talent pipeline, intensify efforts to recruit more senior industry experts, continuously enhance our oncology intelligent services business line, and expand commercialization pathways.

Li Yingyun, Founder and CEO of Haihui, stated, “A team with exceptional professional expertise and a patient-centric mission is the foundation of Haihui’s growth and its ability to serve more patients. Haihui will fully commit to building an oncology clinical whole-course service team that sets an industry benchmark, deeply cultivating various oncology specialties. In collaboration with the Chinese Society of Clinical Oncology (CSCO), we aim to establish a network in China dedicated to serving the vast population of cancer patients, ensuring that accessible, comprehensive, and high-standard treatment takes root across the country. Haihui will also maintain its consistent R&D investment; in addition to the rapid iteration of our own products and service systems, we will carry out the development and registration of products related to whole-course oncology management. With strong support from both existing and new shareholders, and empowered by this round of funding, Haihui is poised to reach new heights.”

Notably, this marks the second financing round completed by Haihui within a single annual cycle. In just one year, Haihui has secured two rounds of funding totaling nearly RMB 400 million. What kind of market sector and team have generated such appeal? Let us explore this together.

Cancer has long been a major challenge plaguing humanity, often referred to as the “top threat” to human health. In recent years, cancer incidence rates in China have remained persistently high. According to World Health Organization data, China recorded 4.57 million new cancer cases in 2020, making it the country with the highest number of new cases globally.

With the advancement of medical technology, the survival period of cancer patients is rapidly extending. The concept of “coexisting with cancer,” encapsulated by the statement that “early-stage tumors are curable, while late-stage tumors will ultimately become manageable chronic diseases,” was frequently cited by Chinese clinical experts at last year’s Clinical Oncology Conference. A consensus is gradually forming around the trend of treating cancer as a “chronic disease.” Meanwhile, as our understanding of the pathogenesis and mechanisms of tumorigenesis remains incomplete, cancer prevention and treatment continue to evolve at a rapid pace. A decade ago, chemotherapy was the predominant approach to tumor treatment; today, however, clinical practice offers a wide array of options, including early cancer screening, targeted therapy, immunotherapy, and the latest CAR-T cell therapy, among many others.

Such rapid technological innovation poses greater challenges for healthcare professionals: how can they keep pace with the academic frontiers both domestically and internationally, accurately grasp the latest advances in clinical research as well as the newest drugs and treatment modalities, and apply them to the most suitable patients?

China has been striving to establish a more modernized and standardized diagnosis and treatment service system. Globally, healthcare institutions place particular emphasis on accelerating the standardization of cancer therapy.

The CSCO AI-Powered Clinical Decision Support System, jointly developed by Haihui Technology and core experts from the Chinese Society of Clinical Oncology (CSCO), serves as an optimal tool to assist physicians in delivering standardized treatment. A comprehensive intelligent clinical decision support system operates as follows: patients upload various medical diagnostic materials via a mobile application; the AI automatically generates diagnostic and therapeutic recommendation reports, which are then submitted to senior experts for review and feedback; subsequently, the AI model undergoes continuous closed-loop training based on the experts’ review outcomes.

By leveraging the comprehensive knowledge system of a knowledge graph, we build an AI-based intelligent platform for the full-course management of oncology patients, enabling out-of-hospital, end-to-end patient care. This creates a win-win scenario for all stakeholders: hospitals improve overall survival rates and ward turnover efficiency; patients achieve longer survival times and better quality of life; and pharmaceutical companies enhance their patient support capabilities through data empowerment and integration with digital platforms, thereby facilitating precision diagnosis and treatment as well as precise rehabilitation support.

Currently, Haihui has established an intelligent, full-course management platform for oncology. Leveraging an industry-leading team with robust digital product development capabilities and extensive experience in product implementation, Haihui integrates the latest domestic clinical guidelines for cancer diagnosis and treatment with artificial intelligence through “Internet + Intelligence” technologies. This has resulted in the creation of a pioneering intelligent, full-course oncology management platform tailored to the current landscape and unique characteristics of clinical practice in China.

Haihui’s core product portfolio and services encompass four key segments: CSCO AI, digital therapeutics, clinical new drugs, and content operations.

CSCO AIBy the Chinese Society of Clinical Oncology (CSCO) deeply empowers and provides brand endorsement to comprehensively enhance the standardization of diagnosis and treatment among oncologists;Digital Therapeutics: Achieving Full-Course Out-of-Hospital Management via an Intelligent Case Management Platform; Clinical New Drug BusinessForIntelligent and digital clinical research services deliver higher added value; content operations, meanwhileYesBuilding a comprehensive content platform for precision community services.

By leveraging standardized treatment decisions aligned with the latest CSCO guidelines, collaborative treatment plan management between physicians and patients, precise and comprehensive intelligent patient education services, accurate and reliable assessment and monitoring of adverse reaction risks, and timely and effective management of abnormal conditions, this patient-centered approach provides a one-stop, whole-course management service encompassing diagnosis, treatment, rehabilitation, education, and care. It delivers an irreplaceable, comprehensive solution for the whole-course management of cancer, enabling clinicians and patients to achieve greater clinical benefits with minimal effort.

Meanwhile, Haihui has established a real-world data (RWD) service system for oncology, founded on compliant data and precise matching. This system supports clinical research by physicians, providing comprehensive assistance ranging from treatment to research. To date, in collaboration with the Chinese Society of Clinical Oncology (CSCO), Haihui has covered more than 30 provinces and autonomous regions across China, serving tens of thousands of physicians and benefiting hundreds of thousands of patients. In addition to improving outcomes for cancer patients, Haihui has played a positive and effective role in facilitating physician professional development, accelerating the implementation of tiered diagnosis and treatment, enabling two-way referrals, and strengthening specialized oncology care capabilities.

After four years of dedicated development, Haihui has achieved significant breakthroughs in technology, products, and services, laying a solid foundation for building the new infrastructure of future oncology diagnosis and treatment, and has received widespread acclaim from the industry. In 2021 alone, Haihui was honored with multiple awards, including being selected as an enterprise under the “5050 Plan” for High-Level Talent Innovation and Entrepreneurship in Hangzhou High-Tech Zone (Binjiang), winning the championship in the inaugural Post-Consultation Disease Management and Digital Therapeutics Innovation and Entrepreneurship Competition, and being named one of the “Top 30 Global Future Medical Technology Innovation Enterprises” at the 2021 World Innovation Awards.

As a corporate member of the Chinese Society of Clinical Oncology (CSCO) and its sole officially designated AI strategic partner, Haihui Technology has gained widespread recognition since its inception by continuously achieving breakthroughs and innovations in technology, products, and services. In just four years since its establishment, the company has completed four rounds of financing. Looking ahead, Haihui Technology is committed to leveraging technological advancements to continually enhance oncologists’ capabilities in cancer diagnosis and treatment, enabling more patients to benefit from standardized care and comprehensive disease management. Guided by its corporate mission to “help cancer patients live longer and better,” the company strives to build an inclusive service platform that will serve a broad base of physicians and patients in the future landscape of oncology care.

Notably, this marks the second financing round completed by Haihui within a single year. At the end of 2020, Haihui closed its Series A financing, raising nearly RMB 200 million from prominent industrial investors including Wedo Capital, CCB International, and Lingcheng Venture Capital. Over the following year, driven by exceptional execution capabilities, the company’s business development far exceeded expectations. This rapid growth has garnered strong favor from the capital market, enabling Haihui to complete two financing rounds totaling nearly RMB 400 million in just one year. We have invited Haihui’s investors to share their insights and expectations regarding the company’s business operations:

Hu Xubo, Managing Partner at Qiming Venture Partners, stated:Patient-centered refined management will become an integral part of clinical treatment, and AI-driven digital empowerment makes it feasible to extend such refined management to all patients, holding significant implications for clinical care. Headquartered in Binjiang District, Hangzhou, Haixin currently focuses on oncology. By deeply integrating medical expertise with technological R&D, the company provides industry-leading products and services. We are pleased to join other investors in investing in Haixin, jointly creating long-term value in standardized cancer treatment, patient management, and new drug development.

Hepei InvestmentSun Bing stated:Cancer patients face significant challenges in accessing medical care. Overburdened physicians are unable to thoroughly understand each patient’s condition and needs, leaving patients without adequate follow-up care and guidance after discharge. Meanwhile, pharmaceutical companies struggle with prolonged R&D cycles for new drugs due to difficulties in timely patient recruitment. These realities represent the current status and pain points of oncology treatment—a heartbreaking truth.Guided by the original aspirations of benevolence and universal love, a group of young entrepreneurs founded Haixin (Zhejiang Haihui Technology Co., Ltd.). Leveraging AI technology, they built a foundational oncology knowledge graph and developed numerous tools. Demonstrating strong cross-disciplinary learning capabilities, the team created an AI-powered intelligent diagnosis and treatment system to standardize clinical practices among primary-care physicians. They also established a platform to support patient recovery and communication, providing personalized, whole-journey services for every patient. This has significantly improved patients’ quality of life and reshaped industry-wide management capabilities. Based on these achievements, we made our first investment in Haixin in 2019.Over the past two years, the team has not ceased innovating; instead, it has continuously deepened its service offerings. Pioneeringly, Haixin launched on-the-ground tracking services provided by case managers, extending its service reach to the frontline of end-to-end doctor-patient interactions. This initiative has greatly enhanced physicians’ work efficiency, improved the doctor-patient communication platform, and redefined the doctor-patient relationship. With rapid growth in consumer-side users, every participant in the industry ecosystem has benefited from technological innovation.As services deepen further, Haixin will provide more comprehensive and attentive support to patients, physicians, and pharmaceutical companies. Accordingly, we have increased our investment in this round. We hope Haixin will stay true to its original mission: serving patients and making life more dignified.

Wang Leilei, Partner at Wedo Capital, stated:China sees over four million new cancer cases annually, with a prevalent population exceeding twenty million. Behind these figures lie countless suffering lives and distressed families. Data from The Lancet indicates that the five-year survival rate for cancer patients in China is 40.5%, compared to 67.7% in the United States and 68.8% in Japan. This disparity stems from multiple factors, two of which are critical: the heterogeneous quality of oncology diagnosis and treatment across the country, and the lack of comprehensive whole-course disease management for patients. Since its establishment, Wedo Capital has been seeking an exceptional entrepreneurial team capable of addressing these challenges. In 2020, we discovered Haixin. After completing more than 50 hours of due diligence within just six weeks, we were overwhelmed with joy and excitement. The Haixin team possesses first-class strategic vision, exceptional execution capabilities, top-tier cross-disciplinary learning abilities, and advanced AI and internet product development skills that deliver disruptive advantages. Most importantly, it is a team of integrity and strong values. They have built a foundational oncology knowledge graph and developed a series of tools by integrating artificial intelligence with internet technologies. These tools enhance efficiency across all stages in the oncology vertical, providing physicians with intelligent auxiliary diagnosis and treatment support as well as full-process patient management services. This helps primary care physicians improve standardized diagnosis and treatment practices, while offering patients a one-stop, integrated management service covering diagnosis, treatment, and rehabilitation both inside and outside hospitals, thereby establishing a robust closed-loop system. In the year following our investment, Haixin rapidly iterated its products, business model, and organizational structure at a pace exceeding expectations. It has initially established a vertical platform model, with its rapidly growing base of physicians and patients, along with high user stickiness, demonstrating the value Haixin creates for both ends of the spectrum. We look forward to Haixin’s products and services being adopted by more oncologists and patients in the future, truly achieving the goal of helping cancer patients live longer and better lives, thereby benefiting numerous patients and their families.

Yang Danning, Partner at ROBE CAPITAL, stated:Leveraging its advanced CSCO AI system, Haihui Technology empowers physicians to devise the most scientifically rigorous, personalized treatment plans for oncology patients. Through a comprehensive case management framework, the company ensures that medical services seamlessly cover both in-hospital and out-of-hospital treatment and rehabilitation, thereby maximizing patient therapeutic benefits. Since its inception, the company has steadfastly upheld a patient-centric corporate value proposition, collaborating with hospitals, pharmaceutical and medical device companies, commercial insurers, and other stakeholders to build an integrated, patient-centered healthcare service ecosystem, which has driven exponential growth in commercial value. We are honored to have participated in Haihui Technology’s financing round and remain committed to supporting the company as it continues to forge ahead.

Qiming Venture Partners, established in 2006, has set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages ten U.S. dollar funds and six RMB funds, with total assets under management reaching $6.2 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in sectors such as TMT and Healthcare. To date, Qiming Venture Partners has invested in more than 430 high-growth innovative enterprises, among which over 170 have achieved exits through listings or mergers on exchanges including the New York Stock Exchange, NASDAQ, Hong Kong Stock Exchange, Taipei Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange. Additionally, more than 40 portfolio companies have become industry-recognized unicorns or super unicorns.

Hepei Investment was established in 2014 and holds licenses for both private equity investment funds and private securities investment funds. As a member of the Asset Management Association of China, it has built a robust professional investment and research management team with expertise in smart logistics, biopharmaceuticals, TMT, consumer goods, and cultural tourism and entertainment. Leveraging strategic synergy between primary and secondary markets, Hepei Investment vigorously develops its equity investment and securities investment management businesses, with assets under management nearing RMB 5 billion.

Wedo Capital is a dynamic venture capital firm specializing in early-stage investments in the healthcare sector. It focuses on cross-disciplinary applications of cutting-edge technologies, such as biotechnology and artificial intelligence, in medicine, aiming to achieve more precise, efficient, and intelligent diagnostic and therapeutic solutions driven by technological advancements, as well as business model innovations enabled by these technologies. The Wedo team leverages extensive industry experience and medical resources to provide dedicated support throughout the growth journey of its portfolio companies, delivering comprehensive empowerment at every stage and committed to helping entrepreneurs “bridge the gap from vision to realization.”

ROBE CAPITAL, established in 2017, is a boutique investment bank specializing in healthcare and life sciences. Its business portfolio encompasses financial advisory, direct investment, industry consulting, and innovation incubation. The founding team hails from leading private equity firms, financial advisory agencies, management consulting companies, and vertical healthcare media outlets. Since its inception, ROBE CAPITAL has consistently completed double-digit private financing and M&A transactions annually, with a cumulative transaction value approaching RMB 10 billion. In terms of value-added services for enterprises, the ROBE CAPITAL team boasts extensive industry expertise. In 2020, the ROBE New Healthcare Fund was launched and has since invested in more than ten leading companies within the sector.