Lingjian, a China-based SaaS and B2B Trading Platform for Consumer Healthcare, Files IPO Prospectus Following Successful D+ Financing Round

VCBeat (WeChat: vcbeat) has learned that Linkedcare, a consumer healthcare “SaaS + Transaction” platform, recently announced the completion of its D+ round of financing. The investors were CO-WIN Ventures and Gan Jiawei. This round marks Linkedcare’s second fundraising effort this year. In June of this year, Linkedcare had already announced the completion of a $100 million Series D financing round, led by Investcorp, with additional investment from existing shareholders such as Matrix Partners China.

Linkedcare, established in 2015, specializes in the consumer healthcare sectors of dentistry and medical aesthetics. With the goal of driving industry transformation through digital technology, it connects upstream and downstream industry players and ecosystem partners based on its “SaaS+X” model.

In December this year, Linkedcare was honored to be included in the CB Insights 2021 Digital Health 150 (“Digital Health 150: The Digital Health Startups Transforming the Future of Healthcare,” CB Insights Research). This list was curated from more than 11,000 digital health companies across 22 countries worldwide, with only two Chinese companies selected. This further demonstrates that Linkedcare’s “SaaS+X” business model and product innovations have gained international recognition.

In the dental industry, Linkedcare’s “e-Kanya” dental practice management software supports both single-clinic and multi-location group models. It has obtained Level 3 Classified Protection of Cybersecurity from the Ministry of Public Security and dual domestic and international ISO 27001 certification to ensure data security. e-Kanya complies with regulatory requirements for dental institutions seeking public listing, which has become one of the key reasons why over 80% of mid-to-high-end dental chains—including Taikang Bybo Dental, Malo Clinic, Happy Dental, Jinsong Dental, Henglun Dental, Little White Rabbit Dental, Bofan Dental, Beijing Ruicheng Stomatological Hospital, and Huajing Dental—have chosen e-Kanya.

In terms of supply chain, e-Kanya Mall provides dental medical institutions with a SaaS-based warehouse management and one-stop digital supply chain overall solution. Since its establishment, this business has maintained an annual growth rate of over 100%, and has partnered with more than 400 upstream manufacturers to date, offering over 15,000 SKUs to meet the daily procurement needs of dental medical institutions. In addition to routine warehouse management functions such as one-click ordering, one-click inbound processing, batch/expiry date management, and inventory alerts, e-Kanya Mall also enables high-value consumables management and traceability in compliance with UDI requirements, as well as online technical processing order placement, progress tracking, and work order management. This comprehensive approach helps dental institutions reduce procurement costs, improve the efficiency of procurement staff, increase inventory turnover rates, and lower capital occupancy.

eKanya and the eKanya Mall constitute Linkedcare’s dual-wheel drive business model in the dental sector. The eKanya SaaS platform drives rapid GMV growth for the eKanya Mall. Over the past six years, Linkedcare’s high-speed growth in the dental industry has fully validated the success of this innovative business model. This original dual-wheel drive model offers significant advantages over single-software vendors or pure supply chain companies, delivering higher efficiency and greater economies of scale.

As the new infrastructure of the consumer healthcare industry, Linkedcare has connected over 500 technical processing factories, hundreds of thousands of digital devices (such as intraoral scanners, CBCT, panoramic machines, and dental X-ray sensors), and dozens of traffic platforms through its open platform, becoming the industry leader with the most complete supply chain in the dental sector and a customer scale that is far ahead of its competitors.

In the medical aesthetics industry, Linkedcare’s YueRong Medical Aesthetics SaaS increased its R&D investment in 2021, achieving a 150% year-on-year performance growth compared to 2020. As a result, Linkedcare YueRong Medical Aesthetics SaaS has become a leading SaaS provider in the medical aesthetics sector. In response to relevant policies, Linkedcare YueRong has intensified its R&D efforts in clinical and quality control functionalities, supporting a range of smart clinical system features, including Level-4 electronic medical record (EMR) accreditation and electronic signatures.

Wu Zhijia, Founder and CEO of Linkedcare, stated, “Linkedcare was honored to complete two rounds of financing this year, thanks to the recognition from over 40,000 partners in the dental and medical aesthetics sectors for our products and services, including the e-Kanya Dental SaaS software, the e-Kanya Mall digital supply chain, the Linkedcare YueRong Medical Aesthetics SaaS software, Linkedcare Academy, and our Open Platform. We will continue to fully leverage technologies such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI) to enhance industry chain efficiency, helping dental and medical aesthetics institutions increase revenue, mitigate risks, reduce costs, and improve operational efficiency.”

Cai Weiliang, Partner at CO-WIN Ventures, stated: “As a pioneer in the consumer healthcare industrial internet, Linkedcare is highly regarded by CO-WIN Ventures for its ‘SaaS+X’ model, which helps dental and medical aesthetics institutions achieve online, digital, and intelligent operations. The company continuously empowers these institutions with smart clinical practices, digital management, intelligent marketing, and intelligent operations, emerging as a phenomenal industry leader in the consumer healthcare sector.”

Following this round of financing, Linkedcare will strengthen its coverage and service capabilities in lower-tier markets. In 2022, the company plans to establish regional service teams in more third- and fourth-tier cities, significantly expanding its coverage area and scale to solidify its leading position in the industry. The company will also continue to enhance its supply chain capabilities, scaling its SKU count to over 30,000. In addition to its Shanghai warehouse, Linkedcare expects to add warehouses in Beijing, Guangzhou, Wuhan, Chengdu, and other cities in 2022, extending its reach to more dental institutions. Furthermore, the company will increase investment in product research and development to continuously improve the product strength of its e-Kanya (e-Dentist), e-Kanya Mall, and Linkedcare Yuerong Aesthetic Medicine SaaS software. To bolster platform construction and AI R&D capabilities, Linkedcare has established a deep learning algorithm team. Committed to deepening its industry engagement, Linkedcare will gain insights into the needs of the upstream and downstream value chain. Leveraging its robust connectivity capabilities, the company aims to create value for 400,000 dentists and practitioners, over 40,000 clients, and more than 400 upstream and downstream partners, while accelerating its global expansion.

CO-WIN Group (hereinafter referred to as “CO-WIN”) was established on June 26, 2000, and is among the first batch of professional private equity investment firms in China. With over 21 years of investment management experience, the firm manages assets exceeding RMB 30 billion, has invested in more than 500 companies, and facilitated the listing of nearly 100 portfolio companies. As a leading domestic brand, CO-WIN is a professional investment institution distinguished by its long operational history and consistently outstanding returns.

CO-WIN Venture Capital leverages industrial chain investment as its entry point, focusing on emerging industries and specializing in sectors such as healthcare, technology, information, and consumption. By maintaining a prudent investment strategy, CO-WIN deeply uncovers hidden champions, supports innovation and entrepreneurship, and fully serves the real economy. Upholding the philosophy of being “a companion to startups and a guide for great enterprises,” CO-WIN is committed to progressing and growing alongside founders and entrepreneurs with an open mindset, serving as a “super partner” to businesses.