AI Chronic Disease Management Platform Synapsor Secures Tens of Millions in New Funding Round Led by Xiaomi, with Continued Support from Source Code Capital
Synapsor, an AI-powered chronic disease management platform, has recently completed a new round of financing amounting to tens of millions of US dollars. Led by Xiaomi Group, with participation from Shunwei Capital and Source Code Capital, the raised funds will be allocated to the research and development of core products and algorithms, capacity expansion, and business expansion in both overseas and Chinese markets.
Previously, Shennapus secured tens of millions of RMB in angel-round funding from Source Code Capital. In the latest financing round, not only did Xiaomi Group and Shunwei Capital join forces as new investors, but existing shareholder Source Code Capital also continued to increase its stake. By 2021, Shennapus had completed cumulative financing totaling nearly RMB 100 million.
According to statistics from the National Health Commission, China has entered a period of high incidence of chronic diseases.The number of patients with chronic diseases in China has approached 300 million.with the number of patients increasing year by year, at an annual increment of approximately 10 million. The Outline of the Healthy China 2030 Planning identifies reducing premature mortality from major chronic diseases as one of its key indicators, requiring the implementation of a comprehensive strategy for chronic disease prevention and control, with the goal of achieving health management for chronic diseases across the entire population and throughout the life course by 2030.
Artificial intelligence and medical-grade wearable devices offer vast market potential and a wide range of application scenarios in the AI-driven management of chronic diseases.According to IDC’s “China Wearable Device Market Quarterly Tracker Report, Q4 2020,” shipments in China’s wearable device market reached nearly 110 million units in 2020, representing a year-on-year increase of 7.5%. Meanwhile, evidence-based AI can help usher in a new era of proactive chronic disease management through forward-looking early warnings, risk assessment, alerts and alarms, active interventions, and personalized management recommendations.
In the current market for wearable AI medical devices, US companies and their products dominate. Although their technology is advanced, the high prices make them unaffordable for mass-market consumers in China. By independently developing everything from deep-learning algorithms to hardware, Shennapus aims to leverage its industry-leading algorithmic technology and R&D strengths in sensors to mass-produce affordable, accessible wearable AI medical devices.
Meanwhile, leveraging hardware-collected data, Shennapus employs evidence-based AI to provide early warnings for patients in critical situations, effectively reducing the risk of sudden adverse events in daily life. The smart terminal aggregates and analyzes monitoring data in the cloud, generates reports, and pushes them to patients’ family members and physicians, thereby facilitating more efficient communication among doctors, patients, and families.
Dr. Wang Zhihua, Founder and CEO of Shennapus, earned his Ph.D. from the Department of Computer Science at the University of Oxford and his Master’s degree from the Department of Engineering (Electrical and Information Engineering) at the University of Cambridge, possessing a highly specialized interdisciplinary academic background. He has published more than ten papers in top-tier journals related to electronics and artificial intelligence. Professor Andrew Markham, his doctoral supervisor at Oxford, has also joined Shennapus’ R&D team as a core advisor.
Dr. Wang Zhihua stated, “The name ‘Synapsor’ is a fusion of the English words ‘synapse’ and ‘sensor,’ symbolizing Synapsor’s two core technological domains: neural networks and biosensors.”We are committed to helping more doctors and patients by providing the most optimal and cost-effective high-tech medical products, establishing a standardized management mechanism for chronic diseases, with the future goal of serving 50% of chronic disease patients across China in health management.”
To achieve this goal, Shennapus has rapidly assembled a highly sophisticated, multidisciplinary research and development team within just over two years of its establishment. The team comprises top-tier master’s and doctoral talent from prestigious institutions such as the University of Oxford, the University of Cambridge, the University of California, Tsinghua University, and many other leading Chinese universities designated as “Double First-Class” institutions. Currently, R&D personnel account for more than 70% of the company’s workforce, with individuals holding master’s or doctoral degrees comprising over 50% of this group.
Zhang Xingchen of Source Code Capital statedIn the near future, smart wearable devices are poised to surpass smartphones in market scale. The niche that Beijing Shennapus Artificial Intelligence Technology Co., Ltd. has been deeply exploring—integrating wearable devices with artificial intelligence algorithms—is destined to become a major industry trend. In the field of AI-driven healthcare, China has long lagged significantly behind European and American companies in terms of technology. This gap is most evident in the suboptimal medical experiences for Chinese patients with chronic diseases across pre-diagnosis, during diagnosis, and post-diagnosis stages, as well as the lack of continuous monitoring and risk warning outside hospital settings. As a result, the average life expectancy of chronic disease patients in China is at least five years shorter than that of their counterparts abroad. This sector features substantial technical barriers to entry. The decision to partner with Shennapus stems from the founding team’s technological advantages in this domain.
Li Jianbin, Managing Partner of the Strategic Investment Department at Xiaomi Group, stated, Xiaomi’s mature smart supply ecosystem can strongly support Beijing Shennapus Artificial Intelligence Technology Co., Ltd. in establishing and refining its industrial chain. We hope that the company’s products will reach the mass market with greater efficiency, providing assistance to healthcare seekers worldwide through affordable hardware solutions. Meanwhile, Xiaomi will continue to closely monitor the in-depth development of wearable devices in the health and medical sectors.