Yimai Sunshine Secures Hundreds of Millions in Series C Funding to Accelerate Expansion Across the Medical Imaging Value Chain

VCBeat (WeChat: vcbeat) has learned that on July 5, 2019, RIMAG Medical Imaging Hospital Group (“RIMAG”) successfully completed the signing with the lead investor of its Series C financing round and the first tranche of closing.

Led by PICC Equity Investment, this funding round saw the remaining investors and investment amounts to be announced sequentially upon completion. CICC, Huajing Securities, and Guojin Securities, three long-term capital market partners, provided financial services for this round. It is understood that, to date, this is the largest investment received by an independent third-party healthcare startup in China.

Founded in Shenzhen in October 2014, RIMAG is a pioneer of non-public medical business models in China’s medical imaging sector. After more than four years of investment, development, and steady operations, RIMAG now operates nearly 80 offline medical imaging centers, has built the “RIMAG Cloud” platform hosting tens of millions of imaging records, and established a Medical Imaging Academy that has trained over 1,000 imaging physicians, technologists, and nurses. The financing secured in this round will be continuously invested into the deep integration of key elements, including the operation of medical imaging centers, talent development, and technological R&D.

It is understood that following its Series C financing round, RIMAG will not only continue its selective expansion in high-quality markets but also concentrate more resources, including human and financial capital, on refining operations at its existing nearly 80 imaging centers. The company will intensify talent development efforts by implementing diverse management and professional skills training programs tailored for imaging center directors, radiologists, operations teams, technologists, and nursing staff. Meanwhile, RIMAG will strengthen quality control management to establish standardized systems for imaging scan and diagnostic data within the organization. These measures aim to lay a solid foundation for accumulating imaging big data and integrating it with artificial intelligence, thereby facilitating the convergence of medical services and data services.

"In addition, following the completion of this financing round with PICC, RIMAG will engage in in-depth discussions with PICC on integrating imaging big data with health management and insurance services. The two parties aim to design health management products that are highly dependent on medical imaging examinations (such as health management for individuals at high risk of cardiovascular and cerebrovascular diseases) and integrate them with insurance services. This collaboration will truly create a powerful synergy between RIMAG’s strengths in the medical imaging sector and PICC’s advantages in the insurance industry, enabling mutual empowerment and complementary benefits."

Mr. Hu Gang, CFO of RIMAG, stated, “The lead investment in RIMAG’s Series C financing rounds by insurance capital with a long-term investment philosophy—particularly by PICC, an insurer with a prominent industry position—demonstrates recognition of RIMAG’s steady and compliant development over the past four years. Investment and business synergy from PICC will inject stronger momentum into RIMAG’s growth.”

Mr. Wang Shihe, Founder and Chairman of RIMAG, stated, “In the current capital winter, RIMAG’s securing of equity investment led by PICC demonstrates that the company’s past performance, deep industry engagement, strategic layout, and future growth prospects have been recognized by the capital market, further underscoring RIMAG’s position and value within the industry.”

Mr. Zhang Lingjia, President of PICC Equity, stated: “First, we are optimistic about the RIMAG team led by Chairman Wang Shihe, which has accumulated extensive experience and technical expertise in the construction and operation of independent medical imaging centers. Second, RIMAG’s inclusive healthcare model—leveraging its presence in first-tier cities as a foothold to extend high-quality medical resources to grassroots medical institutions—aligns with China’s hierarchical diagnosis and treatment system and resonates with PICC’s concept of a ‘convenient healthcare’ ecosystem. Third, we are optimistic about the future prospects of integrating RIMAG’s offline network with its online ‘RIMAG Cloud’ platform, where offline sites will serve as data traffic entry points for AI-assisted diagnostic training. This integration will enable us to provide offline diagnostic and remote image interpretation services to PICC’s extensive insurance customer base, paving the way for joint exploration of new insurance product and service models.”

This round of financing will accelerate RIMAG’s business expansion across the entire medical imaging industry chain. By empowering the entire industrial value chain with its core capabilities, integrating advantageous resources to foster win-win collaboration, cultivating specialized teams, and incubating numerous partners, RIMAG aims to ultimately build a “Medical Imaging Service Platform” that serves the entire medical imaging industry. Furthermore, RIMAG will increase its investment to deeply mine existing imaging data and regional projects, leverage data-driven services, establish a more comprehensive operational management system, strengthen brand advantages, and provide users with more reliable, high-quality products.

PICC Capital Equity Investment Co., Ltd. (“PICC Equity”) is the sole insurance private equity fund investment and management platform under the People’s Insurance Company (Group) of China Limited (“PICC Group”). It is a wholly-owned subsidiary of PICC Group, held through PICC Capital Investment Management Co., Ltd. PICC Equity initiated and established the PICC Health and Elderly Care Industry Investment Fund, with a total size of RMB 3 billion, which primarily invests in equity interests and assets of high-growth, high-quality companies in the elderly care, health, and medical sectors.

Series C Financing Partners

China International Capital Corporation (CICC) is China’s first Sino-foreign joint venture investment bank. Since its establishment in 1995, CICC has been committed to providing clients with comprehensive, high-quality financial value-added services. Leveraging its profound expertise in economics, industry dynamics, and laws and regulations, along with premium client service, CICC has repeatedly received prestigious awards such as “Best Investment Bank in China,” “Best Sales Service Team,” and “Most Influential Research Institution” in selections by domestic and international media.

Huajing Securities Co., Ltd. is a national, multi-license securities company approved by the China Securities Regulatory Commission (CSRC). In November 2016, Huajing Securities officially commenced operations in Shanghai. Its business scope includes securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities asset management. Its joint-venture shareholder is a wholly-owned subsidiary of China Renaissance Holdings Limited. As a leading financial institution serving China’s new economy, China Renaissance had helped clients successfully complete over 930 transactions—including initial public offerings (IPOs), mergers and acquisitions (M&A), and private financing—with a total transaction value exceeding US$136 billion by the end of 2018. The assets under management (AUM) of its private equity funds amounted to nearly US$4.1 billion. In 2018, China Renaissance was successfully listed on the Main Board of the Hong Kong Stock Exchange.

Sinolink Securities is a listed, comprehensive securities firm (stock code: 600109) characterized by high-quality assets, a lean and professional team, and outstanding innovation capabilities. It boasts a complete securities business system centered on investment banking, securities brokerage, proprietary trading, and asset management. Sinolink Securities holds controlling interests in Sinolink Futures, Sinolink Fund, Sinolink Dingxing Investment, and Sinolink Innovation Investment, providing clients with comprehensive securities and financial services. In recent years, Sinolink’s investment banking division has vigorously expanded its healthcare and medical services, achieving remarkable results. From 2017 to 2018, it completed eight initial public offerings (IPOs) in the medical industry, securing a leading position in the sector. The firm has been consecutively recognized by New Fortune and the People’s Daily–International Financial News as the “Best Investment Bank in the Healthcare and Medical Industry” and the “Pioneer Investment Bank for Medical Industry IPOs,” among other accolades.