Youmai Technology Secures Tens of Millions in Series A Funding to Build a Closed-Loop Internet Medical Service Ecosystem for Dermatology
Is “Internet + Healthcare” Facing a Capital Winter? In Fact, Capital Has Been Seeking an “Exit,” and Deeply Vertical Model Exploration Has Become the Favorite.
VCBeat (WeChat ID: vcbeat) has learned that Umai Technology, an internet healthcare company specializing in dermatology, recently completed a Series A financing round worth tens of millions of RMB. The round was led by Hongsheng Capital, with Yuanxin Technology (Miaoshou Doctor) participating as a co-investor.
“Dermatology diagnosis and treatment possess a natural advantage in the Internet space, and skin health management services based on smart hardware have established a clear path toward building a closed-loop ecosystem in this vertical sector,” said Cai Zhongxi, Founding Partner of Hongsheng Capital.
Youmai Technology was founded in September 2015, with its core business encompassing online education for dermatologists, artificial intelligence systems for dermatology, and the development of internet-based information systems.
Youmai Doctor APP is the first product launched by Youmai Technology at its inception, positioned as an online learning and collaboration platform for dermatologists. The platform currently boasts over 30,000 users, covering more than 90% of dermatologists across China.
The concept of intellectual property (IP) in the internet sector has proven consistently effective, and this holds true for dermatologist learning platforms as well. Since its launch over three years ago, the Youmai Doctor APP has not only provided online education through numerous leading experts in dermatology but also enabled a large cohort of “branded physicians” to demonstrate their expertise by publishing columns and hosting live streams. It is precisely through this interactive process of teaching and learning that the platform has steadily increased user stickiness.
It is worth noting that industry organizations such as the Dermatology Branch of the Chinese Medical Doctor Association, the Society of Dermatology and Venereology of the Chinese Medical Association, and the Dermatology and Venereology Committee of the China Association of Integrative Medicine are all close partners of the Youmai Doctor APP. Supporting these professional societies in conducting education for grassroots physicians represents the most tangible manifestation of Youmai Platform’s original commitment to “serving China’s dermatology community.”
While focusing on providing online services for dermatology clinical practice, education, and research, the Youmai Doctor APP also offers digital marketing solutions to enterprises in the dermatology sector, including pharmaceutical and medical device companies specializing in dermatological conditions, as well as medical aesthetics and cosmetics firms.
Artificial intelligence (AI) is another key focus area for Umai Technology. In March 2018, Umai Technology, in collaboration with the Chinese Skin Image Database (CSID), launched Youzhi AI, the first artificial intelligence–assisted diagnostic tool for skin tumors in Asian populations. After several rapid iterations, this AI-driven dermatology product under Umai Technology can now diagnose more than 50 skin conditions, achieving an overall diagnostic accuracy of 81% and a 91% accuracy rate in differentiating between benign and malignant skin tumors.
In simple terms, Youzhi AI is an intelligent diagnostic tool comprising both software and hardware components, including the Youzhi Dermatology mobile application, a cloud-based dermatological image analysis and management system (hereinafter referred to as Cloud MIIS), and a professional handheld dermatoscope. The three primary functions of Youzhi AI are to assist dermatologists in improving diagnostic accuracy, establishing comprehensive patient medical records, and generating specialized reports on skin conditions.
Chang Jiang, Founder and CEO of Youmai Technology, stated, “AI-powered products will serve as powerful assistants to dermatologists, particularly those at the primary care level.”
In April 2018, the General Office of the State Council issued the “Opinions on Promoting the Development of ‘Internet Plus Healthcare’,” which explicitly called for advancing Internet-plus-artificial intelligence application services, making AI a hotspot in the healthcare sector. At the beginning of 2019, Health News released the Top Ten Medical Science and Technology News Stories in China for 2018, with “Artificial Intelligence Driving Rapid Advances in Medicine” emerging as one of the focal points. According to reports, “In 2018, numerous research institutions and enterprises in China, such as Baiyang Intelligent Doctor Cloud Platform and Umai Doctor, played significant roles in multiple areas including computer-aided diagnosis and treatment of tumors, medical image recognition, biotechnology, and drug development.”
“Opportunities in the left hand, challenges in the right. ‘The difficulty of implementation is a challenge collectively faced by current medical AI products. The dermatology sector, however, enjoys an “innate advantage.” It is precisely the morphological and imaging characteristics underlying skin diseases that provide ample scope for the full application of image recognition technology. Therefore, AI in dermatology is not merely a promise for the future but is already progressively moving toward maturity,’ stated Chang Jiang. ‘The service model formed by integrating AI products with cloud-based management systems and hardware such as dermoscopes will assist dermatologists in carrying out clinical diagnosis and treatment, with the goal of serving millions of primary healthcare institutions across China.’”
Currently, Youzhi AI has been implemented in nearly 100 primary healthcare institutions.
In 2019, Youzhi AI aimed to achieve a “modest goal”—the intelligent diagnosis of common skin diseases. Within Umai Technology’s strategic layout, leveraging artificial intelligence to support primary care diagnostics is merely the first step; the subsequent direction is intelligent skincare.
Concurrently with the completion of this round of financing, Youmai Technology finalized the launch of the Miaoyou Skincare APP, developed in partnership with Miaoshou Doctor, China’s largest professional medication management platform. “It is essentially an internet hospital for dermatology, providing a one-stop solution for patients’ needs in seeking medical care and obtaining prescriptions,” explained Chang Jiang. “We aim to create a closed-loop ecosystem for consumer-facing services, ensuring that every skin condition receives the most appropriate solution, including online consultations, medication delivery, and intelligent disease management.”
In the competitive landscape of internet healthcare, intelligent solutions may well be one of the key pathways to success. “By integrating smart hardware with online software to serve the vast consumer market, we are moving toward an inevitable future for intelligent skin management—a future that is both visible and not far off.” According to Chang Jiang, consumers will be able to use a mobile app at home to clearly understand their real-time skin health status, including the presence of any skin conditions, skin type characteristics, and comparisons with historical records, while also receiving instant intelligent analysis and personalized recommendations.
“Leveraging technological innovation to improve skin health”—this corporate mission statement is prominently displayed on the walls of Umai Technology’s office. Currently, the Umai Doctor APP is collaborating with the Chinese Society of Investigative Dermatology (CSID) to advance certification and assessment in dermatological imaging capabilities, while the research, development, and iterative optimization of Youzhi AI continue unabated.
“As a company deeply specialized in a specific industry, our business is one centimeter wide and one kilometer deep. Dermatologists need better content products for online learning, companies in the dermatology sector urgently require online solutions for related services, and skin health services based on smart hardware represent a clearly visible future—all of these are areas worth our dedication.” Chang Jiang and his partners have always been embarking on new journeys.
[About Hongsheng Capital]
Hongsheng Capital is an investment management company primarily focused on the integration of pharmaceuticals and the internet, healthcare investments, and investments in new information technologies and products. The company is committed to providing founders of healthcare startups with extensive industry experience and strategic guidance, offering portfolio companies access to a vast healthcare network, and building bridges for strategic cooperation between these companies and authoritative industry institutions. Dedicated to optimizing the allocation of medical resources, improving the operational efficiency of healthcare institutions, and promoting the generation of maximum economic and social benefits within the healthcare and pharmaceutical industries. The company strives to become the investment management group with the best performance and brand influence in the healthcare sector.