Lenovo Health Secures Hundreds of Millions in Series A Funding from Ping An Group and Files for IPO

According to VCBeat (WeChat ID: vcbeat),On October 23, Lenovo Smart Healthcare, a subsidiary of Lenovo focused on healthcare informatization, announced that it had completed an A-round financing worth hundreds of millions of RMB, with Ping An Insurance (Group) Company of China as the investor.

Lenovo Smart Healthcare was established in 2014, with the aim of providing comprehensive business systems and holistic solutions for the informatization reform of large tertiary Grade-A hospitals. Lenovo Smart Healthcare partnered with the First Affiliated Hospital of Wenzhou Medical University to establish the “Wenzhou Medical University–Lenovo Smart Healthcare Research Institute,” jointly pioneering the leading “Wenzhou First Affiliated Hospital Model” for medical informatization in China and setting a benchmark for digital transformation in the healthcare industry.

In 2016, Lenovo Smart Healthcare was spun off from Lenovo Group, becoming one of the first independently operated subsidiaries under Lenovo Capital and Incubation Group (LCIG), and received seed funding from Lenovo. At the outset of the spin-off, it established the goal of developing its own core business systems with independent intellectual property rights, and set up R&D centers in Beijing, Shanghai, and Tianjin.

Based on a deep understanding of the “Healthy China” strategy and comprehensive insights into large Grade-A tertiary hospitals, Lenovo has developed an all-new Lenovo Smart Hospital Integrated Business System. The complete system has been successfully developed and launched, and is currently deployed in multiple large Grade-A tertiary hospitals. Every hospital served by Lenovo Smart Healthcare has received high praise from patients. These hospitals have separately been awarded the title of “Demonstration Hospital for Improving Medical Services” by the National Health Commission of China. Furthermore, the “Zero-Queue New Experience in Medical Services” project won the Gold Award at the Asian Hospital Management Awards. Lenovo Smart Healthcare was also among the earliest participants in the development and formulation of multiple national standards, including the Evaluation Index System for Smart Hospitals, the Guidelines for Application Functions of Hospital Information Platforms, and the Technical Guidelines for Hospital Informatization Construction issued by the National Health Commission of China.

Currently, Lenovo Smart Healthcare primarily provides a comprehensive suite of core software solutions tailored to the operational needs of large Grade A tertiary hospitals. Its main products include: integrated business systems for large Grade A tertiary hospitals; integration platforms for Grade A tertiary hospitals; holistic “Internet Plus” self-service kiosk solutions for Grade A tertiary hospitals; and specialized systems such as Laboratory Information Systems (LIS) and Picture Archiving and Communication Systems (PACS). By leveraging Lenovo Smart Healthcare’s products, hospitals can extend their capabilities to offer online applications—including appointment registration, consultations, and medical visits—through internet hospitals, thereby optimizing existing clinical workflows and delivering public-benefit services. Lenovo Smart Healthcare is an emerging supplier providing products, comprehensive solutions, and services to China’s healthcare information industry.

Lin Lin, Co-founder and CEO of Lenovo Smart Healthcare, stated that Lenovo Smart Healthcare is committed to reconstructing the entire hospital management system using the latest cloud computing development framework and providing a comprehensive suite of core hospital business systems. Our development philosophy centers on patient health management and clinical care services, aiming to optimize hospital operational workflows, enhance institutional capabilities, significantly improve the patient healthcare experience, thereby increasing public satisfaction and driving the transformation of information technology in hospital management across China. Since our establishment two years ago, our achievements have exceeded initial expectations; as we face more rapid growth ahead, we will require greater resource support.

Ping An Group is a globally leading comprehensive financial services conglomerate and one of the Fortune Global 500 companies. Its strategic equity investment has brought not only capital but also valuable resources in key areas of the broader healthcare ecosystem, including banking, commercial insurance, medical insurance, and artificial intelligence. This has created substantial value for the platform expansion and rapid growth of Lenovo Smart Healthcare. By integrating Ping An Group’s resources and expertise in healthcare and related fields, Lenovo Smart Healthcare will jointly explore comprehensive solutions for the informatization of medical institutions, accelerating China’s transition into a new era of smart healthcare.

Robin, Co-Founder and COO of Lenovo Smart Healthcare, stated that Ping An Group’s strategic investment would elevate Lenovo Smart Healthcare’s business development to a new level. He expressed confidence that the company’s layout in core healthcare information systems and its product accumulation would create opportunities for leapfrog growth with the support of Ping An Group’s overall ecosystem strategy.

Jessica Tan, Deputy Chief Executive Officer, Chief Information Officer, and Chief Operating Officer of Ping An Group, stated that Lenovo Smart Healthcare has accumulated invaluable experience and achieved remarkable results over the past two years in the development of core hospital business systems and the provision of informatization services for large Grade 3A hospitals. Ping An Group highly values Lenovo Smart Healthcare’s products, strategic layout, and the overall expertise of its team, as these assets will support Ping An’s strategy and positioning in the technology and healthcare sectors. Ping An Group is delighted to make a strategic equity investment in Lenovo Smart Healthcare and hopes that both parties will work together to forge a “Ping An–Lenovo Path” for the informatization of medical institutions in China.

About Lenovo Smart Healthcare

Lenovo Smart Healthcare was established in 2014 with the aim of providing comprehensive business systems and holistic solutions for the informatization reform of large Grade-A tertiary hospitals. It is a holding subsidiary under Lenovo Capital, specializing in healthcare informatics. Prior to its official incorporation, Lenovo Smart Healthcare had been incubated within Lenovo Group for three years. During this period, in collaboration with its strategic partner, The First Affiliated Hospital of Wenzhou Medical University, it pioneered the innovative “Wenzhou Model” for hospital informatization. Now operating as an independent entity, Lenovo Smart Healthcare is positioned to deliver holistic core business system solutions to healthcare institutions, developed based on novel hospital management concepts. The company is committed to becoming a leader in the healthcare informatics industry, driving sector-wide transformation and thereby elevating the level of healthcare informatization in China.

About Ping An of China

As China’s first joint-stock insurance enterprise, Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) is committed to becoming an internationally leading provider of personal financial and lifestyle services. It has since evolved into a comprehensive financial services group integrating insurance, banking, investment, and other businesses. As of the end of June 2018, Ping An served 179 million individual customers. As of the end of December 2017, the Group’s total assets amounted to approximately RMB 6.49 trillion. Measured by premium income, Ping An Life is the second-largest life insurer in China, and Ping An Property & Casualty is the second-largest property and casualty insurer in the country. Ping An Pension, its subsidiary, is the industry’s first specialized pension insurance company, while Ping An Bank is China’s first joint-stock commercial bank. Investment operations—including trust, securities, and asset management—also constitute important pillars of Ping An’s business. In addition, Ping An has actively expanded its internet finance businesses, such as Lufax, Ping An Good Doctor, Ping An Good Home, One Wallet, and Financial OneConnect, achieving significant growth in both scale and user base. As of the end of June 2018, Ping An’s internet user base reached 486 million.