QuanYu Medical Secures RMB 700 Million Series B Funding with National Capital Backing to Advance Intelligent Radiotherapy Platform

VCBeat (WeChat ID: vcbeat) has learned that Beijing Quanyu Medical Technology Co., Ltd. recently completed its Series B financing round, raising RMB 700 million. The round was led by CICC Capital Management Co., Ltd., a wholly-owned subsidiary of China International Capital Corporation Limited, with participation from investors including the CEC Health Industry Fund and Shanghai Jinpu Jianfu Equity Investment Management Co., Ltd.

This funding round marks the first time state-owned capital has invested in a platform-based enterprise specializing in tumor radiotherapy, setting a new record for the largest single financing transaction in this sector. Currently, Quanyu Medical has become China’s largest platform-based enterprise in the field of oncology radiation therapy, characterized by state-capital guidance, non-state controlling ownership, market-oriented operations, and professionalized management.

Photo of Shan Junbao, Managing Director of China International Capital Corporation Limited, and Cheng Zheng, President of Quanyu Medical, Signing the Agreement

This round of financing will be primarily used to build a comprehensive smart radiotherapy demonstration hospital, with the construction and operational services of an intelligent radiotherapy system at its core. It aims to strengthen informatization, integrate all links among industry, academia, research, and clinical practice, and enhance the intelligence and standardization of cancer treatment. By deeply integrating radiotherapy resources and acting as a pioneer under the guidance of national healthcare reform policies, we will establish a precision radiotherapy medical consortium platform. This initiative will create a replicable and scalable new service model for tumor radiotherapy, empowering radiotherapy institutions at all levels. It will help improve the technical service capabilities and efficiency of radiotherapy units, particularly those at the grassroots level, thereby achieving the goal of “major diseases treated within the county.”

Sun Deyi, Co-founder and Executive President of Quanyu Medical, stated that the proceeds from this financing round will be allocated to three areas:

First, leveraging the strengths of leading oncology hospitals both domestically and internationally, we will strengthen the development of research-oriented cancer hospitals and independent imaging centers that integrate advanced technologies, products, and service philosophies.

Second, leveraging the innovative research institution Global Oncology One under the MD Anderson Cancer Center in the United States and the R&D team of Vayyar Medical, we will strengthen the application of artificial intelligence technology in physicians' treatment protocols and physicists' radiotherapy planning;

Third, improve the quality control platform for tumor radiotherapy, strengthen innovative exploration of the service system, and empower grassroots tumor radiotherapy units. In this process, All-Domain Medical will focus on exploring the business and service ecosystem chain for tumor diagnosis and treatment, actively connect with high-quality medical resources in the industry, and continuously collaborate and integrate resources with new technologies, products, and services in the field.

Sun Deyi believes that core technology is key for any enterprise. In the radiation therapy industry, a comprehensive quality control system benefits patients. Beyond quality control, it is particularly crucial to continuously optimize AI-based target delineation and radiotherapy planning grounded in big data. This is especially important given the shortage of radiation oncologists and medical physicists in China. Such technology significantly empowers radiation oncologists and medical physicists, enabling patients to receive expert treatment plans comparable to those offered by provincial cancer hospitals, as well as top-tier institutions like the MD Anderson Cancer Center and the National Cancer Center/Cancer Hospital of the Chinese Academy of Medical Sciences, at the time and cost associated with primary care visits. This greatly benefits the 4.29 million newly diagnosed cancer patients each year.

Chen Daoguang, Co-founder and Vice President of Quanyu Healthcare, stated, “As a service-oriented enterprise specializing in the healthcare vertical, Quanyu Healthcare must continuously adapt to changes in policy direction, customer needs, and technological advancements amid the rapid development of the broader healthcare and wellness industry. Building on our long-accumulated corporate strengths, we continuously integrate and fuse new concepts and technologies to establish an extensive and professional platform system for our partners, providing Total Solutions that efficiently enhance the homogenization and accessibility of advanced technologies. By leveraging a business model based on the sharing economy and risk-sharing, we rapidly capture market share and benefit grassroots cancer patients, with revenue and profits driven by our rapidly iterating service capabilities and the swift expansion of our depth and breadth.”

Chen Daoguang believes that there are three reasons why investors have injected capital into Quanyu Medical. First, Quanyu Medical has been consistently dedicated to the field of oncology diagnosis and treatment. Choosing this sector based on years of experience has provided the company with a prerequisite for development. Second, high market sensitivity, strong capital management capabilities, innovation capacity, and an experienced team serve as important guarantees for Quanyu Medical’s growth. Most importantly, the company is not content with its current capabilities but continuously pursues more precise medical technologies and innovative models, making it an enterprise capable of self-upgrading and transformation.

Kang Shigong, Co-founder and Vice President of Global Oncology One, stated, “Since the launch of mdaccAutoPlan in 2012, the Global Oncology One laboratory, established in collaboration with The University of Texas MD Anderson Cancer Center, has been deeply committed to the field of AI-powered radiotherapy. It is fair to say that we are among the few companies in the healthcare industry that have genuinely applied AI technology to clinical treatment and achieved tangible results. At this stage, we are also conducting focused research and development on several highly valuable technical aspects of radiotherapy practice, including AI-based contouring, AI-driven plan evaluation, and AI-predicted quality control.”

According to Kang Shigong, the radiotherapy cloud platform pioneered by Quanyu Medical ranks first in China in terms of the number of actual user institutions. Its inclusion as a key project under the Ministry of Science and Technology’s National Key R&D Program further attests to the recognition of its technological and R&D capabilities. In this regard, Quanyu Medical is leveraging support from multiple government bodies, including the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Health Commission, to advance the development of the technical platforms essential for deepening innovative service models in radiotherapy. Quanyu Medical’s unique software expertise in the field of radiotherapy, combined with research initiatives and industry-academia-research collaborations, has led to the development of specialized radiotherapy tools such as ARPlanner, which have already secured numerous orders and gained widespread recognition from hospitals. With continuous user adoption and feedback, the system is poised to establish a significant competitive advantage within the industry.

In terms of foundational informatics for radiation therapy, Quanyu Medical collaborates with numerous industry vendors to seamlessly integrate the information systems of radiation oncology and oncology departments with the hospital’s overall IT infrastructure, thereby connecting the relatively complex systems used in oncology with the hospital’s large-scale enterprise systems. This approach not only addresses the current shortcomings of many healthcare IT vendors in oncology-specific solutions but also provides departments with more convenient and comprehensive oncology informatics products. As national standards and related initiatives are effectively implemented, the company will continue to contribute to the advancement of oncology-focused healthcare informatics across China.

As an investor in this round, Liu Senlin, project lead at CICC Capital, stated, “In international comparisons, China’s penetration rate for tumor radiotherapy is significantly lower than the global average, with insufficient radiotherapy capacity being a key factor contributing to this disparity. Against the backdrop of the national government’s active promotion of tiered diagnosis and treatment policies and the uneven distribution of medical resources in China, Quanyu Medical has developed a platform-based solution for tumor radiotherapy services by integrating high-quality resources from various stakeholders and leveraging modern technological approaches, starting from the core essence of radiotherapy services. This approach explores a scalable and replicable new model that empowers every link in the radiotherapy service chain, thereby enhancing the overall level of tumor radiotherapy in China. We are optimistic about Quanyu Medical’s development model and will fully mobilize CICC’s high-quality resources to provide long-term support for Quanyu Medical’s future growth.”

Li Shifeng, Chairman of CEC Data and Managing Partner of the CEC Health Industry Fund, stated, “Under the guidance of the National Health Commission, CEC Data was established by China Electronics Corporation (CEC) as the national team for the development of the health and medical big data industry. CEC Data exerts efforts from multiple perspectives, including technology, platform construction, and industrial investment. As a crucial capital link in CEC Data’s ecosystem layout, the CEC Health Industry Fund focuses on investing in areas radiating from the health and medical data industry, such as Fintech, Biotech, artificial intelligence, and next-generation internet technologies. We are optimistic about the operational model and market potential of Quanyu Medical. As an important strategic investment by the CEC Health Industry Fund in the field of radiotherapy, Quanyu Medical will receive not only financial support but also business-level empowerment leveraging our advantages as the national team in health and medical big data. Both parties will cooperate to expand data coverage in the oncology specialty, accelerate the reach of tumor radiotherapy, and engage in comprehensive collaboration in extending the entire system of tumor diagnosis and treatment and providing AI-driven solutions for oncology care.”

Fan Yin, President of Jinpu Health Services, stated in an interview: “Cancer has become a major disease seriously threatening human health, with 70% of cancer cases requiring radiation therapy. In China’s primary healthcare settings, patients struggle to receive precise radiation therapy locally due to equipment shortages or inadequate quality control, posing severe threats to their health. Innovative technologies developed by Quanyu Medical, such as Precision Cloud Radiotherapy and ARPlanner, have effectively addressed the critical challenges in grassroots cancer radiation therapy. These solutions align perfectly with current investment hotspots and policy priorities, including precision medicine, artificial intelligence, ‘Internet + Healthcare,’ remote consultations, tiered diagnosis and treatment, and medical consortia. The Quanyu Medical team is the most professional and experienced oncology radiation therapy service team we have ever encountered, and we are confident in its future development. Jinpu Health Services has been committed to investing in specialized chain medical services and primary healthcare. Quanyu Medical represents a significant addition to our investment portfolio, and we look forward to a successful partnership.”

Cheng Zheng, Founder and President of Quanyu Medical, concluded by stating, “We are delighted to partner with state-backed capital funds and renowned private equity firms in the industry. Over the past few years, Quanyu Medical has experienced rapid growth. This financing round will help further enhance our platform capabilities, better empower radiotherapy services at medical institutions of all levels, and secure more sustainable long-term development. Staying true to our original mission, Quanyu Medical is committed to improving the radiotherapy service capabilities of healthcare institutions. We will strive tirelessly to realize our vision of ‘enabling Chinese cancer patients to access internationally advanced oncology diagnosis and treatment services 20 years earlier,’ so that more patients can achieve recovery ‘thanks to Quanyu.’”

QuanYu Medical is committed to enhancing the radiotherapy capabilities of medical institutions at all levels across China. By continuously integrating internet technologies with precision radiotherapy, it has developed radiotherapy products and service models tailored to China’s specific conditions. In 2017, QuanYu Medical successfully secured a project under the National Key R&D Program titled “Development and Application Research of the ‘Precision Cloud Radiotherapy’ System—A Novel ‘Internet+’-Based Service Model for Tumor Radiotherapy.” Through collaborative efforts among industry, academia, research, and clinical partners, the company has refined comprehensive radiotherapy solutions, established an innovative service model for tumor radiotherapy, and empowered radiotherapy units at all levels.

In the realms of big data and artificial intelligence (AI), Quanyu Healthcare and the CEC Health Industry Fund are jointly advancing the collection, organization, and application of oncology big data. Meanwhile, the company has invested in two AI enterprises and, leveraging its big data infrastructure and machine learning technologies, is co-developing AI-driven radiotherapy products with institutions such as Beihang University and The University of Texas MD Anderson Cancer Center, thereby effectively enhancing radiotherapy quality and overall efficiency.

By integrating resources from various stakeholders, Quanyu Medical has established a precision radiotherapy medical consortium platform to implement the national policy on tiered diagnosis and treatment. This enables patients at the grassroots level to access expert diagnostic and therapeutic services from top-tier hospitals within county-level medical institutions, thereby reducing their healthcare burden and achieving the goal of “managing serious illnesses within the county.” Yinchuan First People’s Hospital leverages the Quanyu Precision Cloud Radiotherapy Collaboration System to conduct internet-based remote consultations and multidisciplinary team (MDT) discussions, providing diversified support for the hospital’s oncology diagnosis and treatment services. Relying on Quanyu’s technologies, Chongqing Municipality has built a “one network, one chain” cancer prevention and control system, establishing a complete regional collaborative service chain for diagnosis and treatment. It has achieved remarkable results in implementing tiered cancer care, with its model receiving full affirmation from the National Health Commission.

Currently, Quanyu Medical has established strategic partnerships with 526 medical institutions across China and provided comprehensive solutions to 72 hospitals, thereby creating an intelligent radiotherapy medical consortium platform that connects top-tier hospitals, such as the University of Texas MD Anderson Cancer Center in the United States and the Cancer Hospital of the Chinese Academy of Medical Sciences, with grassroots radiotherapy units.

The Global Precision Cloud Radiotherapy System provides comprehensive services, including quality control, collaboration, and training, to partner hospitals. It offers quality control network access services to the radiotherapy quality control centers in 21 provinces, municipalities, and autonomous regions across China. The data collection and management for radiotherapy quality control, supported by Global Medical technology, have significantly improved quality control efficiency and reduced costs. National supply-side reforms in radiotherapy, based on regional cloud-based quality control operations, have become routine.