Tongxin Medical Alliance Completes Series D Funding Led by CICC Kangrui to Expand Third-Party Imaging Centers and Imaging Consortium

VCBeat (WeChat ID: vcbeat) has learned that in January 2018, Tongxin Yilian announced the completion of its fourth round of financing, led by the CICC Kangrui Healthcare Industry Fund. Liu Weiqi, CEO of Tongxin Yilian, stated that the funds from this round will be primarily used to deploy third-party imaging centers and imaging medical consortia across China, as well as to establish a healthcare service alliance.

Dr. Liu Fan, Partner at CICC Kangrui, the lead investor in this financing round, stated: “As healthcare reforms deepen and national policies and standards are successively introduced, the legal status of third-party diagnostic institutions—particularly third-party medical imaging centers—has been firmly established, laying the foundation for the rapid development of independent medical imaging centers in China. Driven by macro-level policy support, Tongxin Yilian has distinguished itself in the third-party imaging center market by leveraging its comprehensive service capabilities, including technology service platforms, operational service platforms, and expert resource platforms. By deeply engaging with every segment of the medical imaging service industry chain through both online and offline channels, its business logic aligns with the essence of healthcare services. Its innovative business model effectively addresses the imbalance between supply and demand for imaging resources in regional healthcare settings, improves the operational efficiency of medical resources, and enhances convenience for patients. In doing so, it has explored a replicable new operational model that contributes to the optimization and upgrading of China’s healthcare system and accelerates the development of tiered diagnosis and treatment. Therefore, we are optimistic about Tongxin Yilian’s business model and future prospects. We will continue to foster synergistic development between Tongxin Yilian and other projects invested in by CICC Kangrui, gradually building an ecosystem of healthcare services to provide better medical care to the public.”

In its early stages, Tongxin Medical Alliance first integrated medical resources and established an online platform for scheduling diagnostic examinations. Later, it developed a cloud-based imaging platform, set up multiple imaging centers, and built an imaging-focused medical alliance to promote tiered diagnosis and treatment. Li Ming, a partner at Legend Star, commented, “Although innovation in the healthcare sector remains challenging, there is indeed rigid demand from patients and issues with the allocation of medical resources. By leveraging an internet-based medical alliance model and corresponding technological solutions, Tongxin Medical Alliance has optimized the allocation of medical resources, yielding initial positive results. As the earliest institutional investor in Tongxin Medical Alliance, Legend Star has witnessed its exploration and growth, and remains firmly optimistic about its future development.”

Sophmind currently operates nearly 200 partner imaging centers across 11 provinces and municipalities in China, having served over 200,000 patients. Through its remote diagnostic services, the company has accumulated hundreds of thousands of patient imaging datasets, laying the foundation for future AI-assisted diagnosis. Xing Cheng, Investment Director at Legend Capital, stated, “Over the past few years, the Sophmind team has immersed itself in the frontline of the market, pioneering a new model for third-party medical imaging development that best aligns with the current healthcare needs in China. Legend Capital has long been optimistic about the growth of third-party services in the healthcare sector. Having successfully invested in KingMed Diagnostics, the leading enterprise in China’s third-party medical testing industry, we also believe that Sophmind has the potential to become a benchmark company in China’s third-party medical imaging field.”

While laying out its network of third-party imaging centers, Sophmind has integrated healthcare into the development of smart cities, partnering with healthcare enterprises to jointly build a shared medical ecosystem. Lin Cui, Vice President of Matrix Partners China, commented: “Sophmind is pioneering the sharing economy in the healthcare industry. The high barriers and mismatched distribution of medical resources present both challenges and opportunities for entrepreneurs. Weiqi is also a person full of contradictions and surprises, driven by lofty ideals. I believe he is both a challenger and a conqueror. We participated in the Series B financing round and led the Series A round, continuously increasing our equity stake. We firmly support the company’s development, and we thank Weiqi for allowing us to witness his gradual realization of the vision to transform the healthcare services industry.”