Former DXY CTO Feng Dahui's NoCode Raises RMB 25M in Angel Round to Challenge Baidu Health

Feng Dahui, Founder of Wuma Technology

According to VCBeat, Wuma Technology announced today that it has secured RMB 25 million in angel-round financing, with the funds already received. Feng Dahui is a legendary figure in the IT industry and formerly served as the CTO of DXY, a renowned healthcare website. After leaving DXY in 2016, Feng had been planning his entrepreneurial venture, focusing on medical search.

Five months ago, in November 2016, Feng Dahui, former CTO of the DXY.cn website, announced on his WeChat public account that his startup had been officially registered under the name “Wuma Technology.”

In fact, the angel round of financing was secured in December 2016; it took Wuma Technology only one month from its establishment to close this angel funding round.

According to Feng Dahui’s personal self-media account, “Xiaodao Xiaoxi” (WeChat ID: WebNotes), this round of financing totaled RMB 25 million. It was led by InnoAngel Capital, with participation from Falcon Venture Capital, Mingshi Capital, Hanfu Capital, and Sinovest Capital (the four institutions are listed in no particular order). In addition to the aforementioned institutional investors, some of his friends also participated in this round as individual investors.

It is understood that the funds will be primarily used to expand the team, with plans to establish a technical team of approximately 25 members; recruitment efforts are currently underway. Previously, VCBeat had already noted that Feng Dahui has been continuously recruiting through informal channels.

So why should investors invest in Wuma Technology?

Feng Dahui also disclosed the investors' rationale for investing in him:

Mr. Xiang Jianbiao, founder of Yingdong Capital, stated, “Our investment in Wuma Technology is driven first by our optimism about the medical search sector. This field is rife with issues that need to be addressed—akin to fixing a bug. Although challenging, the opportunities are undoubtedly present. Secondly, we deeply resonate with Dahui’s approach, particularly his straightforward and direct way of handling matters. I believe entrepreneurship follows the same principle: simplicity and directness are most effective, and there is no need for unnecessary complexity or circumlocution. Adopting this approach does not lower the probability of success. We are bullish on this direction and on the Wuma Technology team.”

Mr. Li Yuanfeng, Partner at Falcon Ventures, stated, “Falcon Ventures has full confidence in Wuma Technology’s entry into the medical search sector and remains optimistic about its prospects. Mr. Feng Dahui is deeply passionate about this field, and his commitment to creating value for Chinese healthcare services is truly inspiring. Meanwhile, a vast amount of information in the medical and health sectors remains poorly organized and underutilized. We believe this is the right team doing the right thing at the right time. China’s medical big data is experiencing unprecedented explosive growth, urgently requiring in-depth mining and integrated optimization. Leveraging Wuma Technology’s extensive industry expertise and its forward-thinking, innovative approach to data, Falcon Ventures believes that organically combining artificial intelligence with medical search to drive more precise and comprehensive application of big data in the healthcare service industry holds profound social significance.”

Mr. Wang Pu of Hanfu Capital stated, “Wuma Technology has chosen a very astute entry point in the healthcare industry: medical search—a domain that should ideally have been well served by Baidu. Wuma Technology is not creating artificial demand, nor does it need to overturn or rebuild existing technologies. Instead, it plans to develop a user-friendly medical search product by deeply mining and processing currently available medical data, enabling users to match with medical resources more efficiently prior to receiving professional clinical diagnoses. Of course, executing this initiative is far from simple. As an investor, I am greatly honored to have the opportunity to work alongside such an outstanding team on such a meaningful endeavor.”

Let me introduce the profiles of several investment institutions:

Yingdong Capital, established in 2009, focuses on early-stage investments in the new economy sector, represented by the internet industry. It operates the new media platform “Block B, 12th Floor” and the Liangcang Incubator. Since its inception, the firm has invested in a large number of outstanding early-stage companies across the fields of pan-intelligence, pan-culture, and pan-finance. Its portfolio includes industry-leading enterprises such as 51 Credit Card, in, Kaishi Zhongchou (Start Crowdfunding), Bieyanghong, Shuxiong Network, Renren Meiju (Renren US TV Shows), Mofang Jinfu (Mofang Financial Services), Yiou.com, Kangaroo Cloud, and EasyStack. Yingdong Capital has been honored with the “Best Angel Investment Institution” award on multiple rankings.

Falcon Ventures (Falcon Venture Capital Fund) was established in July 2016, initiated by top-tier Chinese entrepreneurs and investors. It is committed to serving as a solid backbone for outstanding entrepreneurs and fostering innovative enterprises with a profound sense of mission. Key investment sectors in 2017 included: Internet Plus Real Estate, Big Data, innovative internet platform products (such as social networking, utility tools, and video entertainment), consumption upgrading, and other emerging business models. The fund primarily focuses on early-stage investments, including Angel, Pre-A, Series A, and Series A+ rounds.

Mingshi Capital (Mingshi Discoverer Fund) was officially established in 2014 as a venture capital firm dedicated to investing in early-stage startups. It focuses on artificial intelligence and big data, Industry 4.0, as well as the internet, mobile internet, and their intersecting domains, covering startup projects in sectors such as services, healthcare, education, hardware, and enterprise-level services. The Mingshi Discoverer Fund aims to identify entrepreneurs with vision and provide them with resources and expertise to the best of its ability, including top-tier networking connections, business collaboration opportunities, and elite talent in the internet sector, thereby assisting portfolio companies in securing financing.

Mr. Huang Mingming, Founder of Mingshi Capital, boasts over 20 years of experience in the high-tech industry. As an active angel investor, he has invested in numerous leading internet startups. Recent representative investments by Mingshi Capital include Li Auto, Niu Technologies, Desu, Sensors Data, Leedance Automation, CAS Visual Computing, Pengfeng Data, Qimingpian, Ehang Intelligence, Chengzi Automation, Yunmai (Good Light), and Xingkeduo Express Haircut.

Hanfu Holdings Co., Ltd. is a leading asset management company in China, with subsidiaries including Guokai Hanfu Investment Management Co., Ltd., Hanfu Capital Management Co., Ltd., Beijing Nuoyuan Holdings Co., Ltd., and Shanghai Far East Credit Rating Co., Ltd., among other professional service institutions. Its business spans multiple sectors such as asset management, real estate funds, and family trusts. To date, Hanfu Holdings has established comprehensive strategic partnerships with over 500 renowned institutions worldwide.

Hanfu Capital Management Co., Ltd. is a wholly-owned subsidiary of Hanfu Holdings. For the past decade, it has specialized in professional financial services, including corporate restructuring and M&A investment, market capitalization management for listed companies, equity investment, industrial investment, and asset management. Hanfu Capital has successfully completed IPO projects for enterprises such as Liantuo International, as well as equity investments in companies including Mingyi Zhudao, Changba, Mr. Koala, and Ucommune.

Shenhe Capital Management Co., Ltd. (hereinafter referred to as “Shenhe Capital”) is a specialized venture capital management firm established in 2007 by Shenzhen-Hong Kong Industry-Academia-Research Venture Capital Co., Ltd. The Shenhe Capital team boasts nearly two decades of venture capital practice, with extensive industry background and expertise in capital operations. Currently, the firm manages assets worth RMB 12 billion, has invested over RMB 5 billion, oversees more than 160 portfolio companies, and has achieved excess returns and successful exits for 40 of these enterprises. Shenhe Capital was an early investor in high-tech companies such as BGI Genomics, KuangChi Science, Royole Corporation, and Appotronics.

Feng Dahui expressed his sincere gratitude to all investors for their trust.

Feng Dahui is arguably one of the most distinctive entrepreneurs in the industry. Labeled as an idealist, he has amassed a large following. His decision to enter the medical search sector was largely driven by his dissatisfaction with the prevalence of misleading medical information. Feng defines his vision for medical search as follows: “We aim to provide a trustworthy search engine that delivers high-quality content and data to the general public. To put it simply: we are building a search engine to take on Baidu’s medical search.”

I am very much looking forward to Mr. Feng Dahui’s entrepreneurial venture.