Yiming Technology Files IPO Prospectus: Freeing Physicians from Administrative Burden Through Healthcare Big Data Platform

Currently, China faces a severe shortage of high-quality medical resources, and the challenge of accessing medical care remains inadequately addressed. Beyond their teaching and administrative duties, physicians are also required to enter documentation into various hospital information systems. Data entry accounts for approximately 60% of their working hours, leaving limited time for clinical practice and scientific research.

For example, after completing a surgery, a doctor is already exhausted yet still needs to enter the surgical report into the PACS system, document the operative notes in the electronic medical record (EMR) system, and input device information into the billing system. The surgical information for a single patient must be entered repeatedly across six different systems, consuming at least two hours.

Another physician at China-Japan Friendship Hospital once intended to conduct research in the field of mental exhaustion, which required organizing 3,000 medical records. However, the processes of retrieving, entering, and analyzing the data alone would have taken one and a half years. After consideration, the physician had no choice but to abandon the project.

To address the aforementioned challenges, Yiming Technology has established a database that handles tedious and repetitive tasks for physicians, such as clinical documentation, medical record entry, and data retrieval. In light of this, VCBeat (WeChat ID: vcbeat) contacted Ma Min, founder of Yiming Technology, to gain deeper insights into her company.

Ma Min previously worked at Pfizer, the largest foreign-invested pharmaceutical company in China. At one event, an expert suggested that Pfizer could provide data services to hospitals and physicians, similar to telecom operators, even on a paid basis. Physicians have increasingly felt that these issues consume a significant amount of their time and energy.

At the time, Ma Min was not very familiar with the big data industry. After conducting research and gaining a better understanding of the sector, she shared her idea of resigning to start her own business with some friends. Wu Zhiyong from Fuhou Capital was highly supportive of her decision. Additionally, as her career in multinational corporations had essentially reached its ceiling, she sought to pursue endeavors that would bring her a greater sense of accomplishment.

Consequently, Ma Min ventured into the business world and founded Yiming Technology in July 2015. The company is dedicated to providing medical big data services in the mobile internet sector, helping healthcare institutions structure, analyze, and mine medical documents related to electronic medical records, thereby improving physicians' work efficiency.

In addition to her, the founding team’s partners hail from internet companies such as Google, Alibaba, HP, and Renren Games, as well as globally renowned pharmaceutical companies like Novartis, bringing extensive experience in data processing, market expansion, and operations.

YiMing TechnologyBased on physicians' pain points,A suite of related products and services has been developed to alleviate physicians’ burdens and meet their needs for scientific research and patient management. These offerings include the Yiming Data Platform, YiXiaoMi hardware and mobile app, Yiming Box hardware, and the Follow-up Center.

Yiming Data PlatformYiming is a fully structured, disease-agnostic data platform tailored for users, encompassing comprehensive patient data from both in-hospital and post-discharge phases. It enables convenient, search-engine-like retrieval of required data. Users can leverage this platform to perform mobile-based data entry, viewing, and management, while also benefiting from efficient data export capabilities. Additionally,Doctors only need to enter data once into the hospital's internal system, eliminating the need for manual entry in other systems.Meet research needs.

Users viaYi Xiao Mi AppIt enables the real-time documentation of ward rounds, outpatient visits, surgeries, and other medical records anytime and anywhere, free from temporal and spatial constraints. It also structures the information required by physicians and supports integration with hospital internal systems. The digitization of medical documents further facilitates their storage and retrieval.

Yiming Box HardwareLeveraging its proprietary patented technology, the DataOS operating system intelligently perceives hospital IT environments, enabling rapid data integration with systems from various vendors—including HIS, EMR, and LIS. It consolidates multiple data sources according to physicians’ preferences and stores them in the Yiming Data Platform.

Yiming Technology has established a professionalFollow-up Center, provide comprehensive follow-up tracking for patients as required by users, and follow up on and enter data for discharged patients to meet users' research needs.

Yiming's Product Services,Reduce the time physicians spend on routine documentation and data entry from 60% of their working hours toClose20%。

The application of big data services in the field of oncology has been early and extensive; however, Yiming Technology is the first company in China to apply big data services to cardiology.Yiming’s market promotion has not been particularly challenging. First, its products and services genuinely address the practical challenges faced by physicians. Second, Yiming’s head of business development is a former executive at a major pharmaceutical company and possesses extensive healthcare industry resources.

NowYi MingAlreadywithMore than 300 medical institutions have established in-depth collaborations, and over 10,000 physicians have joined Yiming Technology’s core database. The company’s database stores medical records for more than 200,000 patients.

Meanwhile, Yiming TechnologyCompletedHolds 3 Invention Patents。An experienced team, a substantial user base, and independently developed core technologies,Giving Yiming Technology a distinct advantage in this field.

Ma Min stated that by the end of 2017, Yiming Technology would collaborate with more than 700 hospitals across China, basically covering all Grade A tertiary hospitals. In addition to serving the field of cardiology, by the end of 2017, Yiming Technology would also gradually extend its servicesNeurology and Respiratory Medicine.

In terms of its revenue model, Yiming Technology currently primarily provides big data mining and analytics solutions to healthcare institutions. Additionally, the company plans to further expand into areas such as clinical decision support systems, precision medicine, and medical artificial intelligence in the future.

At the time of establishmentTwo Months Later, Yimingsecured millions in angel funding from Fenghou Capital, obtained in just over half a yearNearly RMB 10 million in Pre-A financing, led by Western Capital and co-invested by Fung Capital.

Recently, Yiming Technology announcedCompleted tens of millions of yuan in Series A financing, led by Union Capital Yongxuan, with participation from Tongdu Capital, Western Capital, and Fenghou Capital. Qingtong Capital served as the exclusive financial advisor for this round of financing. The funds raised will be used to expand hospital coverage, hardware production, operational promotion, and other areas.

Exclusive Financial AdvisorQingtong Capitalis a new-type internet investment bank rooted in the local market, providing comprehensive financial services such as equity financing, mergers and acquisitions, and investment advisory. Focused onFields includeInternet, healthcare, technology hardware, e-commerce, consumer services, energy and environmental protection, culture and entertainment, automotive logistics, education, and more, facilitating emerging enterprises in connecting with the capital markets.

Lead InvestorLianchuang YongxuanEstablished in 2011, the firm specializes in high-return early-stage investments, focusing primarily on sectors such as TMT (Technology, Media, and Telecom), biomedicine, energy conservation and environmental protection, robotics and artificial intelligence, finance + internet, and scarce resources. Its investment portfolio includes companies like Tongbanjie, Chunshuitang, Baozou Manhua, and Paibao Robotics. It is the first venture capital institution in China to successfully list on the National Equities Exchange and Quotations (NEEQ). The core team hails from Shanghai United Capital Investment, one of China’s earliest VC firms, which previously provided angel investment to Sina, China Netcom, and AsiaInfo.