Neusoft Xikang Secures $64 Million Series B Funding Led by PICC Property and Casualty

On August 2, Neusoft Xikang publicly announced that the company had completed its second round of financing, introducing strategic investors such as PICC Property and Casualty Company Limited and Alps Electric Co., Ltd., with a total financing amount of US$64 million.

Neusoft Xikang publicly stated that this round of financing targets strategic industrial investors from the commercial insurance and health wearable sectors, marking a further advancement in Neusoft Xikang’s strategic deployment to integrate health management with commercial insurance and sensing technologies.

Relevant announcements indicate that the first round of financing for Neusoft Xikang, led by Hony Capital and Goldman Sachs, has recently been completed.

It is understood that Neusoft Xikang was established in May 2011 and serves as the primary entity for investment and operational management of Neusoft Group’s health management and services business. Its core businesses include regional and self-service health examination centers, IoT-based health sensing terminals, and cloud-based health service platforms. These components form an integrated, three-pronged comprehensive service model that covers the entire health management process, delivering high-quality, intelligent, and informatized health management services to users.

On July 29, 2016, Neusoft Medical held the first meeting of its eighth Board of Directors. The newly elected Board, as the highest authority of Neusoft Medical, began to exercise its powers, marking the point at which the Company no longer retained control over Neusoft Medical. Effective July 31, 2016, Neusoft Corporation ceased to include Neusoft Medical in its consolidated financial statements.

According to VCBeat (WeChat Official Account: vcbeat), Neusoft Xikang is advancing its “Healthy Cities” and “Healthy Communities” initiatives in more than 30 cities across China, establishing a healthcare service network that covers over 5,000 urban and rural communities and serves a population of more than 20 million.