iCarbonX Secures Over $100M Series A Led by Tencent; Livongo Health Raises $44.5M for Smart Glucose Management Platform

From April 11 to April 17, the total financing amount in the domestic and international digital health sector exceeded $217 million.

During the week, the highlight of domestic investment and financing activities was iCarbonX securing over USD 100 million in Series A funding, with Tencent participating in the round. Meanwhile, although the number of overseas investment and financing deals was limited, the transaction volumes were substantial.

First, we present the hottest investment projects in China. Attention, everyone: this week, the title of the most talked-about domestic project goes to iCarbonX. This company not only boasts impressive technology but also has a strong team, highlighting the importance of having capable partners. Without further ado, let’s take a closer look at iCarbonX.

Analysis of Hot Financing Projects in China



This Week's Hot Financing Project: iCarbonX

• iCarbonX – Founded by former BGI executives, it aims to build a digital life ecosystem centered on consumers’ big life data, the internet, and artificial intelligence.

iCarbonX, founded on October 27, 2015, by Wang Jun, former CEO of BGI Genomics, leverages globally unparalleled, exponentially growing holistic health and medical big data. By employing cutting-edge data mining and machine learning analytics, the company provides personalized health index analysis and predictions. The core team at iCarbonX has extensive experience in mobile health, healthcare services, biological data analysis, artificial intelligence, and data mining. The company recently announced the completion of its Series A equity financing, raising over USD 100 million and achieving a post-money valuation of nearly USD 1 billion. Major investors in this round include Tencent, Vcanbio, and Tianfu Group.

iCarbonX’s team boasts a comprehensive suite of powerful capabilities in the mobile health sector. With such strengths, how could this project not become a hit?

Of course, while possessing strong technical capabilities and a robust team, it is also essential to closely align with national policies. The following project is actively positioning itself within the tiered diagnosis and treatment system.

Hong Kong United Medical Group – Invests RMB 200 Million in Mainland China, Targeting the Mid-to-High-End Clinic Market

United Family Healthcare Group Limited is the largest private outpatient clinic group in Hong Kong. The company was listed on the Hong Kong Stock Exchange last November. In addition to providing healthcare solutions for enterprises, United Family Healthcare operates over 600 clinic service points across Hong Kong. On April 11, the company announced an investment of RMB 200 million to enter the mainland Chinese market and establish comprehensive outpatient clinics. This includes the upcoming joint venture clinic, “Pumai United,” to be opened in Shanghai’s central business district (CBD) in partnership with Pumai Medical. United Family Healthcare will also provide operational and management services for this clinic. Sun Yaojiang, Chairman and CEO of United Family Healthcare, told reporters that with the relaxation of policies, China’s strong support for the health services industry, and its encouragement of socially funded medical practices, this is an opportune time for the company to expand into the mainland. This year, United Family Healthcare has established an office in Shanghai. The company stated that it plans to invest in no fewer than 20 outpatient clinics on the mainland, which will operate through a mix of self-owned models, joint ventures with physicians, and entrusted management arrangements.

United Family Healthcare Group has adopted a mid-to-high-end clinic market strategy, successfully penetrating the premium segment—truly sophisticated and upscale! On the other hand, Miao Health, which targets corporate clients as its entry point, is equally impressive!

Miao Health — Building a Closed-Loop Management System from Daily Health Behaviors

“Miao Health” is a comprehensive platform developed by Beijing Miaoyijia Information Technology Co., Ltd., focusing on personal health behavior management. It provides users with professional and high-quality health behavior management services through four key areas: “user data integration,” “health data analysis,” “health solutions,” and “health behavior intervention.” Miao Health initially targeted enterprise clients in the insurance, physical examination, and banking sectors, helping these businesses meet their user retention needs while delivering robust health behavior management services to their corporate users. In the first quarter of this year, Miao Health completed its RMB 100 million Series A financing round, led by Ronghui Capital, a subsidiary of Sunshine Insurance Group.



Having covered the domestic market, let us now turn to investment and financing trends in the global digital health sector. The international market appeared somewhat subdued this week, with only one key deal highlighted—yes, just one! It was truly the “only you” of the capital markets. Nevertheless, under such circumstances, the funded project inevitably draws heightened attention.



Analysis of Hot Foreign Financing Projects



Livongo Health: An Intelligent Glucose Management Platform Integrating Hardware and Cloud Services

Livongo Health, founded in 2014, integrates its professional resources with cloud technology to help patients with diabetes and other chronic conditions manage their health more proactively and effectively. The company’s product offerings include an internet-connected color-screen smart glucose meter, a smart cloud-based system, and a remote medical team. Livongo Health has entered into a partnership agreement with Lowe’s, a major U.S. home improvement supply chain retailer. Recently, the company announced that it had raised $44.5 million in financing. Investors in this round included Merck Global Health Innovation Fund, Cowen Private Investments, Sapphire Ventures, Zaffre Investments, and Wanxiang America Corporation. Following this round, Livongo Health’s total funding has reached $79.5 million. The proceeds from this financing will be used to cover the costs of providing products to trial users.

That’s all for this week’s investment and financing weekly report. Thank you for watching, and we’ll see you next Monday.

For the latest and hottest funding news in the domestic and international internet healthcare sector, please continue to follow VCBeat.

Text | Deng Xueyuan