WeiTang Secures Tens of Millions in Series B Funding to Advance Comprehensive Diabetes Management Platform

On December 29, WeTang, a comprehensive diabetes management platform, announced that it had recently completed a Series B financing round worth tens of millions of US dollars, led by Beijing Yidu Cloud Technology Co., Ltd. (hereinafter referred to as “Yidu Cloud”). This investment, amounting to tens of millions of US dollars, marks the largest financing round completed to date in the diabetes management app sector.

Yidu Cloud is China’s leading healthcare big data platform, dedicated to empowering hospitals and physicians while delivering enhanced medical services to patients through world-leading big data technologies, including data acquisition, storage and computing, machine learning, and application development.

Previously, Feng Yanfei, CEO of Weitang, stated that Weitang had conducted in-depth research in multiple areas related to data, including identifying user types based on blood glucose data, implementing appropriate intervention strategies, and predicting treatment outcomes. Therefore, the Series B strategic investment led by Yidu Cloud, involving medical big data and wearable device companies, marks Weitang’s development direction for 2016. This strong partnership between the two parties also signifies the future launch of a new model for comprehensive diabetes management.

WeTang, established in 2013 under the original name Boyibang and renamed WeTang in 2014, is a professional comprehensive diabetes management platform providing in-hospital and out-of-hospital diabetes care services. Currently, it operates two core apps: the “WeTang” app for patients with diabetes and the “WeTang Doctor” app for healthcare professionals. Since its launch in January 2014, WeTang has recruited 11,000 leading diabetes specialists across China, achieved 100% coverage of hospitals at the secondary level and above, and registered over 2 million users with diabetes.

Feng Yanfei stated that Weitang’s future business model will continue to center on user needs and deliver core value, building upon its existing high-quality products and active user base. From Weitang’s perspective, service remains the top priority. Feng also emphasized that Weitang’s vision is to harness internet platforms to better manage diabetes, alleviating the suffering of countless patients.

Wei Tang's Financing History:

In 2013, the company secured angel-round financing totaling RMB 4.5 million from investors Wu Jiong and Amoeba Venture Capital;
In 2014, the company secured Series A financing amounting to USD 5 million from Tongdu Venture Capital;
In 2015, the company secured its Series B financing, led by Yidu Cloud, with an amounting to tens of millions of U.S. dollars.

Appendix: Internal Letter from Feng Yanfei, CEO of WeiTang, to Employees—

To all colleagues at WeTang:

As the new year of 2016 approaches, I am delighted to announce some exciting news: we have successfully completed our Series B financing. This investment, amounting to tens of millions of U.S. dollars, is currently the largest ever in the field of diabetes management and marks an exhilarating milestone in WeTang’s development journey! When I founded WeTang in early 2013, I wrote down two sentences:

Empower Patients to Face Disease with a Smile, Armed with Knowledge and Free from the Suffering of Ignorance
Enable medical professionals to receive fair compensation for their expertise and pursue autonomous career growth.

Two years on, these two statements still resonate deeply within me, growing ever louder and firmer. Since its official launch in January 2014, WeTang has partnered with 11,000 of China’s most distinguished diabetes specialists, achieving 100% coverage of hospitals at the secondary level and above. Our community of diabetic patients has surpassed 2 million and continues to grow rapidly every moment. Third-party data from firms including Boston Consulting Group indicate that WeTang ranks first in diabetes management and among the top ten in the broader mobile health sector. WeTang has grown into China’s largest comprehensive diabetes management platform, setting an industry benchmark for product experience.

Looking back on the journey of the past two years, my heart is filled with gratitude for the people and moments worth cherishing along the way.

First and foremost, we extend our gratitude to the investors of WeTang. Their shared hallmark is an entrepreneurial spirit: they are visionary, pragmatic, and resilient. The wisdom and courage they bring constitute the core essence of WeTang.

At its inception in 2013, we secured investment from John Wu and Amoeba Capital. As the former CTO of Alibaba, John led Taobao from its genesis to its remarkable success. Serving as Executive Director of Guahao.com, he guided WeDoctor from scratch to become the leading platform in the internet healthcare sector. Many of John’s investments, including Ctrip, Jumei Youpin, and Vipshop, have grown into household names. Amoeba Capital was founded by Kevin Wang, Andrew Zhao, and Li Zhiguo. Leveraging their keen market insights, they successfully invested in Kuaidi Dache, Mogujie, and WaCai. Li Zhiguo is also the founder of Koubei.com. Their profound understanding of the internet industry, combined with hands-on entrepreneurial experience, served as a guiding light during Weitang’s early exploratory phase.

In 2014, we secured Series A funding from Tongdu Venture Capital. The spirit of Tongdu is “crossing the river in the same boat,” partnering with entrepreneurs as co-founders. Within just one year, Tongdu has grown into a renowned venture capital firm specializing in mobile healthcare. Our affiliated companies, such as Yaogeli, Sunshine Women and Children’s Hospital, and Maimai Elderly Care, are all dynamic and highly accomplished teams.

In 2015, the Series B investments in medical big data and wearable device companies, led by Yidu Cloud, served as another affirmation of our efforts and marked the strategic direction for our work in 2016. Our dream is to harness diseases through internet platforms, sparing millions of patients from the suffering caused by diabetes. To achieve this vision, we need to build a system for medical data and information services, establish mechanisms for positive interaction between doctors and patients, and introduce the most advanced biosensor technologies. Relying on its strong technical team, Yidu Cloud has completed the structuring and search-engine optimization of medical data from China’s top-tier Grade A tertiary hospitals, creating an unprecedented platform for medical data mining. The powerful alliance between Yidu Cloud’s and Weitang’s out-of-hospital management systems will pioneer truly comprehensive diabetes management. Meanwhile, world-renowned manufacturers of wearable devices in the field of blood glucose management have also joined Weitang. They share Weitang’s vision and firmly believe that future diabetes management will inevitably integrate online and offline services, as well as hardware and software solutions.

It is worth noting that the data on the WeTang platform will have a profound impact on future scientific research, precision marketing, and precision treatment. In fact, we have already accomplished a great deal of work to be proud of. In collaboration with Shanghai Ruijin Hospital, we conducted a study on how mobile platform-assisted peer education improves diabetes management. This pioneering research was published in the November 2015 issue of the Chinese Journal of Endocrinology and Metabolism. Currently, we are collaborating with Shanghai Sixth People’s Hospital to explore a comprehensive management model spanning both in-hospital and out-of-hospital care, yielding highly encouraging results in patients’ blood glucose control. The comprehensive care model pioneered by WeTang will be incorporated into clinical treatment guidelines and become an industry standard.

Everyone is talking about the "capital winter." I believe this downturn is beneficial; the internet sector’s impetuousness and bubbles need to cool down. Those who remain standing after the tide recedes are the true strong players. Founding a company solely to raise capital, or burning cash just to secure funding, is certainly unsustainable.

As many of you know, I am a member of the Peking University Mountaineering Association. Mountaineering demands endurance and perseverance. The cause we are collectively committed to today is no different. Improving the lives of patients with diabetes and helping them manage their blood glucose levels is not an overnight achievement; it requires the combined efforts of all sectors of society, shared responsibility, and collaborative action. The path ahead will not be smooth. In the face of difficulties and setbacks, I urge everyone to join me in staying true to our original mission and moving forward with unwavering determination.

For domestic startups seeking media coverage, please contact VCBeat staff via WeChat ID: zhn88369. We look forward to in-depth exchanges and collaboration!