Synyi AI raises $61M in Series D

Tencent-based health tech startup Synyi AI has raised 400 million yuan ($61 million) in a Series D round of financing, while Alibaba and Contemporary Amperex Technology Co Ltd (CATL) have invested over 300 million yuan ($45.8 million) in ride-hailing service Xiangdao Chuxing.

Synyi AI, a Chinese provider of artificial intelligence (AI) solutions to medical treatment, has secured 400 million yuan ($61.0 million) in a Series D round of financing led by CICC Alpha, a direct investment platform of China International Capital Corporation (CICC).

Chinese gaming and social networking giant Tencent and insurer Sunshine Insurance Group participated in the investment, Tencent announced in a WeChat post on Tuesday.

Founded in April 2016, Shanghai-based Synyi AI provides hospitals, medical institutions, and drug makers with AI and big data-powered intelligent solutions that can help lift their efficiency in clinical research, clinical diagnosis & treatment, as well as hospital management.

The startup claims to have retained “a rapid growth” in 2020, with a four-fold annual revenue compared to 2019.

Tencent led the firm’s 250-million-yuan Series C round in July 2019, with participation from Sinopharm Capital, an equity investment arm of state-owned healthcare group Sinopharm.

In May 2018, the startup raised 100 million yuan in a Series B round led by global venture capital firm GGV Capital. Beijing-based angel fund ZhenFund, and Sequoia Capital China participated in the deal. Sequoia China was the lead investor of Synyi AI’s 55-million-yuan Series A round in 2017.