Chinese healthcare company Huayin Health has secured around $85 million in its Series C funding round, led by GL Capital Group, local media reported.
Other investors who also participated in the funding round for Huayin Health include Qianhai Fund of Funds, Everest Venture Capital, BOCG Investment, Chongqing Venture Capital and In Capital.
Huayin Health will use the funding to invest in talent cultivation, research cooperation with third-party institutions, and the application of AI technology.
Wang Haijiao, managing partner of GTJA Investment Group told the media, “China’s third-party diagnostic market will benefit from its rising market penetration rate, the scaling-up of the overall diagnostic service market, and government’s increased investment in the healthcare industry amid the coronavirus pandemic.”
“The Chinese market [of third-party diagnostic services] will be further consolidated as companies like Huayin Health, KingMed Diagnostics, DIAN Diagnostics, and Adicon continue to grow.”
The healthcare company, which is headquartered in Guangzhou, works on the development and provision of disease detection and clinical diagnosis services. It can carry out more than 2000 different tests and operates a high-tech platform for pathological diagnosis, medical examination, remote diagnosis, genetic counselling services, and clinical research.
Established in 2009, Huayin Health provides its services in more than 2,000 hospitals in 27 provinces and regions in China, with five provincial-level laboratories and an annual diagnostic specimen volume of more than 8.5 million cases.
Reportedly, the company has carried out more than 650,000 cases of remote pathological diagnosis and more than 30,000 cases of remote frozen section pathological diagnosis.