International Finance

Tencent invests in Chinese healthtech firm Shanghai Kyee Technology

Tencent Shanghai Kyee Technology_IFM_Image
The healthtech raised $64 mn in its funding round

China-based healthtech firm Shanghai Kyee Technology has secured around $64 million in its Series D funding round led by Chinese tech giant Tencent, the media reported.

Besides Tencent, existing investors that also participated in the funding round for Shanghai Kyee Technology include DYEE Capital, Royal Sea Capital, Beijing Meihe Zhongbang Technology and Jiaxing Guangrun.

New investors such as Longmen Capital also joined the round.

The startup integrates modern technologies such as cloud computing and software-as-a-service (SaaS) to provide smart healthcare solutions to its customers.

Established in 2014, the startup claims to have served around over 13,000 medical institutions in China.

In the last couple of months, an increasing number of Chinese healthtech and biopharmaceutical startups have raised funding from prominent investors.

Most recently, China-based biotech firm Biocytogen has raised around $142 million in its Series D funding round led by CMB International, DealStreetAsia reported.

Other existing investors that also participated in the funding round for Biocytogen include SDIC Venture Capital, Chinese insurance group China Life’s equity investment arm China Life Investment Holding Company, healthcare-focused 3E Bioventures Capital, and Shenzhen-based Cowin Capital.

Earlier this month, another  Chinese biopharmaceutical company Waterstone Pharmaceuticals has secured around $61 million in its Series C funding round.

The funding round for Waterstone was led by SDIC JULI Investment Management.

The China-based healthcare company revealed in a statement other investors such as Shanghai-based Panxi Captial Management; YuanBio Venture Capital and Yichang state-owned Investment Group participated in the round.

Zhang Faming, founder and chairman of Waterstone, in the statement, “In the past decade, Waterstone started from scratch in Wuhan and gradually built its core competitiveness in [the field of] metabolic diseases, especially in developing kidney-specific macromolecule drugs ranging from the R&D of intermediates to enabling mass production.”

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