Wednesday, Sep 28, 2022
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Tencent invests in Chinese healthtech firm DXY

Tencent DXY_IFM_Image
The startup secured $500 mn in a funding round led by Trustbridge Partners

Chinese tech giant and gaming company Tencent has participated in a funding round for Chinese healthtech firm DXY, media reports said. The startup raised around $500 million in the fresh funding round which was led by Trustbridge Partners.

Along with Tencent, a existing investor in DXY, Hillhouse Capital’s early-stage focused GL Ventures also participated in the funding round. So far, the healthtech startup has raised around $680 million in separate funding rounds.

DXY started out as a knowledge-sharing platform for doctors and has over time added a consumer-facing aspect by bringing wellness advice and medical consultation services to the public.

Last year, Tencent bought shares of Congenica, which is one the fastest growing UK-based genomics startups. The stake sale is part of a funding process by Congenica, where other UK pension providers also participated. According to reports, Congenica raised around £39 million by selling its stakes to Tencent and other investors. Some of the investors besides Tencent that also participated in the funding round include Legal & General, Cambridge Innovation Capital and Downing.

David Atkins, Congenica chief executive told the media, “Genomic medicine is revolutionising healthcare, transforming outcomes for patients by providing clinicians with fast, accurate and early diagnoses and the information needed to provide life-changing answers for their patients, improving wellbeing and disease management.”

Similarly, in September, China-based Shanghai Kyee Technology secured around $64 million in its Series D funding round led by Tencent. 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.

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