Autism-focused medical firm Shenzhen-based Dami & Xiaomi has raised several USD 10 million in its Series C round led by New York-headquartered healthcare-dedicated investment firm OrbiMed, the company posted on its website on Wednesday.
This fundraising comes at a time when investors have started to pour cash to a special health care sector featuring a hard-to-be-cured disease and a challenge for the medical sector, which refers to a neurodevelopmental disorder that shows up during infancy or childhood, featuring communication and learning impairments.
In China, there are more than 10 million autistic individuals, 2 million of whom are aged below 14 but rehabilitation centers in China are in short supply, according to CEO Jiang Yingshuang. Following this fundraising, the company has set it a target to serve 1 million families with kids suffering from autism.
Founded in 2014, the company has helped more than 10,000 autistic children with rehabilitation centers located in over 10 cities in China. With rehabilitation and social behavior data of kids accumulated in the past years, Dami & Xiaomi has also launched its in-house developed RICE therapeutic system in 2019, featuring “relationship-based intervention”, “individualized intervention”, “comprehensive intervention”, and “engagement” with both therapeutists and parents.
The company plans to use new funds to build rehabilitation products and service systems for children suffering from autism, to generate intelligent solutions aided by big data and machine learning, and to shoulder social responsibility by opening affordable brick-and-mortar intervention and treatment centers and offering free training for parents.
Currently Dami & Xiaomi charges about RMB 200 to RMB 400 for a rehabilitation course lasting about one hour, which means about RMB 50,000 for half-day courses lasting for a quarter, an employee of the company told KrASIA on Thursday.