Beijing-based startup Mingyi Zhonghe said it has closed its Series B round, bagging more than RMB 100 million (USD 14 million) from investors led by Sinovation Ventures, 36Kr reported on Tuesday.
Yijing Capital, which participated in earlier rounds, also attended this round.
The fresh funds will be used to attract new talents and expand its business, said the company.
Mingyi Zhonghe, which was set up in 2015, features a Software as a Service (SaaS) platform called Yidebang, which is composed of four services.
One part is called Cloud Clinics, which allows clinic operators based in China’s less-developed rural areas to manage online prescriptions, medical records, patients’ information, and their financial accounting.
Another service is called Cloud Pharmacies, which matches pharmaceutical companies and clinics in need of medicines. Jiang Qiang, the founder of the company, told 36Kr that Cloud Pharmacies operates a fleet of more than 2,000 couriers to handle medicine delivery, adding that 80% of the company’s revenue now comes from this part.
The Yidebang platform also has a function called Cloud Medical, which connects patients first treated by small clinics with larger hospitals when they need better treatment. Lastly, another service called Cloud Education provides long-distance diagnosis support to doctors based in clinics.
Jiang said that the company has covered 130,000 clinics based in rural areas of 11 provinces in China, including North China’s Hebei province and Southwest China’s Sichuan province. He added that there are a total of 600 million Chinese people living in rural areas, indicating there is a huge market for the company.
The startup closed in the first half of last year its Series A2 round from investors including Shanghai-listed Fusun Pharma.