Weimai bags RMB200m in Series D funding to enhance tech-enabled, continuous healthcare services
The latest funding round will fuel Weimai's efforts to expand its full-cycle healthcare solutions, leveraging AI and digital tools to provide comprehensive care across China HANGZHOU, China, Jan. 7, 2025 /PRNewswire/ -- Weimai, a leading provider of one-stop digital healthcare solutions in China, has completed a Series D funding round, raising 200 million yuan ($27.3 million). A bird's eye view of Weimai's headquarters in Hangzhou. The funds will support the expansion of its comprehensive healthcare services aimed at meeting the growing demand for long-term, full-cycle medical care. The latest funding round roped in new investors including CNCB INVESTMENT, CHOICE CAPITAL, Yuhang Transformation Industry Investment, Deqing Industry Development Investment, and Nanhu Investment. Existing shareholders Source Code Capital, Cenova Ventures, and Vision+ Capital also participated in this round. The proceeds will be used to step up Weimai's development of disease management solutions and AI-related research. Founded in 2015, Weimai has become China's largest online full-cycle healthcare management platform, addressing the need for continuous health services via its proprietary business model of "managed care organization" (MCO). Qiu Jialin, founder and CEO of Weimai, commented, "MCO is a new concept in China. Over the past nine years, we have consistently integrated MCO with the practices of China's healthcare reforms, pioneering a uniquely Chinese approach to managed care—C-MCO." "Through technological empowerment, we have upgraded healthcare services to provide full-cycle management and closed-loop services across pre-hospital, in-hospital, and post-hospital scenarios," Qiu added. Under this model, Weimai focuses on addressing the extensive and diverse service needs for post-diagnosis, post-test, post-surgery, post-hospitalization medication, follow-up consultations, diet, exercise, and rehabilitation. Revolving around patient needs, Weimai provides integrated healthcare management services that combine online and offline, in-hospital and out-of-hospital care, covering the full spectrum of pre-hospital, in-hospital, and post-hospital scenarios. This service model significantly enhances the efficiency and quality of healthcare services while also improving patients' medical experience and recovery outcomes. Fang Sheng, Head of the Financing Division of CNCB INVESTMENT, noted, "the continuously expanding business landscape and improving financial performance over the past three years reflect the mature management capabilities of Weimai's team. We look forward to Weimai continuing to advance on this long and challenging path." Chen Du, investment manager at Yuhang Transformation Industry Investment, said, "amid the wave of digital healthcare, Weimai's business model stands out. It precisely targets its development direction, deeply integrates digital technology with medical services, and significantly drives the upgrading of healthcare consumption. We firmly believe that Weimai will continue to lead industry transformation and open up a broader future for public health." As of December 31, 2024, Weimai has connected with over 2,500 public healthcare institutions and 200,000 licensed doctors nationwide, serving a cumulative billion patients. Central to Weimai's offerings is its pre-trained AI model, CareAI, which automates health assessments and self-screenings, enhancing triage and referral processes. Launched in 2023, CareAI also enables efficient data retrieval for doctors and integrates with platforms like hospital apps and WeChat, offering multi-format health management advice throughout the care process. With rising per capita disposable income, an aging population, and growing health awareness, the demand for quality healthcare services continues to grow in China. Against this backdrop, expanding the supply of healthcare services and extending the reach of healthcare services have become essential to the development of China's healthcare system. As a frontrunner in this trend, Weimai integrates ecosystem resources and incorporates commercial insurance into its management services, creating a closed-loop "healthcare-pharmaceutical-insurance" service model. This approach strengthens proactive disease management and enhances the patient service experience, enabling residents in lower-tier regions to access comprehensive health management services spanning prevention, diagnosis, treatment, and rehabilitation. With a vision to create "smart hospitals without walls," Weimai is dedicated to providing comprehensive, personalized and long-term healthcare services to meet the evolving needs of the public and align with China's national health strategy. About Weimai A pioneer in digital full-cycle healthcare management, Weimai has become China's largest platform in this sector. Leveraging its proprietary CareAI technology, Weimai has been driving the large-scale adoption of comprehensive care management solutions since 2015.
2025-01-07