Diabetes management platform Weitang has raised tens of millions USD in series B round of funding led by Yidu Cloud Technology Company Ltd.
Weitang CEO Feng Yanfei said the latest round of funding is currently the largest amount ever raised by a diabetes management application.
The app helps patients to track their blood sugar levels, food intake, exercise and medication using the app, generating a real-time medical record. Based on the data, doctors can then provide customized management plans for patients. Doctors can also categorize patients and clinical records, share patient data with other doctors to facilitate the diagnosis process.
Founded in 2013, the company formerly known as Boyibang secured 4.5 million yuan ($734,000 USD) in angel investment from Ameba Capital and Wu Jiong, executive director of Guahao. In 2014, the company has was renamed Weidang.
Beijing-based Yidu Cloud, the lead investor, helps health providers to facilitate the healthcare process through big data analytics.
IDF Diabetes Atlas estimates there are 96 million diabetics in China, almost is 9% of the population.
This year there has been an influx of companies in Asia that take aim at the region’s growing diabetes problem. Hong Kong-based Gather Health raised $2 million USD in seed funding from private angels from the US, Europe and India.
China’s Booming Healthcare Market
China’s internet healthcare market is expected to increase by 36.5 billion yuan by 2017, and the mobile healthcare market is expected to increase by 20 billion yuan, which account for 55% of the whole industry.
Tech giants Baidu Alibaba and Tencent have all made efforts this year to step into medical industry. Baidu signed a strategic partnership with EZTcn.com, a mobile healthcare service provider. In April, Alibaba launched an initiative called Cloud Hospital (Yunyiyuan), to promote partnerships between medical centers across the country. Alibaba’s online health care services provider Alijik.com sells medicine and can access nationwide drug sales.
Tencent has also signed strategic agreement with Guangdong Biolight Meditech Co. Ltd. in China on medical technical development and invested in Scanadu, a Silicon Valley-based medical devices maker that is aiming to bring hospital-grade diagnostic tests to consumers’ smartphones.
Chunyu Yisheng is another app operating in the same space as Weitang. Chunyu integrates previous health-related inquiries and provides disease searching functions to help find disease treatment, nearby doctors, and facilitate health discussions.
Image Credit: Weidang