Chinese O2O healthcare services startup, Ping An Health Cloud Co. Ltd., announced a hefty round of Series A funding on Friday.

The Ping An Insurance subsidiary raised $500 million USD, putting the company at a valuation of around $3 billion USD. The company did not disclose its investors, though it said that funds were sourced from “well-known overseas private equity funds and state-owned financial enterprises.”

“The development of China’s online healthcare industry is still in its early stages,” said Tao Wang, the Chairman of Ping An Health Cloud, in an article by NetEase Finance (link in Chinese). “This round of funding will help Ping An Doctor (平安好医生) open the era of ‘internet healthcare 2.0’.”

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Eva Xiao

Eva Xiao is a tech reporter based in Shanghai. Contact her at eva.xiao@technode.com or evawxiao (wechat & twitter).