A Chinese health management app called More has completed a Series A round of financing worth RMB 100 million (USD 15.4 million) in the first quarter of 2016, online medical news portal vcbeat.net reported on Wednesday.
The company will use this round of financing to integrate its services with more companies in order to enlarge its user base.
This round of financing was led by Ronghui Capital, the VC arm of Sunshine Insurance Group. Gao Hang, the executive director of Ronghui Capital, explained why they made this investment. He said Sunshine Insurance Group will share its clients’ data with the app and provide its clients with health services from the app.
Launched in March 2014, the app is a platform aiming to provide individualized health management services for users using big data and cloud technology. The company can access the data collected by insurance companies, medical institutions and organizations providing physical exams by setting up cooperations with these companies. Data collected by smart wearable devices like fitness bands and smartwatches can also be transferred to the app.
The app provides services including health evaluation, disease management and medical advice for users after analyzing the user’s data. The app had seven million users as of March 2016, vcbeat.net reported.
According to Chinese research company Analysys, China’s online medical market is worth RMB three billion, and is forecasted to reach RMB 20 billion in 2017. Platforms competing in the medical market include Alibaba’s AliHealth, Ping An Insurance Group’s medical service platform Ping An Good Doctor, Tencent-backed Guahao.om, Doximity-like online social networking service DingXiangYuan, and Chunyu Doctor.
(Top photo from blog.163.com.)
