Briefing: Tencent leads $7 million Series A for online healthcare platform QTC Care
May 5, 2019
What happened: Online healthcare platform QTC Care has raised $7 million in a Series A led by Tencent. The fundraising was announced in late April, and will be used for the development of a wider digital medicine portfolio, and to upgrade its health insurance services, Chinese media cited Lu Yi, CEO of QTC Care as saying. The Chinese e-health startup has so far launched two digital medicines, integrating sensors with pills to monitor changes in treatment, for weight reduction and cancer therapy.
Why it’s important: Established in the US in 2013, the China-based firm says that it has connected more than 600 globally recognized hospitals and thousands of leading doctors worldwide, offering personalized, precise medical treatment to critically ill patients. The investment highlights Tencent’s efforts to build an online-offline healthcare portal, which is in line with its shift to enterprise-facing digital businesses. It recently led a $250 million investment in e-healthcare platform Tencent Trusted Doctorwork with a local real estate developer and Sequoia Capital for an initiative of establishing 500 offline clinics across the country by 2021.