DXY, an online community for clinicians in China, raised $500 million in funding. Private equity firm Trustbridge Partners led the funding round, along with Tencent and GL Ventures.
The Hangzhou-based company was founded 20 years ago by Li Tiantian, DXY’s current chairman. It started as an online platform for the medical community, where they could discuss best practices and new findings. Since then, it has built out a series of in-person clinics, as well as several consumer-facing resources, such as wellness advice or medical consultation services.
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Chinese technology conglomerate Tencent has been a backer of DXY since 2014, according to data from Crunchbase.
Early in 2020, the company launched a visual dashboard of Covid-19 cases, which used media and government reports to update case totals in near real-time. Johns Hopkins ended up using that as the primary data source for data in mainland China when it launched its dashboard in March.
DXY plans to use the funds to build out both its physician-facing and consumer-facing efforts. Its competitors include SoftBank-backed PingAn Good Doctor and WeDoctor, which is reportedly planning an IPO.
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