Source Code Capital portfolio company WeiMai announced the completion of a $100 million Series C+ funding round, with existing shareholder Source Code Capital continuing to increase its stake.

源码资本·December 14, 2020·1·2

Making healthcare services more accessible, now covering 160+ cities across China with deep partnerships with 1,000 public hospitals nationwide.

On December 14, WeiMai Technology Co., Ltd. ("WeiMai") officially announced that it has recently raised $100 million in its Series C+ round led by Baidu Capital, with existing investors IDG Capital, Source Code Capital, Matrix Partners China, Yuanjing Capital, and Cenova Capital continuing to participate. Taihe Capital served as the exclusive financial advisor. Source Code Capital has led WeiMai's Series A round since 2015, and has continued to follow on in its Series B, B+, and C rounds.

Over the past five years, WeiMai has been committed to providing city-level, local one-stop medical and health services for the public. It currently covers more than 160 cities in China and has established deep partnerships with over 1,000 public hospitals nationwide. Focusing on specialty-specific and disease-specific service innovation and upgrades, WeiMai has built out full-cycle health management pathways, creating a more efficient, convenient, high-quality, and precise internet-enabled medical and health service ecosystem for hospitals, doctors, and patients. By innovating medical services to meet patient needs, WeiMai currently serves more than 700,000 people daily, with over 100,000 doctors on its platform offering more than 20,000 medical and health service SKUs. Tens of millions of users have developed the habit of "going to WeiMai for medical care."

WeiMai's "National Action Plan to Improve Maternal and Child Services"

Affected by the COVID-19 pandemic, a large volume of medical services has shifted from offline to online. More and more people have recognized the enormous role of the internet in medical services. The National Health Commission of the People's Republic of China has issued multiple documents affirming the role of internet-based diagnosis and consultation services in pandemic prevention and control. The recent policy breakthrough on the payment side of internet-enabled medical care has removed the bottleneck of medical insurance payments, unlocking a trillion-level market ready for growth.

WeiMai founder Jialin Qiu explained: "WeiMai was the first domestic platform to launch 'internet + anti-pandemic' free online consultation services after the outbreak. From January 21 to March, WeiMai partnered with nearly 30,000 volunteer doctors from 1,000 public hospitals nationwide, accumulating over 2 million online consultations and reaching more than 75 million users across all channels. We have always kept pace with policy developments, continuously empowering hospitals and serving patients around the construction and operation of internet hospitals. On one hand, WeiMai embraces public hospitals, helping them 'optimize existing resources' by building integrated online-offline medical service models covering pre-diagnosis, diagnosis, and post-diagnosis. On the other hand, WeiMai explores using tools such as the internet, big data, specialty-specific and disease-specific management, and AI to empower public hospitals to 'expand new growth,' providing users with multi-layered, personalized enhanced medical and health services."

Based on past cooperation cases, public hospitals focus on core medical and diagnostic services. Through operational partnerships with WeiMai, they gain operational team support and specialty management tools to continuously serve patients and build doctor-patient trust connections, bringing direct growth in patient numbers served and business improvements in related hospital departments. This enables full-cycle management services that extend "from inside to outside the hospital, offline to online, single episodes to cycles, and random encounters to dedicated relationships."