Ping An's Mobile Healthcare Subsidiary Secures USD 500 Mln Funding
Iyiou, 5/19/16
Shanghai-based Ping An Health Cloud, operator of mobile healthcare app Ping An Haoyisheng (Ping An Good Doctor), has announced the completion of USD 500 mln funding, giving the company a valuation of USD 3 bln. Ping An Health Cloud did not disclose the identity of the investors.
Ping An Health Cloud was founded as a fully owned subsidiary of insurance conglomerate Ping An Insurance (2318.HK; 601318.SH) in August 2014, and launched Ping An Good Doctor in April, 2015. The mobile app's primary function is to allow users to consult with doctors through text, pictures, and video, but it also contains healthcare-related articles, a microblog-style discussion forum for healthcare topics, and an online store that sells drugs, healthcare products, cosmetics, and even digital and physical gift cards for medical services such as health exams and gene testing.
Ping An Good Doctor has 77 mln registered users and provides 250,000 peak daily consultations, revealed Ping An Good Doctor creator Wang Tao.
The funding will be used to:
1. Improve the online consulting service, including multimedia, voice, and video consulting. Improve services for online appointment booking, chronic illness management, and medicine delivery. Recruit more full time doctors to the platform.
2. Partner with companies in the fields of diagnostics, treatment, and medical apparatuses to create a healthcare industry chain. Help local governments build healthcare clouds to maintain files on local citizens.
3. Create an incubation fund to make investments in healthcare companies, doctor's groups, and healthcare big data companies.
It was previously rumored in January that Ping An Health Cloud was raising USD 500 mln.
Editor's Note: For more information on this topic, please see "Rumor: Ping An's Mobile Healthcare Subsidiary to Raise USD 500 Mln Funding," MD 1/21/16 issue.
Keywords: Ping An Haoyisheng Ping An Health Cloud Wang Tao funding valuation wireless registered users Ping An Insurance mobile healthcare 2318.HK 601318.SH mobile application
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