Equity Investment in Chinese Medical Startup
Samsung Venture Investment, an investment arm of Samsung Electronics, has made an equity investment in a Chinese diabetes management platform startup.
Investment banking industry sources said on Jan. 14 that Samsung Venture Investment took part in the US$100 million Series C fund which was recently established by Hangzhou Kang Sheng Health Management, a Chinese chronic disease management service platform company.
The startup had “Series C1” and “Series C2” funding rounds. The Series C1 fund was established in September 2017 with the participation of LB Investments, a venture capital firm of the LG Group; IDG Capital, a Chinese venture capital firm; and Health 100, a Chinese medical analysis company. The size of the Series C1 fund was US$13.5 million, with LB Investments investing US$3 million.
Samsung Venture Investment has been a major investor in the Series C2 fund together with CICC Capital, a subsidiary of China International Capital Corp. (CICC), the largest private investment bank in China; the Ping An Group, China's largest private insurer; and Tasly, a Chinese pharmaceutical company. The Series C2 fund is estimated at US$86 million.
Hangzhou Kang Sheng Health Management is a developer of healthcare platforms for diabetics. Founded in 2014, the company is developing health data tracking devices and related mobile applications for diabetics. Last year it posted US$145.5 million in sales.