DXY, a 20-year-old online community for Chinese consumers and health organizations like Pfizer, announced this week that it has raised $ 500 million in a new round led by private equity firm Trustbridge Partners.
Existing funders Tencent and Hillhouse Capital also participated, bringing the company's total funding to over $ 660 million to date. DXY's previous investors include Shunwei Capital, Legend Capital and DCM from Xiaomi founder Lei Jun.
The company started out as a knowledge-sharing platform for doctors and over time has added a consumer-centric aspect by providing wellness advice and medical advice to the public, steps that patients can take at home before going to the hospital.
As the pandemic hit, hospitals and people around the world rushed to shift their activities online, fueling demand for healthcare apps. DXY responded quickly and was one of the first in China to roll out a real-time COVID-19 tracker at the beginning of the outbreak.
Nowadays, healthcare organizations can also use DXY as an advertising channel, learning platform and recruiting site to generate income for the company.
Since its inception, the website has attracted around 130 million consumers, more than 9,000 medical facilities, and 50,000 doctors who have provided advice online. The platform has a current user base of 20 million and has Eli Lilly, Pfizer and AstraZeneca among its main customers.
DXY plans to spend its new proceeds on strengthening two pillars of its business – medical support and consumer services. The consumer business in China is facing some tough adversaries, including SoftBank's Ping An Good Doctor, Alibaba Health, JD Health and WeDoctor, which is also backed by Tencent.