About DXY
DXY is an online platform connecting doctors, patients, and healthcare organizations in China via specialized social media for pharmaceuticals and life sciences. Hangzhou-headquartered since 2000, it provides communication tools, public health services, and precision marketing. Backed by Tencent, Hillhouse Capital, and Legend Capital, DXY enhances medical collaboration and productivity.
Founded
2000
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Advertising
Valuation
$1B (Apr 2018)
DXY Valuation
DXY is currently valued at $1B, based on its Series D in April 2018.
DXY valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2018 | Series D | $1B |
DXY Funding History
DXY has raised a total of $670M across 3 funding rounds.
DXY's first fundraising round was a $70M Series C in September 2014. The most recent completed round was a $500M Series E in December 2020.
DXY funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2020 | Series E | Trustbridge Partners (lead); GL Ventures LLC; Tencent | $500M | - | DXY (dxy.cn) is a Chinese healthcare community platform and health-tech company. It completed a Series E funding round on December 28, 2020, raising $500 million led by Trustbridge Partners, with participation from Tencent and Hillhouse Capital Management. The company has raised a total of $672 million across five rounds, with prior investors including DCM Ventures and Shunwei Capital. DXY operates as a professional network for healthcare professionals in China. The round aligns with surging VC funding in Chinese health-tech, positioning DXY among significant investments in the sector. |
| Apr 2018 | Series D | - | $100M | $1B | - |
| Sep 2014 | Series C | Tencent (lead) | $70M | - | DXY (Ding Xiang Yuan or Ting Ting Group), founded in 2000 and based in Hangzhou, China, operates an online platform connecting hospitals, physicians, medical researchers, patients, pharmaceutical companies, and insurance providers for medical information sharing, data management, and services. It started as a pharmacopoeia for doctors and healthcare companies and expanded into consumer healthcare with products like Family Medicine App and DXY Doctor. By 2014, DXY claimed over 4 million registered members globally and a network of more than 2 million professional doctors, positioning it as China's largest online healthcare service community. In September 2014, specifically on September 2, DXY announced it would receive $70 million in a Series C equity funding round from Tencent Holdings Ltd., marking the largest investment in China's internet healthcare sector at the time. Tencent received a minority equity stake on a fully diluted and as-converted basis, with DXY's founding management team retaining majority ownership and board control. New board members included David Feng from DXY and Richard Peng from Tencent. This followed prior rounds: $2 million Series A from DCM in January 2010 and about $10 million Series B led by Shunwei Capital with DCM in December 2012. The investment aimed to integrate DXY's services into Tencent platforms like WeChat and Mobile QQ, enhancing access to doctors and medical knowledge for tens of millions of users. DXY planned to use funds for healthcare products targeting doctors, pharmaceutical companies, and consumers across WeChat-based, mobile app, and web categories, including a platform for private practice doctors to decentralize medical resources from big hospitals. It also focused on reliable information amid fake medical content issues, big data for HR solutions, and compliant doctor-pharma communication. Tencent's involvement tapped China's red-hot healthcare market, competing with players like Chunyu ($50M Series C) and others. DXY later raised larger rounds, including $500M Series E in 2021 led by Trustbridge with Tencent and GL Ventures (Hillhouse), to bolster its medical professional network and new offerings. |
Who has invested in DXY?
3 investors have backed DXY across its funding rounds, including Tencent, Trustbridge Partners and GL Ventures LLC.
Lead investors include Trustbridge Partners and Tencent.
DXY Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Sep 2014 | ||
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Start Free TrialDXY Competitors
DXY competitors include listed companies like Certara and SOPHiA Genetics, and private ones like Evidation Health, Truveta, MedGenome and OM1.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $950M | - | ||
| Private | - | - | $836M | - | ||
| Publicly listed | $419M | $103M | $1.3B | 3.6x | ||
| Publicly listed | $77M | ($65M) | $726M | 7.5x |
DXY Public Comps
DXY is still privately-owned, but its public comps include Taboola, Shanghai Ganglian, USA TODAY, Trustpilot Group, Omada Health, Inmyshow Digital, SOPHiA Genetics, New Guomai Digital, Alma Media and Better Collective.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.9B | $121M | 0.5x | 0.5x | 8.4x | 4.5x | |||
| $11B | $75M | 0.0x | - | 4.9x | - | |||
| $2.3B | $262M | 0.8x | 0.9x | 7.5x | 7.2x | |||
| $261M | $27M | 4.3x | 3.8x | 42.0x | 22.6x | |||
| $260M | ($10M) | 3.8x | 3.1x | (98.6x) | 48.5x | |||
| $582M | $22M | 2.0x | 1.9x | 54.7x | - | |||
| $77M | ($65M) | 8.8x | 7.5x | (10.4x) | (18.8x) | |||
| $271M | $8M | 4.0x | - | 131.5x | - | |||
This data is available for Pro users. Sign up to see all DXY competitors and their valuation data. Start Free Trial | ||||||||
Common questions about DXY
| When was DXY founded? | DXY was founded in 2000. |
| Where is DXY headquartered? | DXY is headquartered in Hangzhou, China. |
| Is DXY publicly listed? | No, DXY is a private, VC-backed company. |
| What is DXY's valuation? | DXY was last valued at $1B in its Series D in April 2018. |
| How much funding has DXY raised? | DXY has raised $670M across 3 funding rounds. |
| What was DXY's last funding round? | DXY's last funding round was a $500M Series E in December 2020, led by Trustbridge Partners. |
| Who are DXY's investors? | DXY's investors include Tencent, Trustbridge Partners and GL Ventures LLC. |
| Which companies are comparable to DXY? | Companies comparable to DXY include Evidation Health, Truveta, MedGenome, OM1, Certara and SOPHiA Genetics. |
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