Medbanks Valuation, Funding & Investors

Medbanks is valued at $430M as of December 2018.

Last Medbanks valuation

$430M

Series D · Dec 2018

Last Medbanks funding round

$305M

Series E · Dec 2020

Cumulative funding Medbanks raised

$536M

across 4 funding rounds

Key investors in Medbanks

  • Tencent
  • IDG Capital
  • F-Prime
  • Eight Roads Ventures
  • Wu Capital
  • 5Y Capital

Medbanks Overview

About Medbanks

Medbanks is a Beijing-based provider of data processing services for oncology care. Founded in 2014, it maintains a comprehensive database aggregating clinical data and professional services from Chinese hospitals to support cancer research, treatment planning, and healthcare analytics.


Founded

2014

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2B

Revenue model

Services, Subscription

Valuation

$430M (Dec 2018)

Medbanks Valuation

Medbanks is currently valued at $430M, based on its Series D in December 2018.

The $59M round was led by CDH Investments and CLP Group, with participation from IDG Capital, Tencent, F-Prime and Eight Roads Ventures.

Medbanks valuation by funding round

Medbanks valuation by funding round
DateStageValuation
Dec 2018Series D$430M

Medbanks Funding History

Medbanks has raised a total of $536M across 4 funding rounds.

Medbanks' first fundraising round was a $30M Series B in July 2016. The most recent completed round was a $305M Series E in December 2020.

Medbanks funding rounds

Medbanks funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2020Series EJeneration Capital (lead); Tencent (lead); Octagon Capital Advisors; 5Y Capital; Wu Capital; Forebright Capital$305M--
Nov 2019Series DTencent (lead); IDG Capital; F-Prime; Eight Roads Ventures; Wu Capital$142M-Medbanks Network Technology is a China-based oncology data platform developer founded in 2014, operating a cancer data platform with a natural language processing-equipped smart search engine to assist medical professionals and researchers in finding tumor information. The company has offices in Guangzhou, Beijing, and Shanghai, overseeing a network of business partners across 30 Chinese provinces and regions. In November 2019, Medbanks raised RMB1 billion (approximately $142 million) in a Series D+ funding round led by Tencent, with participation from China Electronics Corporation, Eight Roads Ventures and F-Prime Capital (both on behalf of Fidelity), Wu Capital (also referred to as We Capital), IDG Capital, and CICC Capital. This followed a $58.8 million Series D round in January 2019 co-led by CLP Fund (a JV of China Electronics Corporation and CICC Capital) and CDH Investments, backed by Tencent, Eight Roads, and F-Prime. Earlier funding included an undisclosed Series C from IDG Capital in January 2018, a $30 million Series B in 2016 led by Tencent and backed by Ping An, Eight Roads, and F-Prime, and initial seed funding from Ping An Ventures, Eight Roads, and F-Prime in 2015. Medbanks operates in the growing Chinese healthtech sector, particularly oncology data and biotech, amid significant VC investment in 2019 healthtech totaling $2.7 billion across 112 deals.
Dec 2018Series DCDH Investments (lead); CLP Group (lead); IDG Capital; Tencent; F-Prime; Eight Roads Ventures$59M$430M-
Jul 2016Series BTencent (lead)$30M-Medbanks, formally registered as Medbanks Network Technology, was founded in 2014 as a big data-based, one-stop medical and healthcare services provider operating in China's oncology and pharmaceutical sectors. The company helps medical institutions and pharmaceutical firms coordinate clinical trials for new drug applications and facilitate promotion and commercialization of approved products. Tencent first invested in the startup in 2016, marking the beginning of a long-term relationship. Tencent's investment philosophy in medtech focused on connecting patients, doctors, and hospitals across the healthcare journey—from consultation and appointment making through diagnosis, prescribing, surgery, and rehabilitation to data mining—and Medbanks fit this strategy by providing big data-based tumor diagnosis capabilities. The company later raised approximately 1 billion yuan in a Series D+ round led by Tencent in November 2019, followed by a Series E1 round of nearly 2 billion yuan in December 2020 led jointly by Tencent and Jeneration Capital with backing from 5Y Capital, Forebright Capital, and Wu Capital. Medbanks subsequently went public via IPO in December 2022.

Who has invested in Medbanks?

11 investors have backed Medbanks across its funding rounds, including Tencent, IDG Capital, F-Prime, Eight Roads Ventures, Wu Capital and 5Y Capital.

Lead investors include Jeneration Capital, Tencent, CDH Investments and CLP Group.


Medbanks Investors

Investors in Medbanks by funding rounds participated
InvestorHQRoundsRoleFirst check
TencentChinaShenzhen4LeadJul 2016
IDG CapitalChinaBeijing2ParticipantDec 2018
F-PrimeUnited StatesUnited States2ParticipantDec 2018
Eight Roads VenturesUnited KingdomLondon2ParticipantDec 2018
Wu CapitalChinaBeijing2ParticipantNov 2019
Jeneration CapitalHong KongHong Kong1LeadDec 2020
CLP GroupHong KongHong Kong1LeadDec 2018
Octagon Capital AdvisorsUnited StatesNew York City, NY1ParticipantDec 2020
5Y CapitalChinaChina1ParticipantDec 2020

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Medbanks Competitors

Medbanks competitors include listed companies like Yidu Tech, Veradigm and Echo IQ, and private ones like Arine, Healthie and HealthVerity.

Public and private companies comparable to Medbanks
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Yidu TechChinaChinaPublicly listed$122M($4M)$449M1.2x
ArineUnited StatesSan Francisco, CAPrivate--$520M-
VeradigmUnited StatesUnited StatesPublicly listed$588M$54M$523M0.9x
Echo IQAustraliaAustraliaPublicly listed$65K($13M)$311M994.2x
HealthieUnited StatesNew York City, NYPrivate--$273M-
HealthVerityUnited StatesPhiladelphia, PAPrivate--$721M-

Medbanks Public Comps

Medbanks is still privately-owned, but its public comps include TaiDoc Technology, Artrya, Nanjing Medlander Medical, Evolent Health, Kneat, Yidu Tech, Lunit, Cogstate, Medley Inc. and GPI Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TaiDoc Technology$132M$58M2.1x-4.8x-
Artrya$20K($19M)18657.4x440.3x(19.8x)(22.4x)
Nanjing Medlander Medical$64M$20M4.9x-15.8x-
Evolent Health$1.9B($365M)0.7x0.5x(3.5x)9.4x
Kneat$46M$11M9.4x9.3x40.5x63.1x
Yidu Tech$122M($4M)1.4x1.2x(45.0x)7.7x
Lunit$61M($9M)6.6x6.4x(46.1x)(8.0x)
Cogstate$58M$18M6.3x5.7x20.0x18.9x

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Common questions about Medbanks

When was Medbanks founded?Medbanks was founded in 2014.
Where is Medbanks headquartered?Medbanks is headquartered in Beijing, China.
Is Medbanks publicly listed?No, Medbanks is a private, VC-backed company.
What is Medbanks' valuation?Medbanks was last valued at $430M in its Series D in December 2018.
How much funding has Medbanks raised?Medbanks has raised $536M across 4 funding rounds.
What was Medbanks' last funding round?Medbanks' last funding round was a $305M Series E in December 2020, led by Jeneration Capital and Tencent.
Who are Medbanks' investors?Medbanks' investors include Tencent, IDG Capital, F-Prime, Eight Roads Ventures, Wu Capital, Jeneration Capital, CLP Group, Octagon Capital Advisors, 5Y Capital, Forebright Capital and 1 other.
Which companies are comparable to Medbanks?Companies comparable to Medbanks include Yidu Tech, Arine, Veradigm, Echo IQ, Healthie and HealthVerity.

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