Landing Medical Completes D Round of Financing Worth $50 Million Led by Alibaba Health
On Wednesday, Wuhan Landing Medical High-tech Co., Ltd. (Landing Medical) issued a document announcing the completion of a D round financing worth 320 million yuan ($50 million). This round of financing was led by Alibaba Health and followed by Ether Capital. China Renaissance acted as the exclusive financial adviser to the deal.
According to the firm’s plan, after the financing is complete, Landing Medical and Alibaba Health will jointly build the world’s first AI tumor diagnosis cloud in Wuhan that can service the whole world. The new service will be able to provide am innovative model for clinical tumor diagnosis services. The service will also enable Alibaba to expand its Health division.
The firm’s official website shows that Landing Medical, established in 2000, is mainly engaged in AI cancer cell diagnosis research, production, sales, and clinical screening services. The company was one of the first independent third-party professional organizations to engage in the early diagnosis and detection of tumors in China. Through independent R&D, the company pioneered the use of AI and big data cloud platform technology in the screening for cancer.
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The Landing cyto-scanning mechanism – a cervical cancer screening technology – has been widely applied in 30 provinces across the country for many years. Outside the country the technology has seen use in Malaysia, Indonesia, Pakistan, and other countries joined to the Belt and Road Initiative.
Landing Medical has 12 subsidiaries and has established 5 large and 67 small and medium-sized AI laboratories in China. The company has completed AI cloud diagnosis screening for millions of people from all over the country, and its products have been put into use by more than 600 general hospitals.