Vedeng raises several hundred million yuan in series B financing

Vedeng, a Chinese medical equipment e-commerce platform, announced that it has finished the series B round of financing, as the company continues to beef up digitalization efforts.

The company didn't disclose the exact amount of financing but said the fresh round hit several hundred million yuan.

Led by Sinovation Ventures, a venture capital company founded by investor Kai-Fu Lee, the fundraising also included CEC Capital as the financial consultant.

Under a business-to-business model, Vedeng mainly offers a well-rounded platform that connects upstream medical machine providers with downstream agencies, as well as healthcare institutions. The main aim of the company is to "make the purchase of medical equipment easier".

"Through an internet form, we have made some revolutionary changes in the current purchase process of medical equipment, which has reduced costs and improved the efficiency of the whole industry," Ding Haibo, CEO of Vedeng, said.

"It is of significance that the medical equipment segment can be promoted faster under such an internet mode," Ding said.

Kai-Fu Lee, chairman and CEO of Sinovation Ventures, pointed out that the Chinese medical market has huge potential and the investment firm looks highly upon Vedeng's future in promoting revolution in the traditional medical sector.

"Various sectors are facing opportunities with the development of industrial internet in China. Among them, the medical equipment sector is one of the industries with a huge market size, faster growing pace and digitalization potential," said Li Gang, partner in the medical sector of CEC Capital.