DXY, an online healthcare platform serving Chinese individuals and organizations such as Pfizer, revealed this week that it secured $500 million in its Series E funding round. The investment was spearheaded by the private equity company Trustbridge Partners.

Tencent, an existing investor, and GL Ventures, the early-stage investment arm of Hillhouse Capital, also contributed to this round, bringing the company’s cumulative funding to over $680 million. Previous investors in DXY include Shunwei Capital, founded by Xiaomi’s Lei Jun, and DCM.

Initially established as a resource for medical professionals to exchange knowledge, the company broadened its scope to include direct-to-consumer services. It now provides health and wellness information and telehealth consultation options, offering patients initial steps they can take at home prior to seeking hospital care.

The surge in online activity during the pandemic significantly increased the need for telehealth applications. DXY quickly adapted and was among the first platforms in China to launch a real-time tracker for COVID-19 at the onset of the outbreak.

Currently, healthcare companies utilize DXY as a platform for advertising, professional development, and talent acquisition, representing key revenue streams for the business.

Since its launch, the platform has gained approximately 130 million consumers, over 9,000 medical facilities, and 50,000 physicians offering online consultations. DXY currently has 20 million active users and lists major pharmaceutical companies like Eli Lilly, Pfizer, and AstraZeneca as clients.

DXY intends to utilize the newly acquired funds to reinforce the core components of its business: support for healthcare professionals and services for consumers. This will involve enhancing collaborations with hospitals, consumer product companies, and pharmaceutical firms, potentially including joint investments in research and development for new products or consumer-facing applications.

Within the Chinese market, DXY encounters substantial competition from companies such as Ping An Good Doctor (supported by SoftBank), Alibaba Health, JD Health, and WeDoctor (also backed by Tencent).

This article has been updated with additional investment details. A previous version incorrectly identified Legend Capital as an investor.