ABC Impact, the Singapore-headquartered private equity (PE) firm backed by Temasek, announced that it has anchored the $42-million Series D funding in Da Mi & Xiao Mi, a Chinese intervention platform for children diagnosed with Autism Spectrum Disorder (ASD).
The funding round also saw the participation of PE and venture capital firm Grand Flight Investment. Existing investors in the company include healthcare-focused investment firm OrbiMed and Chinese early growth stage healthcare investor YuanBio Venture Capital.
Da Mi & Xiao Mi, which operates in 30 locations across 14 major Chinese Tier 1 and 2 cities, provides in-person behavioural therapy for children with ASD.
It also provides offline and online training for parents and caregivers to manage their children’s special needs at home, according to the announcement.
“Instead of relying solely on imported therapy systems and techniques, we have adopted a research-backed and localised approach to developing proprietary intervention techniques that are well-suited to the children we serve,” said Jiang Yingshuang, founder and CEO of Da Mi & Xiao Mi.
It is estimated that over 10 million people in China have ASD, with about 200,000 children diagnosed every year.
Independent private research commissioned by ABC Impact showed that the diagnosis rate for ASDs in China is about 31% in tier 1 cities and 3% in tier 4 cities. About 50% of children with ASD in China
do not attend school.
ABC Impact said its investment in Da Mi & Xiao Mi supports the UN Sustainable Development Goals of promoting better well-being for all and ensuring inclusive and equitable early childhood care.
Backed by Temasek Trust, Temasek Holdings, Pavilion Capital, Mapletree, Seatown Holdings, and Sembcorp Industries, ABC Impact closed its first fund in January 2020, raising S$405 million ($303 million).
The impact investor has deployed S$98 million so far in at least five portfolio companies across Singapore, Vietnam, India, China, and Australia.
Da Mi & Xiao Mi is the second investment in China by ABC Impact, following its 2021 investment in MSME-focused rural service institution Chongho Bridge.
Early this month, the PE firm led the $36-million funding in Iceotope Technologies, a UK-based precision immersion cooling tech firm. The investment marked its first foray into the UK since its inception.