MicroTech Medical, a Chinese company focusing on healthcare, has raised $87.9 million in a funding round led by Tencent, IDG Capital Partners, and Taikang Asset Management.

Other investors that participated in the round include Qiming Venture Partners, Lilly Asia Ventures, CD Capital, Shanghai Guofang FOF Equity Investment Management.

Founded in 2011, MicroTech Medical develops products for diabetes therapy and diagnostics. The company is based in Hangzhou and has a research and development center in Silicon Valley.

There are currently over 463 million adults who have diabetes today, and that number is expected to reach over 700 million by 2045.

Moving forward, MicroTech Medical plans to use the fresh funds to expand its existing product line-up to new markets, as well as develop new technologies that can be commercialised.

The company is also looking to develop a closed-loop artificial pancreas, enhance its cloud-based blood glucose data management system, invest in research and development, and grow its global sales team.