July 28, 2022

Singapore’s ABC Impact Leads USD 42M Series D Round in Dami & Xiaomi, A Leading Early Intervention Platform for Children In China Diagnosed with Autism Spectrum Disorder (“ASD”)

  • About 10M of China’s population are estimated to be affected by ASD, with about 200,000 children diagnosed every year;
  • Dami & Xiaomi supports children with ASD with intervention therapy, enhancing early childhood development to improve their chances of inclusion in society;
  • Investing in Dami & Xiaomi supports the UN Sustainable Development Goals of promoting better well-being for all, and ensuring inclusive and equitable early childhood care.

Singapore, 28 July 2022 – Singapore impact investor ABC Impact has led a US$42 million Series D fundraising round in Dami & Xiaomi (“Company”), a leading provider of therapy and rehabilitation services in China for children aged between 3 and 12 years old with Autism Spectrum Disorder (“ASD”). Private equity and venture capital firm Grand Flight Investment also participated in this round. Existing investors in the Company include global healthcare-focused investment firm OrbiMed and Chinese early growth stage healthcare investment firm YuanBio Venture Capital.

Among the largest providers of early intervention services for ASD in China, Dami & Xiaomi operates in 30 locations across 14 major Chinese Tier 1 and 2 cities. It provides in-person behavioural therapy for children with ASD, as well as offline and online training for parents and caregivers, to manage their children’s special needs at home. With a presence in all key regions across China, the Company is now accelerating its growth geographically into additional Tier 1 and 2 cities. It is also developing new services such as 1-to-many classes as well as an expanded online syllabus, that will amplify and extend intervention therapy benefits to more children and families across the country at more accessible price points.

Tan Shao Ming, Chief Investment Officer of ABC Impact, said, “Supported by evidence-based methodology and a committed team of professionals, the founders of Dami & Xiaomi have been resolute in their mission to enhance the quality of life for children with ASD and their families. We are proud to support the company as it continues to scale and improve the access to autism therapy solutions across China. We look forward to Dami & Xiaomi helping even more children with ASD reach their full learning potential and improve their overall well-being.”

Jiang Yingshuang, Founder and CEO of Dami & Xiaomi said, “We founded Dami & Xiaomi to bring much needed improvement to the ASD therapy and rehabilitation services sector in China. Instead of relying solely on imported therapy systems and techniques, we have adopted a research-backed and localised approach to develop proprietary intervention techniques that are well-suited to the children we serve. The strong support that we have received from parent communities across China has reinforced our commitment to this approach. We are delighted to have ABC Impact join us on our journey to improve the lives of young children with ASD.”

ASD often tends to be neglected or even misdiagnosed, resulting in a low degree of attention and resources allocated to address the condition. According to independent private research commissioned by ABC Impact, the diagnosis rate for ASDs in China is about 31% in Tier 1 Cities and 3% in Tier 4 cities. About 50% children with ASD in China do not attend school.

For children diagnosed with ASD, early intervention significantly improves quality of life for the child as well as his or her family. Parents and caregivers who are trained to positively engage children with ASD at home often experience lower levels of stress and anxiety. Current therapy options available for children with ASD in China are often insufficient, lack localised knowhow, or are difficult to access for parents and caregivers. These factors combined can lead to limited opportunities later in life for children with ASD, while creating conditions for discrimination and exclusion from society. Improved awareness of therapy options, early diagnosis, and expanded access to localised intervention therapies and caregiver training such as that provided by Da Mi & Xiao Mi can help counter these challenges.

With a structured and proprietary assessment, treatment and review system, Dami & Xiaomi is supported by close to 100 professionally accredited behavioural, speech and occupational therapists, the highest number in China. These behavioural therapists are certified by the Behaviour Analyst Certification Board, the internationally accepted standard in behavioural therapy, and undergo continual training and regular assessments to ensure high standards of practice. Currently, the majority of the Company’s services are intensive 1-to-1 therapy provided at its centres. These services are based on Applied Behaviour Analysis (“ABA”), the most widely accepted and practised theory for ASD intervention, and further localised to optimise outcomes. The Company has also developed a unique proprietary therapy system that integrates ABA-based methodologies with localised content tailored for Chinese users. This system focuses on social skills development among children diagnosed with ASD, to significantly improve their condition and increase the chances of re-integration into mainstream schools.

Da Mi & Xiao Mi is the second investment in China by Singapore-based ABC Impact, following its 2021 investment in MSME-focused rural service institution Chongho Bridge.

END

For media queries: media@abcimpact.com.sg

About ABC Impact

ABC Impact is a Singapore-headquartered and Asia-focused private equity fund dedicated to impact investing. We invest in companies that drive positive change by addressing the world’s most pressing challenges such as climate change, resource scarcity, and deepening inequality. Our investment themes include financial and digital inclusion, better health and education, climate and water solutions, and sustainable food and agricultures.

We believe that investing with an impact lens demonstrates the positive power of private capital and can help to foster more innovative and resilient companies that deliver societal and environmental benefits. We are a disciplined investor with a rigorous and evidence-based impact assessment approach that aims to generate positive and measurable social or environmental outcomes, alongside a compelling risk-adjusted return for our investors.

For more information, please visit www.abcimpact.com.sg.

“Inspiring Impact”, our Impact Report for Year 2021, is available for download at www.abcimpact.com.sg/impactreport2021

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David Heng

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As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

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David Heng

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As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

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Eugene Huang

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Jeffrey Fang

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Earlier in his career, Mr Fang held roles across corporate development, operations and financial communications. He was Director of Strategic and Public Affairs at Temasek, managing global M&A communications, media relations, and crisis and issues management. He subsequently built a portfolio as an angel investor and venture operator, alongside his own advisory practice, before joining Temasek Trust Asset Management.

Mr Fang serves on the boards of Kim Dental, the Home Nursing Foundation, and several venture-backed companies. He holds an MA in International Relations and Affairs from the Fletcher School of Law and Diplomacy at Tufts University and a BA in Mass Communication from RMIT University.

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