Founded in September 2021 and headquartered in Suzhou in eastern China, Foremed Legend is committed to becoming a global leader in medical aesthetic optoelectronic devices.
Suzhou Foremed Legend (Chinese: 芙迈蕾), a domestic high-end medical and aesthetic devices manufacturer, recently announced the completion of an angel round of financing of tens of millions of CNY.
This round of financing was exclusively invested by Marathon Venture Capital. The proceeds will be mainly used for technology optimization, pipeline R&D, product registration application, brand building and market expansion.
Foremed Legend aims to tap into the domestic high-end medical aesthetic optoelectronic market. To date, the startup has developed a picosecond laser therapy instrument, photoacoustic imaging skin detector and photoacoustic guided picosecond laser therapy instrument.
The flagship product ForePico multi-wavelength picosecond laser therapy device is used to treat benign pigmented lesions of the skin, remove tattoos, and rejuvenate the face. Picosecond laser therapy is currently highly sought-after in global medical aesthetics.
The medical aesthetic optoelectronic sector is technology-intensive with multi-disciplinary cross-integration. At present, the mid-to-high-end medical and aesthetic optoelectronic devices deployed by domestic institutions are almost all imported. Although the share of imported manufacturers in the domestic market has declined slightly over recent years, it still accounts for more than 80%.
Tang Yinan, Managing Director of Marathon Venture Capital, said that "the medical aesthetic market has broad market potential, which benefits from income growth and young consumers' increasing willingness and ability to pay.” Marathon Venture Capital is optimistic about the prospects of the industry and Foremed Legend's first-mover advantage, Tang added.
"The rise of domestic high-end medical and aesthetic optoelectronic products will be very similar to that of consumer electronics such as mobile phones," says Xia Yuqing, founder of Foremed Legend, who believes that through decades of accumulation, China's laser industry will take the global lead. “The supply chain foundation will be built through OEM processes, as we pass from imitation to original R&D.”
Foremed Legend’s competitors include Soyoung (Chinese: 新氧, NASDAQ: SY), Fosun Pharma (Chinese: 复星医药, SH:600196, HK: 02196) and Peninsula Med (Chinese: 半岛医疗).