For healthcare, we at EqualOcean have identified 20 companies worth watching in Q4 identified by proceedings. We select venture capital investments of over CNY 200 million on average or the equivalent value in USD in a single round.
From well-established MNEs to numerous smaller startups with just a few dozen employees in a single office, these companies are changing the face of the industry. They are leveraging their considerable talent to find innovative solutions to the most pressing issues in healthcare. They are also saving countless lives and extending healthspans in areas such as biopharma, medical devices, healthcare big data or CXO.
On December 30, Kelun-Biotech (Chinese: 科伦博泰) announced that it had received USD 200 million in Series B funding round. The transaction included participation from IDG Capital Partners Co., Ltd., CMG-SDIC Capital Management Co., Ltd., China Cinda Asset Management Co., Ltd., Sherpa Capital and other investors. Kelun-Biotech is a holding subsidiary of Sichuan Kelun Pharmaceutical Co., Ltd, a clinical-stage biotech company focused on biologic and small molecule discovery and development. In 2021, Kelun-Biotech secured over CNY 500 million in fresh funding led by CMC-SDIC Capital, IDG Capital, Lilly Asia Ventures, Hillhouse Capital and other investors.
On November 29, Trinomab (Chinese: 泰诺麦博), a fully native human monoclonal antibody (mAb) drug developer, announced that it had completed a pre-IPO funding round worth about CNY 750 million. This round was jointly led by Zhuhai Gree Financial Investment Management Co., Ltd. and Kingray Capital, with participation from Efung Capital, Shenyin & Wanguo Investment, Zhuhai Shenhonggejin Medical and Health Industry Investment Fund, Jiaxing Weilong Equity Investment, and other investors. Existing shareholders China Medical System , Wuxi Guolian Capital and Jinhang Group continued to invest.
On October 10, SprintRay (Chinese: 迅实科技), a digital dentistry solution provider, announced that it had completed over USD 100 million in a Series D financing round. Softbank Vision Fund II led this round, followed by Yiheng Capital and Zhongwei Capital, as well as long-term backers Chende Capital and Yuanyi Capital. Founded in 2013, SprintRay provides digital chairside solutions for dental institutes. Using its newfound capital, the firm plans to build out its business beyond its traditional US and European target markets to generate more sales in Southeast Asia.
On December 23, Qitan Technology (Qitan) (Chinese: 齐碳科技) announced that it had raised CNY 700 million in Series C funding round, the largest financing in the field of biotechnology in the primary market, which was led by Meituan, with participation from existing investors HuaGai Capital, BioTrack Capital. HaoYue Capital acted as the exclusive financial advisor. Proceeds will be mainly used to expand product matrix, accelerate the launch of medium and high-throughput sequencing platforms, explore diverse application scenarios, and expand global business. Prior to this round, Qitan had completed a Series A funding round worth more than CNY 100 million in May 2020 and a Series B funding round worth more than CNY 400 million in June 2021.
On December 2, a Beijing-based CRO company focused on novel drugs, SAFE Pharmaceutical Techonology (Chinese: 赛赋医药) announced that it had snapped up CNY 500 million in a Series D round led by two state-owned investors including SDIC Venture Capital and China Reform Holdings. Other investors include Taiping Medical, Jianxing Medical Fund, and CICC Capital. Probe Capital served as the financial adviser of this financing. This funding will firmly support SAFE’s aggressive reach into the international market with the expansion of experimental facilities for the next generation cell and gene therapy drugs technology platform.
On December 21, medical device company SiBionics (Chinese: 硅基仿生) announced that it had raised nearly CNY 500 million in its Series D round of financing, which was jointly led by Shanghai HealthCare Capital and Guangdong Chinese Medicine Healthcare Capital, with participation from Industrial Securities Capital, Next Capital, China New Town and other investors. Optimas Capital acted as the financial advisor. Proceeds will be used for R&D of new products, the expansion of automatic production lines, and business development both domestically and internationally.
On October 11, VectorBuilder (Chinese: 云舟生物), a gene delivery enterprise, announced that it had completed a Series C financing round worth CNY 410 million. This funding round was led by Legend Capital, Sui Kai Equity Investment and Yuexiu Financial Holdings Industrial Fund, followed by C&D Emerging Industry Equity Investment, Wanlian Securities, Guangzhou Industrial Investment and Capital Operation Holding Group and Jingtingshan Venture Capital. After this financing, VectorBuilder will continue to advance the gene delivery R&D platform upgrading, production capacity expansion and market promotion, and further accelerate the global business deployment.
On December 5, Tsingke (Chinese: 擎科生物), a high-tech enterprise in synthetic biology, announced that it had completed a Series B funding round worth more than CNY 400 million, which was led by Henan Investment Group Huirong Fund Management and Fortune Capital, with participation from Capitallink, Qingsong Fund, Zhongyuan Asset, and Jolmo Capital. Glory Capital and WinX Capital acted as the financial advisors. Proceeds will mainly be used for the R&D investment of Tsingke’s gene factory, the upgrading of its technology platform, the talent expansion, and the advancement of global deployment, aiming to build an intelligent and automatic production platform that meets global standards.
On December 30, Raynovent (Chinese: 众生睿创) announced the completion of a Series C financing of CNY 370 million. This round of financing was jointly led by Eide Fund and Efung Capital, with participation from Wanlian Guangsheng, Guangzhou Guoju Venture Capital and the existing investors Sentient Pharmaceutical and Lake Bleu Capital. Haoyue Capital acted as the exclusive financial advisor. After this financing, the company will focus on advancing clinical trials in its core R&D pipeline and commercializing its novel coronavirus and nail flow drugs.
On December 9, Synthetic Biology company Redpine (Chinese: 瑞德林生物), raised a CNY 300 million Series B financing round, which is led by Yuexiu Industrial Fund, with participation from Stao Capital, Guocu Venture Capital, Caixin Private Equity and other VCs. The funds raised in this round are mainly used for capacity upgrading, product iteration and updating, and accelerating domestic and overseas commercial expansion. Founded in 2017, READLINE is a high-tech enterprise focusing on the R&D and production of functional healthy raw materials with synthetic biotechnology as its core and multidisciplinary cross-application technology platform as its base.
On December 18, Inner Medical (Chinese: 英美达) announced the completion of the Series D worth nearly CNY 300 million. This round of financing was led by Songhe Capital and Simiao Capital, followed by Cornerstone Investment, Chengshang Investment, funds of Minsheng Securities, Huatai Guoxin Medical Investment Fund, Dice Investment, Anxin Light Salt Medical and Health Industry Investment Fund (Chinese: 安信轻盐医药健康产业投资基金), and Longgang Financial Holding. Proceeds will be used to promote and consolidate innovative product line R&D, capacity building, market expansion and team building.
On December 20, TowardPi Medical (Chinese: 图湃医疗), a leading enterprise of high-end ophthalmic equipment field, announced that it had completed a nearly CNY 300 million Series C funding round. This investment was led by Sun Rock Capital, followed by Tao Capital, Kunlun Capital, Icomoon Fund, and long-term backer Tsingstone Capital. WinX Capital served as the financial adviser. Founded in 2017, the company owns several lines of ophthalmic equipment products, which include SS-OCT, Optical Biometer, Optical Fiber OCT Endoscope, Surgical Microscopes, and Ultra-wide-field fundus camera. Proceeds will help TowardPi to be a full range of high-end ophthalmic equipment supplier.
On December 26, Sinovation (Chinese: 华科精准), a high-tech medical equipment company focusing on neurosurgical robot and high-end intelligent diagnosis and treatment product innovation, announced its completion of a CNY 300 million Series D financing round. This funding round was led by China-US Green YRD (Chinese: 中美绿色长三角) and followed by DNV Capital and Banyan Pacific Capital. Existing investor Co-Win Ventures continued to invest. Cec Capital served as the exclusive financial adviser. Proceeds raised in this round helped Sinovation complete its acquisition of Beijing Huake Hengsheng Medical Technology Co.,Ltd, which expanded Sinnovation's production line to electrode field and enriched the company's product portfolio.
On October 20, Kactus Biosystems (Chinese: 恺佧生物) announced that it had completed a Series B financing round of nearly CNY 200 million. New Alliance Capital led this financing round, followed by Shanghai Lingang LAN WAN Private Fund, GF Capital and a famous multinational life science industry group. Founded in 2018, Kactus Biosystems is a research-driven, high-tech company focusing on antibody drug discovery and cell gene therapy. SAMS, the complete R&D and production platform for high-activity proteases, provides functional target proteins based on structural design and GMP-controlled protease raw materials for cell and gene therapy and mRNA vaccine.
On October 25, the healthcare big data leader ClinBrain (Chinese: 柯林布瑞) completed the Series C round of financing of nearly CNY 200 million, led by Legend Capital and followed by Guohe Investment. This round of financing will facilitate ClinBrain to continuously deepen its expertise in the field of healthcare big data, explore the deep integration of big data and AI in the healthcare industry, promote the R&D of underlying technologies and scenario-based applications, and accelerate the promotion of industrial digital and intelligent upgrading.
On October 31, Beihai Biotech (Chinese：贝海生物), a biomedical enterprise focused on oncology drug innovation, announced that it had completed a Series B financing round of almost CNY 200 million (USD 27.39 million). Yikai Venture Capital (Chinese：羿凯创投) led the round, followed by Valley Capital under Oriza FOFs (Chinese：元禾辰坤金谷资本), Qingdao Hongteng Equity Investment (Chinese：青岛泓腾) and Jinhang Group (Chinese：金航投资). The existing shareholder Shenzhen Guozhong Venture Capital Management CO. LTD. (Chinese：国中资本), continued to invest. This financing round will be used primarily for clinical R&D for the company's core product, the new drug application of the innovative docetaxel BH009, and team expansion.
On November 8, Xell Smart (Chinese: 士泽生物), a company dedicated to providing large-scale, low-cost stem cell therapy solutions for a series of major diseases, closed a CNY 200 million in Series A1 fiancing round. This investment was co-led by Qiming Venture Partners, Lilly Asia Venture, Jinyuan Capital, and China Innovative Capital and joined by Oriza Holdings, CE innovation capital, and Founder H Fund. Proceeds will be used to accelerate the preclinical R&D of iPS-derived cell drugs that treat nervous system diseases, expand professional teams and promote the trial production of clinical iPS-derived cell drugs.
On December 26, Vcare Pharmatech (Chinese: 威凯尔医药), a high-tech company providing R&D services for the whole industry chain of chemical drugs, announced that it had completed a CNY 200 million Series B round of financing. This investment was led by Changjiang Venture Capital, with participation from Lianhe Hongcheng Venture Capital (Chinese: 联合宏诚投资) and Huadian investment. Changjiang River Industrial investment and SDIC continued to invest. Proceeds will be used to accelerate the promotion of the clinical development of its key innovative drugs and the construction of CDMO industrial base.
On December 27, AcronMed (Chinese: 金橡医学), a company specilizes in solid tumor genetic testing and blood tumor genetic testing, announced that it had completed a CNY 200 million Series B fiancing. This investment was led by Yikai Venture Capital (Chinese: 羿凯创投), followed by Lichen Investment (Chinese: 骊宸投资), Qingdao Hongteng (Chinese: 青岛泓腾) and Wushi Capital (Chinese: 务实资本). Kunquan Capital (Chinese: 锟泉资本) served as the financial advisor. Proceeds will be used for the R&D of cancer detection and screening products, product registration and application, and market promotion.
On 30 December, immunohead (Chinese: 易幕峰), a leading company that develops innovative cell and gene therapy drug, announced that it had completed a nearly CNY 200 million Series A+ financing round. This investment was led by SDIC Venture Capital, followed by Chengdu Bio-Town Equity Investment Fund Mangement. Proceeds will mainly be used to accelerate the promotion of clinical research of multiple pipelines including IMC001, IMC002, and IMC008.