Sinovation (华科精准) recently announced the completion of a D+ round financing of over CNY 100 million.
Sinovation is a company focusing on medical robotics and intelligent medical product innovation. After Sinovation completed the acquisition of Beijing Huake Hengsheng Medical Technology Co., Ltd. (北京华科恒生医疗科技有限公司) in 2022, the company's self-developed product "Magnetic Resonance Monitoring Laser Ablation System (LITT)" was approved for listing in April 2023, and the system has become the world's first MRI monitoring laser ablation system for the brain developed by a Chinese company and the only one approved for marketing in China.
Sinovation adheres to innovation-driven development. At present, 4 products have entered the special review channel for innovative medical devices of the State Food and Drug Administration of China, and 7 products have obtained the National Class III Medical Device Registration Certificate of China. Sinovation also has more than 90 authorized patents.
According to the data, in 2022, the global medical robot system market reached USD 16.1 billion. Meanwhile, IMARC Group predicts that the market size will reach USD 50.9 billion by 2028, with a growth rate (CAGR) of 19.3% from 2023 to 2028.
In June 2023, the world's first 3D structured light registered exosurgical robot independently developed and produced by Sinovation was approved and listed by the US FDA. This system is the world's first surgical robot developed by Chinese enterprises and approved by the FDA for neurosurgery, marking the availability and application level of Chinese neurosurgical robots have been recognized by international authorities. From this, Sinovation has gradually started the product "going abroad" business.
Medical robots have attracted a lot of companies. Representative companies in China include TINAVI (天智航), WEGO (威高), MicroPort (微创), and Broncus (堃博医疗); internationally, Intuitive Surgical, Medtronic, and Stryker in the United States, Titan Medical in Canada, Momentus Surgical in Israel, Moon Surgical in France are quite powerful.
Sinovation’s investors in this round include SinoRock (信达鲲鹏), TsingVentures (水木投资), PEAKVEST (钧山资本) and Huiyu Investment (汇誉投资), and the old shareholder DNV Capital (德诺资本) continues to increase its stake. So far, Sinovation has announced the completion of the D round of financing.