Hillhouse’s GL VC Leads Brosmed’s Series C to Long Chinese Medical Devices
Brosmed is the first medical device company that Hillhouse’s GL Ventures has invested in since the latter's inception this year.
Guangdong Brosmed, a high-value medical device developer, announced the closing of a Series C worth several hundreds of million. The investment is led by GL Ventures – the Beijing-based VC arm of Hillhouse Capital, participated by Cathay Capital and Innovative Development Guide Fund for Trade in Services. The deal was completed within four months.
As the domestic brand in the coronary artery and peripheral balloon catheter segment, itait provides products covering cardiovascular intervention, peripheral vascular intervention, neuro-intervention and accessories.
It took fewer than five years for Brosmed to distribute products over 40 countries and regions. So far, the company is the only Chinese brand that provides high-end medical devices in the US, Japan and EU areas.
Vascular intervention devices is an upsurging area that many medical giants have a close eye on, including Medtronic (MDT:NYSE), Johnson & Johnson (JNJ:NYSE), Danaher (DHR:NYSE) and Becton Dickinson (BDX:NYSE). As the mini-invasive interventional treatment becomes a more popular therapy for cardiovascular diseases (CVD), the market for relevant devices is increasing. We expect to see heavyweight players come into being soon.