Powertight Biotechnology (Hangzhou) Co., Ltd. (“Powertight”) recently has announced the completion of a pre-Series A funding of hundred millions CNY.
Powertight is a high-tech biopharmaceutical enterprise, dedicated to the research and development, production, and sales of implantable surgical composite tissue sealing products based on polymer biomaterials. The main products are innovative self-organizing seals that are widely applicable in the surgical field, including neurosurgery. They are particularly suitable for high-end consumables such as sutureless tissue repair in the neurosurgery and major surgery fields (belonging to Class III medical devices).
According to Powertight, it has multiple technical patents, especially mature patent technologies in the safe preparation of polymer biomaterials and surgical tissue seals. Currently, it has formed three Class III medical devices based on collagen materials, namely resorbable biological tissue sealing membranes, fluid hemostatic fibrin, and fluid regenerative bone repair materials.
According to Fortune Business Insights, the global medical devices market size was valued at USD 512.29 billion in 2022, and is expected to reach USD 799.67 billion by 2030, growing at a CAGR of 5.9 % from 2023 to 2030. This growth is driven by rising prevalence of chronic diseases, increase in income causing the growth of per capita medical consumption expenditure.
In addition to Powertight, many companies are competing in the medical devices market, such as Shinva Medical (新华医疗), Yuwell (鱼跃医疗), MedicalSystem (美康生物), Weigao Group(威高股份) in China, Medtronic in Ireland, Stryker, Abbott, BD and Cardinal Health in the United States, Siemens Healthineers in Germany, and Philips in the Netherland.
Dongxu Fang, general manager of Powertight, stated: “Powertight has been using medical standards as consumables to ensure consistency, consistency, and ease of application of product quality. It is a substantial replacement for current clinical products outside of China, and domestic substitution is imperative. It will lead the new trend of technological innovation and industrialization of domestic tissue repair and regeneration products.”
This round of financing for Powertight was exclusively invested by Tong Fang Investment (同方投资), with follow-on investment from Zheshang Venture Capital (浙商健投) and Goldport Capital (紫金港资本). This round of funds will mainly be used for product research and development and the promotion of clinical trials.