Raysight Medical Closes ￥50M Series A Funding Round

According to PEdaily.cn, on June 5, 2020, Raysight Medical ("Raysight"), a smart medical company in the cardiovascular field, has closed Series A round of 50 million yuan, led by China Growth Capital with participation from Matrix Partners China and Greenriver Investment. In less than two years, Raysight has raised three rounds of financing with a total of over 100 million yuan. 

Proceeds from the latest round will mainly be used to accelerate the clinical application of Raysight's core products, advance the R&D of other products on its platform, as well as build the company's marketing and service system.

According to the Report on Cardiovascular Diseases in 2018 of China, the number of patients with cardiovascular diseases in China is as high as 290 million, with deaths from cardiovascular diseases accounting for 45.50% and 43.16% of all causes of death in rural and urban areas, respectively, which means that two out of every five deaths nationwide are caused by cardiovascular diseases.

Such a large patient population has put great pressure on medical resources that are already under strain. One great solution is CT-FFR developed by Raysight. CT-FFR does not require the use of vasodilator, pressure guidewire and equipment. More importantly, the device can be non-invasive, greatly reducing the risk of patients in the process of diagnosis. 

CT-FFR can also reduce unnecessary coronary angiography and avoid complications such as coronary spasm and perforation that may be caused by invasive FFR. It can also provide evidence for the selection of target lesions and the assessment of revascularization in the treatment of multi-vessel lesions.

Raysight has obtained special approval for innovative medical devices and established clinical and scientific research cooperation with top medical institutions in the field of cardiovascular and cerebrovascular diseases. In terms of commercial operation, The CT-FFR products of Raysight have been used in 120 hospitals.

CGC is a China-focused seed and early venture investor since 2006. The firm funds seed to Series B in enterprise software and services, frontier technologies, marketplace, and consumer sectors. The typical investment size ranges from $1M to 5M with a hard cap ceiling at $15M per company. CGC manages 8 Billion RMB (approximately $1.2 billion) across its different RMB and USD funds.

Affiliated with Matrix Partners, a premier U.S. venture capital firm, Matrix Partners China was founded in 2008 to focus exclusively on investments in China. Since its inception in 1977, Matrix Partners has made hundreds of investments and played an active role in the development of many successful businesses.