According to VCBeat, recently, Shanghai Shenqi Medical Technology Co., Ltd ("Shenqi Medical") has raised hundreds of millions in Series C financing, led by GL Ventures and LYFE Capital, with additional support from existing investors 3H Health Investment and Apricot Capital. Das Capital acted as the exclusive financial adviser.
Dai Zhihao, the founder and CEO of Shenqi Medical, said in an interview that the funds raised would mainly be used for the further development and marketing of existing products, the development of new projects, such as the R&D and clinical trials of valve devices, and the expansion of new product line through acquisition.
Founded in 2014, Shenqi Medical is an innovative company specializing in the R&D of interventional devices for the treatment in vascular intervention, structural heart disease, and heart failure management.
Since its establishment 6 years ago, Shenqi Medical has completed the R&D of a number of interventional products, including the detachable coil embolization system with fibrous hair, peripheral microcatheters, distal access (DA) guiding catheter, drug-coated balloon catheter used in coronary, left atrial appendage (LAA), etc. In addition, Shenqi Medical has about 10 products under development.
Two core products of Shenqi Medical have achieved good results. The independently developed drug-coated balloon catheter was approved by NMPA in December 2019, and another product, LAA, is in the clinical stage and is expected to be launched by the end of 2021.
At present, Shenqi medical has reached cooperation with more than ten famous hospitals such as Shanghai Ruijin Hospital, Shanghai Zhongshan Hospital, Beijing Anzhen Hospital, etc. In addition, Shenqi medical also made an agreement with the domestic well-known medical device company MicroPort to expand the product market by virtue of the advantages of MicroPort's sales channel.
About GL Ventures
GL Ventures was set up by private equity heavyweight Hillhouse Capital to invest in emerging startups in February 2020. GL Ventures focuses on four areas: biomedicine and medical devices, software services and initiatives in tech innovations, consumer internet and technology, and emerging consumer brands and services.
About LYFE Capital
Founded in 2015, LYFE Capital is a dedicated healthcare fund with US$1.27 billion in assets under management. Its investment focus spans biopharmaceuticals, medical devices, and diagnostics.