Wallaby Medical closes US$45 million Series C funding

Wallaby Medical, a medical device company focused on stroke treatment, has announced the closing of a US$45 million Series C funding.This round of funding was led by GL Ventures, the venture capital arm of Hillhouse Capital with participation from Sinovation Ventures.

According to their press release, Wallaby Medical intends to use this funding to further develop their product portfolio, as well as commercialization in China, which they see as a key market.

Wallaby Medical is an exciting, rapidly growing medical device company focused on developing and commercializing medical device products for treating stroke.

Wallaby Medical was established in 2015 and now has over 90 employees located in our offices in Laguna Hills, California and Shanghai, China.

Wallaby Medical’s first product, the Avenir Coil System, is a technically differentiated neuro embolic coil system for treating intracranial aneurysms and other neurovascular abnormalities. Now Avenir System has clearance from the US Food and Drug Administration (FDA), a CE Mark, and Japan PMDA approved, as well as being commercialised in over 15 countries, according to the company. The Avenir Coil System is a technically differentiated neuro embolic coil system for the treatment intracranial aneurysms and other neurovascular abnormalities.

At present, the company is applying for the US FDA and EU CE certification of another product Esperance®, and the domestic registration has been intensively conducting clinical trials with medical institutions such as Xuanwu Hospital. It is expected that Woby's intermediate catheter products will be launched in China in the first quarter of next year.

GL Ventures is a venture capital investment company. Invests in geographies like the UK. Typically invests in tech companies specializing in areas like Sports Tech and Online Gaming. Notable portfolio company is Fnatic.