Singular Medical Completes ￥100M Series B Financing

(VCBeat) Feb. 19, 2021 -- Suzhou Singular Medical Co., Ltd. ("Singular Medical") recently closed on a Series B financing round of several hundred million yuan, co-led by SDIC Unity Capital and Qiming Venture Partners, with participation from the existing investors including Northern Light Venture Capital, SND Ventures Group, Marathon Venture Partners and others. DAS Capital acted as the exclusive financial adviser in the latest round.

The funds are earmarked for the expansion of Singular Medical's R&D team, clinical trials, and development of the pipeline.

Established in 2017, Singular Medical is a new high-tech company specializing in R&D and industrialization of CRM(cardiac rhythm management, CRM) products, including ICD, pacemaker, and ICM (Implantable Cardiac Monitor). Its head office is located in the Medpark in Suzhou with clean rooms of 2800 square meters, and two R&D centers are set in Beijing and Irvine (USA) respectively.

CRM is a technology integrating heart electrophysiology, bioengineering, material science, electronic engineering and other frontier disciplines. There is an obvious gap between China and developed countries in this segment. The market is almost monopolized by foreign giants, and no representative domestic brands can be recognized.

Starting from ICD, the most difficult part in the CRM field, Singular Medical builds a complete technical platform and is becoming a supplier of a full line of CRM products, which provides a complete range of solutions (from detection to follow-up) for large amounts of cardiac patients.

Up to now, Singular Medical has applied for more than 60 patents in total. While promoting the R&D and commercialization of existing products, it is also actively developing a number of high-end products such as the dual-chamber pacemaker and cardiac resynchronization therapy defibrillator (CRT-D), and gradually improve its comprehensive solution of CRM.

SDIC Unity Capital is a professional guide fund and industrial fund management firm under SDIC Group, with an AUM of more than 35 billion yuan. It focuses on equity investment, venture capital, and fund investment in strategic emerging industries, and has fostered more than 2,000 innovative technology enterprises.

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and San Francisco Bay Area. Currently, Qiming Venture Partners manages seven US Dollar funds and five RMB funds with over US$4 billion assets under management. Qiming Venture Partners invests in information technology, new consumer business patterns, and the healthcare sector.