(VCBeat) Apr. 12, 2021 -- On April 2, 2021, b-ONE Ortho Corp. ("b-ONE Ortho"), an orthopedic healthcare solution developer,  successfully closed on a Series B financing of several hundred million RMB, which is the largest RMB financing in the domestic orthopedic field in recent years.

This round of financing was led by Zijin Hongyun Fund, with participation from Agricultural Bank of China Investment ("ABC Investment"), Hubei High-tech Industry Investment and the existing investor Eight Roads. CEC Capital acted as the exclusive financial adviser in this transaction.

Founded in 2015, b-ONE Ortho specializes in developing innovative orthopedic healthcare solutions to restore motion and improve surgical outcomes. The USFDA approved its propriety product, MOBIO, in October 2018, while in August last year, its JUVENO solution got approval. 

Currently, except for MicroPort Orthopedics, b-ONE Ortho is the only joint company in China that has been approved by both FDA and NMPA for its hip and knee implants. b-ONE Ortho's products have obtained approvals in Singapore, New Zealand, Vietnam, Thailand and other Southeast Asian regions. On April 2, 2021, b-ONE Ortho just received FDA approval for a new product -- the Kosmo hip system. Kosmo counterparts the world's best-selling hip replacement implant, which has the first market share. Kosmo is the fourth artificial joint system approved within the four years since the company entered the U.S. market, marking a major milestone in product development and commercialization for the company.

As of March 2021, b-ONE Ortho's products have entered 381 hospitals in China, with overseas sales accounting for nearly 40%. For the past six months, the company's monthly sales have increased by 314% compared with the same period last year. In March 2021, the number of surgical implants hit a new record high, and the number of implants in Q1 2021 has reached more than 50% of the number of implants in the whole year of 2020.

b-ONE Ortho will use the funds to develop new materials and the next generation of digital orthopedic products, enrich and improve the product line, expand the domestic and international markets to promote product sales. In addition, b-ONE Ortho will also carry out plant reconstruction and expansion, adding automated assembly lines and expanding production capacity to cope with the increasing sales of future products.

Zijin Hongyun Fund is a professional fund for the big health industry initiated and established in 2019 jointly by Huatai Zijin and AliHealth. It focuses on investments in biomedical, medical devices, in vitro diagnosis, consumer health and other big health sectors. At present, the fund has completed the investment of a number of enterprises.

Founded on August 1, 2017, ABC Investment is a wholly-owned subsidiary of Agricultural Bank of China ("ABC"), with a total investment amount of nearly RMB 200 billion. The company provides comprehensive financial services for its portfolio.