Tangee Medical Announces ￥5.4 Million New Financing

(VCBeat) May. 11, 2021 -- Hangzhou Tangee Medical Technology Co., Ltd. ("Tangee Medical"), a research and development enterprise for treating metabolic diseases, today announced that it had completed a new round of financing of 55 million yuan. The latest round was led by Baidu Ventures, with participation from Everest Venture Capital and Dingxin Capital.

Zuo Yuxing, the founder of Tangee Medical, said the proceeds from the financing will be used for clinical research and production line construction of Tangee Medical's ongoing project "gastric bypass stent system".

Previously, with deep exploration for many years, Tangee Medical has accumulated rich experience and resources in research and technology. The company has realized the breakthrough and innovation of treatments in metabolic diseases, including diabetes, obesity, and nonalcoholic fatty liver. The self-developed gastric bypass stent was reviewed by the Medical Device Technology Review Center of the National Medical Products Administration and entered into the special review procedure of innovative medical devices in August 2020. 

BV is an independent venture fund established by Baidu in 2017. BV's investors include Baidu as well as other leading financial institutions and businesses. BV currently manages roughly $500M USD across 3 funds and has offices in Beijing and San Francisco.

From quantum computing to computational genetics, smart cities to precision medicine, Baidu Ventures invests at the forefront of the AI revolution, with an eye toward the massive changes to industry powered by AI.

Everest Venture Capital has always been committed to its vision of investing in 100 world-class high-tech firms. Founded by Mr. XIAO Jiancong and his team in September 2007, the company now has a 140-strong workforce. The company has over RMB 7 billion in AUM. 

So far, Everest Venture Capital has invested in over 150 companies, with a focus on high-tech fields such as high-end equipment, new materials, bio-pharmaceuticals and the new generation of information technology.