China-based ophthalmic medical equipment producer Aikangte is set to receive more than RMB100m ($14.4m) funding from investors including diversified conglomerate Fosun International across combined series A and A-plus rounds, 36Kr has reported.
Venture capital firm Sequoia Capital China led the completed series A round, which included Green Pine Capital, Hengqin Financial Investment, Sherpa Venture Capital and YuanBio Venture Capital, while Fosun invested through its Fosun Capital subsidiary. Series A-plus fundraising is ongoing.
Also known as Vision X, Aikangte manufactures medical devices such as specialised contact lenses and eye examination equipment that are used for preventing myopia development in adolescents, correcting vision dysfunctions in adults and treating ocular surface disorders.
Aikangte will use the funding for further research and development in addition to ophthalmology and optometry-related product registration.
Sequoia Capital China managing director Cao Yibo said: “There are many patients who suffer from eye diseases, requiring rigid clinical attention. China’s ophthalmology device market is experiencing rapid growth, and Aikangte has laid out a rich product line in this field in order to develop leading Chinese products that can fill the gaps in the domestic market.” (Translated from Chinese by Global Corporate Venturing).
