Forerunner Medical, a China-based medical device developer backed by corporates WuXi AppTec and Medtronic, has secured hundreds of millions of yuan (RMB100m = $14.6m) in financing, China Money Network reported yesterday.
The round was led by investment banking group China International Capital Corporation’s CICC Capital private equity fund and included venture capital firms Apricot Capital and Dalton Venture, healthcare fund Cenova Capital and investment bank China Renaissance.
Founded in 2009, Forerunner has developed plasma ablation technology that helps treat injuries by transmitting energy through electrodes. Its systems are most often used in sports medicine.
Medtronic-Sequoia China Healthcare Technology Venture Investment Fund, a joint venture for medical technology producer Medtronic and VC firm Sequoia Capital, led the company’s last round, when it raised an undisclosed amount in 2017.
The 2017 round, billed at the time as a series B, also featured Sequoia Capital itself in addition to WuXi Healthcare Ventures, a corporate venturing vehicle for pharmaceutical firm WuXi AppTec. Both had previously backed a series A round of undisclosed size for Forerunner two years earlier.
Image courtesy of Forerunner Medical (Shanghai) Co, Ltd.
