China-based wearable medical device producer Zhejiang PocTech Medical has raised RMB100m ($14.5m) in a series B round that featured pharmaceutical and construction group Tonghua Dongbao Pharmaceutical, according to China Money Network.
Legend Capital, a venture capital representative of conglomerate Legend Holdings, also took part in the round, which was co-led by VC fund Bioventure Investment Management and investment fund Tasly Great Health Industry Fund.
Tasly Great Health Industry Fund is a RMB5bn vehicle established by pharmaceutical company Tasly Holding, insurance provider Taikang Life Insurance and financial services firm Zhongyuan Bank. PocTech appears to be the fund’s inaugural investment.
PocTech has developed portable medical technology that uses biosensors to provide continuous glucose monitoring. The money will go toward international expansion efforts, supporting regulatory certification processes and developing automated production capabilities.
The Bioventure and Tasly funds have also made a strategic investment in medical device producer Kailian Medical, a strategic partner of PocTech, with a view to merging the two businesses at some future date.
PocTech has not disclosed details about earlier funding rounds or the amount in equity financing it has raised in total.
Chen Jie, founding partner at Bioventure, said: “China is the biggest market for diabetes-related medical products globally, which is one of [the] fields Bioventure pays great attention to.
“This cooperation deepens our involvement in diabetes treatment. We have confidence in the combined entity of the two powerful enterprises, as they have strong executives and high technical barriers.”