Access Medical Systems (AMS), the owner of in vitro diagnostics technology developer ET Healthcare, has secured more than $100m from investors including healthcare consortium Kaiser Permanente.
The round was co-led by venture capital firm Sequoia Capital China and GL Ventures, a VC vehicle for hedge fund manager Hillhouse Capital. It included Legend Capital, the VC firm formed by conglomerate Legend Holdings, as well as Matrix Partners China, Qianlong Capital, Qiming Venture Partners, Sinovation Ventures and WisdoMont.
Founded in 2004, AMS has developed specialised medical equipment for use in intensive care treatment, obstetrics and gynaecology. In addition to ET Healthcare, the group also runs its sister company Gator Bio, which focuses on life sciences technology.
The funding will be used to improve the company’s technology, boost its research and development (R&D) and manufacturing capabilities and expand internationally.
Venture capital firm CD Capital led a funding round for ET Healthcare in 2018, investing alongside Qiming Venture Partners and Maison Capital. The last two had co-led a round of similarly undisclosed size three years before that was filled out by returning investors Legend Capital and Matrix Partners China.
AMS founder Tan Hong said: “From the first day AMS was founded, we have committed ourselves to being an advanced technology company spanning in vitro diagnostics and life sciences and to always keep our customers’ needs in mind.
“To this end, we will continue to invest in R&D and leverage our diversified technology platforms to advance the biopharmaceutical development and contribute to human health.” (Translated from Chinese by Global Corporate Venturing)
