China-based medical device maker Forerunner Medical has raised an undisclosed sum in a series B round featuring medical research firm WuXi PharmaTech, China Money Network reported on Monday.
The round was led by Medtronic-Sequoia China Healthcare Technology Venture Investment Fund, the $60m fund formed by medical equipment maker Medtronic and venture capital firm Sequoia Capital.
Sequoia Capital China also participated in the series B round, while WuXi PharmaTech invested through WuXi Healthcare Ventures, its corporate venturing arm. Both had taken part in Forerunner Medical’s series A round in 2015, the financial details of which were not disclosed
Founded in 2009, Forerunner Medical develops minimally-invasive medical devices. Its low-temperature plasma radio-frequency (RF) generators and electrodes allow surgeons to carry out ablation, cutting and coagulation that can be precisely controlled.
The generators and electrodes have been approved by state regulator the China Food and Drug Administration (CFDA) and are used to treat tumours of the breast, liver, lung, thyroid and other organs.
The RF equipment is also used in sports medicine, lumbar decompression surgery and ear, nose and throat treatments.
Forerunner Medical said separately that it had completed the acquisition of minimally-invasive ablation technology developer MedSphere Shanghai, which also makes CFDA-approved RF generators with compatible electrodes. The purchase price was not revealed.
Launched in November 2015, Medtronic-Sequoia China Healthcare Technology Venture Investment Fund targets China-based healthcare technology startups capable of expanding abroad, and foreign businesses that are likely to succeed in the country.