China-based cancer therapy equipment manufacturer Hygea Medical Technology secured RMB500m ($77m) in series C funding today from investors including image recognition technology producer SenseTime and pharmaceutical firm Sinopharm.
Venture capital firm China Growth Capital led the round, which included BioTrack Capital, Chengwei Chuangban, Grand Flight, Junyida Capital, Potential Capital, Sharewin Investment, Suiyong Capital, Yuanhui Capital and China Reform Holdings Corporation Fund, while Sinopharm invested through its Sinopharm Capital unit.
Founded in 2010, Hygea is working on devices designed to be used in minimally invasive tumour interventions. It has a cryogenics-focused laboratory and a post-doctoral research and development base in Beijing.
The funding will go toward boosting sales and marketing efforts and further developing Hygea’s technology as it looks to improve its artificial intelligence-equipped surgical products.
The company had received an undisclosed amount of series B-plus funding from Leaguer, a subsidiary of Tsinghua University’s Research Institute, and ZhongRong Fund in September 2020.
The September round came nine months after a $28m series B round led by Jianxing Medical Fund, a vehicle for financial services group CCB International, and backed by Huihai Investment, Kunying Capital and Shuncheng Capital.
China Growth Capital and Nanjing Huishi Investment provided series A-plus funding for Hygeain 2018, which followed a series A round of similarly undisclosed size the year before featuring Qihang Fund, a subsidiary of manufacturing and trading conglomerate ZGC Group, Chuchang Investment Group, Jiuhongtai Equity and Jiuying Equity.
ZGC Group had already joined Shuncheng Capital to supply an undisclosed amount of funding for the company in 2013.
