China-based supply chain services provider Guoke Hengtai Medical Technology has raised tens of millions of renminbi (RMB10m = $1.5m) in a series B round co-led by conglomerate Legend, China Money Network reported today.
Legend participated through its Legend Capital division and co-led the round with Cash Capital Investment Management, the investment arm of the state-owned Chinese Academy of Sciences Holdings.
Insurance company Aeon Life reportedly also participated in the round, as did Northern Light Venture Capital, Frontline Bioventures and Blue Ridge China.
Guoke Hengtai offers third-party supply chain services to the medical devices sector, which is relatively fragmented and made up of small companies rather than large businesses that would have the capacity to set up supply chains on their own. It has not disclosed details about previous funding.
Liu Bing, founder of Guoke Hengtai, said: “Medical devices is full of potential in China. [We] optimise resources allocation and help suppliers, logistics companies and medical firms to achieve efficiency.”