MicroPort CardioFlow Medtech, a heart disease-focused subsidiary of China-based medical device producer MicroPort Scientific Corporation, has completed a $130m funding round that valued it at $1.1bn pre-money.
The cash came from Citic PE’s CPE fund, Hillhouse Capital, Lake Bleu Capital, China Reform Conson Soochow Overseas Fund, Gortune Artemis, 3H Health Investment Fund and Gamnat, an offshoot of Singapore’s GIC sovereign wealth fund.
Formed in 2015, MicroPort CardioFlow is developing minimally invasive methods of treating valvular heart disease.
The company’s lead product, a transcatheter aortic valve implantation system that uses bovine pericardium as valve tissue, received regulatory clearance in China in July 2019. The device, dubbed VitaFlow, has since been integrated into more than 50 hospitals.
MicroPort’s chief technology officer, Qiyi Luo, is also chairman of MicroPort CardioFlow. He said: “This round of fundraising will bring in more resources for the development of the company in research and development, manufacturing, market expansion and the enhancement of its market competitiveness.
“We have every confidence that we will maintain rapid development in the niche market of medical devices for valvular heart diseases, so as to provide more patients with high-quality and accessible integrated therapeutic solutions to valvular diseases.”
The latest round comes after a vehicle called Qianyi Investment provided $50m in series C funding for MicroPort CardioFlow in March 2019 in return for a 12.5% stake.
