China-headquartered medical device maker MicroPort Scientific Corporation has invested $47m to co-lead a $150m series C round for France-based pacemaker and defibrillator spinoff MicroPort Cardiac Rhythm Management (CRM).
Hedge fund manager Hillhouse Capital Group co-led the round with $26m, and the rest came from property developer Country Garden’s investment arm, Country Garden Venture Capital, as well as China International Capital Corporation, YongRong Asset Management, L Squared Private Management, E Fund Management and Wanhui Capital.
Microport CRM is tasked with commercialising technology involved in managing cardiac rhythm disorders, including implantable pacemakers and defibrillator systems.
The company emerged out of Microport’s acquisition of medical device producer LivaNova’s CRM business in 2018, when it was rebranded as Microport CRM. Microport has retained a majority stake with the series C round.
The cash will support the development of products including a new defibrillator line, a leadless pacemaker and a subcutaneous implantable cardioverter-defibrillator.
Benoit Clinchamps, Microport CRM’s president, said: “MicroPort CRM continues to grow its global revenue and advance its product pipeline to bring the best CRM technologies to treat patients affected by heart arrhythmias worldwide.
“We are excited about the growth opportunities that can be accessed in the next few years through this investment capital.”
