Internet group Tencent and Beijing Taikang Investment Management, an investment vehicle for insurance firm Taikang, have co-led a RMB575m ($88m) funding round for China-based diabetes treatment equipment developer MicroTech Medical, DealStreetAsia reported today.
The round was co-led with venture capital group IDG Capital and also featured Lilly Asia Ventures, a corporate venturing representative of pharmaceutical firm Eli Lilly.
CICC Pucheng, a subsidiary of CICC Capital, also took part in the round, as did PE China Everbright, 3H Health, Qiming Venture Partners, CD Capital and Shanghai Guofang FOF Fund.
MicroTech has created a range of electronic devices to help treat diabetes, including an insulin pump, glucose monitoring systems and a point-of-care testing kit.
The funding will be used to enhance the company’s manufacturing capabilities, advance its product pipeline and strengthen its data management systems and sales network.
Lilly Asia Ventures and China Health Industry Investment Fund had provided an undisclosed amount of series A funding for the company in 2016 before Qiming Venture Partners led a series B round also featuring Jiuren Capital, CDBI Partners and Goldport Capital later the same year.
