US-based medical device developer MID labs secured $51m of venture funding on Thursday in a round that included SoftBank China Venture Capital, a corporate venturing subsidiary of telecommuncations company Softbank.
Investment firm OrbiMed, venture capital firms Frontline BioVentures and Sungent BioVenture, and private investor Allen Chao were also involved. in the round.
Founded in 1981, MID Labs develops products for vitreoretinal surgery.
Kai Chen, chief executive of MID Labs said: “We plan to use some of the proceeds from this financing to expand our development and production capacity both in the US and China.”