China-based medical devices manufacturer Peijia Medical closed a $100m series C round today backed by Lilly Asia Ventures, a regional corporate venturing subsidiary of pharmaceutical firm Eli Lilly, according to China Money Network.
Matrix Partners China, SDIC Fund Management, Grand Flight Investment and China Chengtong Holdings’ Chengtong Fund also participated in the round.
Founded in 2012, Peijia is developing medical devices to treat aortic valve disease, a condition characterised by the heart’s main pumping chamber and the main artery not functioning properly. The disease can be congenital or caused by factors such as old age or infection.
The series C capital will allow the company to drive product development.
Peijia has raised three rounds to date, according to China Money Network. The publication identified Lilly Asia Ventures as an investor in Peijia’s series B round of undisclosed size in 2018, and Matrix as the backer of a series A worth tens of millions of dollars in 2016.
