China-based endoscopy technology developer Scivita Medical Technology has pulled in nearly RMB400m ($61.7m) through a series A round backed by pharmaceutical firm Eli Lilly and medical device maker Medtronic.
Eli Lilly corporate venturing vehicle Lilly Asia Ventures and GL Ventures, a venture capital fund owned by hedge fund manager Hillhouse Capital, co-led the round, which also featured Matrix Partners China, Chengwei Capital and Shanghai Innochip Investment Company.
Scivita Medical is developing medical devices used by healthcare professionals to inspect the internal organs of the human body. The company’s products include a 3D visualisation system, a 4K ultra-high-definition camera system and a range of single-use endoscopy devices.
Chen Fei, managing partner of Lilly Asia Ventures, said: “The technical barrier of endoscope industry is very high. We are very optimistic about the strong technical experience and innovative [research and development] capabilities of Scivita Medical team in terms of rigid and flexible endoscopes.”