Sinopharm Capital, the private equity arm of pharmaceutical company Sinopharm, has led a nine-figure renminbi (RMB100m = $14.9m) round for China-based orthopaedic medical device manufacturer Suzhou and Science Technology Development.
The round also featured venture capital firm Addor Capital and investment manager Caleb Capital according to China Money Network, which cited a company announcement. The round represents the first funding to be raised by the company.
Suzhou and Science Technology develops and markets orthopaedic medical devices which include a kyphoplasty system that aids spinal surgical procedures and a cordless drill-and-saw mechanism made to orthopaedic standards. It also provides after-sales technical support.
The funding will help the company advance new product lines in areas including sports medicine and artificial joint replacement as it aims to broaden its appeal in the orthopaedic segment.
Proceeds from the round have been allocated for talent recruitment and clinical trials, as well as the procurement of production and inspection equipment.