China-based medical supplies distributor GKHT Medical Technology raised more than RMB1.1bn ($154m) on Saturday in a series C round led by insurance firm Taikang Life.
6 Dimensions Capital, the investment firm co-founded by pharmaceutical firm WuXi AppTec, also participated in the round, along with Legend Capital, the venture capital firm launched by conglomerate Legend Holdings.
The round was filled out by China Merchants Capital, a private equity vehicle for state-owned investment holding company China Merchants Group, as well as VC firm Sherpa Venture Capital and Cash Capital, which invests on behalf of Chinese Academy of Science.
Founded in 2013 as an affiliate of the Chinese Academy of Sciences-owned Osic Holding Group, GKHT provides items such as medical adhesives, dressings, hygiene products and materials for implants and medical sutures.
The company oversees some 30 subsidiaries spread across its home country, and sources wholesale goods from about 20 international partners. It filed to go public in June 2017 but was denied regulatory permission, and was refused for a second time in November 2018.
GKHT plans to put the series C funding into upgrading its digital supply chain capabilities. It had previously raised an undisclosed amount over the course of five funding rounds, according to China Money Network.
The company received an undisclosed amount in a 2015 series A round before adding a nine-figure renminbi amount in a June 2016 series B round, and an undisclosed sum from Longwin Capital and Steppe Capital the following month. Its backers also include insurer Aeon Life and Northern Light Venture Capital.
