Tongxin Medical, a China-based medical device maker backed by medical protective glove producer Bluesail Medical, has picked up hundreds of millions of yuan (RMB100m = $15.4m) in a series D round, KrAsia has reported.
Venture capital firm Sequoia Capital China led the round investing together with asset managers Lake Bleu Capital and Linden Asset Group, in addition to undisclosed investors.
Founded in 2008, Tongxin is developing ventricular assist devices (VAD) used to support heart function in healthcare patients with compromised cardiovascular systems. Tongxin’s VAD products are capable of extending and improving the lives of people with advanced heart diseases.
The series D round follows a $14.8m investment by Bluesail Medical in June 2019 that valued Tongxin at approximately $145m and gave Bluesail a 10.16% stake in the business.
Details about Tongxin’s earlier funding could not be ascertained.