China-based heart disease therapy developer Valgen Medtech has secured a nine-digit dollar amount in series B funding from investors including corporates Venus Medtech and China Life, Forbes China reported yesterday.
The round was co-led by private equity firm DCP and venture capital firm Sequoia Capital China and included insurance firm China Life’s Healthcare Fund, medical equipment manufacturer Venus Medtech, Ascendum Capital, Lake Bleu Capital and Qiming Venture Partners.
Founded in 2015 as a subsidiary of China-based life sciences investment and incubator group DiNova Medtech, Valgen is headquartered in the city of Hangzhou with a research and development base in Shenzhen and offices in Beijing and Shanghai.
The company is working on treatments related to mitral and tricuspid valves – which carry blood from upper to lower chambers of the heart – covering conditions such as mitral valve regurgitation, which causes blood to flow backwards.
The cash will be used to improve Valgen’s technology and products. The funding came after Qiming Venture Partners joined BioTrack Capital in a series A round of undisclosed size in 2019, according to financial data aggregator Tianyancha.
