Shandong Wego Interventional Medical Technology, a subsidiary of China-based medical device manufacturer Wego, secured billions of yuan (RMB1bn = $157m) in series A funding yesterday.
XJ Capital, an investment manager sponsored by investment banking firm Citic Group, invested $66m to lead the round, which included financial services firm China Construction Bank’s CCB International unit, Haitong-Fortis Yangtze River Growth Equity Investment, China-Belgium Direct Equity Investment Fund and unnamed others.
Formed in 2013, Wego Interventional produces interventional equipment and consumables intended for use in treatments for illnesses including coronary, congenital, cerebrovascular, digestive tract, peripheral vascular and cardiac electrophysiological diseases.
Sun Fengwei, chairman of Wego Interventional, said: “This round of financing will help drive the company to increase its investment in product research and development and market expansion.” (Translated from Chinese by Global Corporate Venturing)
