Qiming joins $12.6m round for China's Wuxi Vision
Qiming Venture Partners and Ruijan Capital have contributed RMB80 million ($12.6 million) to a Series B round for Wuxi Vision Pro, a Chinese ophthalmic medical device maker with operations in the US.
Founded in 2010, Wuxi Vision Pro operates a facility in the US focused on manufacturing, R&D and marketing of intraocular lenses with a view to creating a well-known brand in the eye healthcare space globally. The fresh capital will support a Chinese expansion agenda.
The company said it would leverage a 20% annual growth rate in the Chinese cataract surgery market, where the number of potential patients over 60 years old is estimated at 130 million. The cataract surgery rate in the country is expected to reach more than 3,500 procedures per one million people by 2020.
"With modern science and technology drastically changing human behaviors, excessive use of the human eyes has accelerated the aging of eyes and developing other eye diseases among young people," Liao Xiugao, founder of Wuxi Vision Pro, said in a statement. "These factors promote the need of rapid development of ophthalmic medical products."
The investment follows a $25 million round led by Lilly Asia Ventures last week for Avedro, a US ophthalmic devices player looking to expand operations in Asia. Avedro claims to be the world leader in corneal remodeling, a type of laser eye surgery.
Qiming has recently closed two China-focused VC funds, including its sixth US dollar-denominated vehicle and its fifth renminbi-denominated vehicle, as well as a new US healthcare fund. Total commitments came to about $1.4 billion.
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