China Growth Capital leads Series C for Hygea Medical
China-based medical devices manufacturer Hygea Medical Technology has raised a RMB500 million ($77 million) Series C round led by China Growth Capital.
China Reform Holdings, Biotrack Capital, Sinopharm Capital, Grand Flight Investment, Sharewin Investment, Potential Capital, Xiamen Junyida Capital participated in the round. China’s artificial intelligence firm SenseTime featured as a strategic investor.
The firm has raised RMB200 million in Series B financing led by CCBI Investment Fund Management in 2019, according to AVCJ Research.
The company, founded in 2010, is best-known for a self-developed device used to kill tumors. An ultra-fine probe penetrates the patient's body and subjects tumor tissue to alternating blasts of cryogenic freezing and high-intensity heating. Temperatures range from -196 to 80 degrees Centigrade.
The device was approved for commercialization in China in 2017 through a fast-track channel for innovative medical equipment. It is currently used in nearly 100 top-tier hospitals, including Peking University Cancer Hospital, Chinese Academy of Medical Sciences Cancer Hospital, and Fudan University Affiliated Cancer Hospital. The device has featured in thousands of procedures.
“Tumors are a major medical challenge facing humanity. Interventional tumor treatment technology is rapidly growing into the fourth pole of cancer treatment after surgery, radiotherapy, and chemotherapy. The key trends in tumor treatment are minimally invasive, precision, and intelligence," said Qianfu Huang, founder of Hygea, in a statement.
China Growth Capital is an active investor in the healthcare sector. Recent deals include leading a $100 million Series A for Hangzhou-based vaccine developer Immorna and participating in a $150 million Series B for cancer detection specialist Targeting One.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.