China medtech start-up SiBionics raises $79m
China-based medical technology start-up SiBionics has raised CNY 500m (USD 79m) in a third tranche of Series C funding co-led by CPE and China Life Investment.
Other investors include JG Investment, Xiamen C&D, China Life Insurance, Qianhai Fund of Funds, Jingming Capital and return backer Lucion Venture Capital.
SiBionics has raised CNY 800m in total for its Series C in the past year. The first tranche was led by Source Code Capital and included River Head Capital and Lucion Venture Capital. The second tranche was led by Fortune Capital with support from Source Code and Cedar Lake Capital.
Founded in 2015, Shenzhen-headquartered SiBionics has 400 professionals, more than half of which are R&D personnel. Its key technology focuses on continuous glucose monitoring (CGM), a method of automatically tracking glucose, or blood sugar, levels throughout the day and night. A customer wearing the company’s CGM device can see the glucose level anytime at a glance.
In November last year, SiBionics’s CGM system was approved by the State Drug Administration, becoming the first domestic commercialized CGM. In the same month, the production line with an annual production capacity of more than 1m was granted the required license, becoming the first domestic CGM to enter the stage of mass production.
The new funding will go toward a technology upgrade, marketing of CGM, and the development of new product pipelines.
According to the International Diabetes Federation, China had the largest diabetes patient base of any country last year, with 140m people suffering from the condition. The global market penetration rate for diabetic patients in 2020 for CGM is around 5.3% and about 45.8% in the US. It is only 0.6% in China.
"The digital management of diabetes in China is still in its infancy, and there are many unmet needs in terms of disease monitoring, management and treatment. As the first domestically made calibration-free CGM product on the market, SiBionics adopts the second-generation sensor technology. It has become a game-changer in the industry," said Jinhao Chen, a managing director at CPE.
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