China medical device manufacturer gets Series D backing

The round - described as being "several hundreds of millions of renminbi" in size - also featured Banyan Pacific Capital, Zhuhai-based Huajin Capital, Qiandao Fund, and Meihong Fund, which is backed by Shanghai-listed Markor Furniture. Existing investor Gaorong Capital re-upped, according to a statement.

Hygea previously raised a CNY 500m Series C in 2021 led by China Growth Capital in 2021 and a CNY 200m Series B led by CCBI Investment Fund Management in 2019, according to AVCJ Research.

Founded in 2010, the company is best known for its self-developed device used to kill tumours. Known as the Kangbo Knife, the device is an ultra-fine probe that penetrates the patient’s body and subjects tumour tissue to alternating blasts of cryogenic freezing and high-intensity heating. Temperatures range from -196 to 80 degrees Celsius.

Hygea was an early product of the now rich stream of start-ups emanating from Chinese universities.

The Kangbo Knife was invented by Jing Liu, a professor at Tsinghua’s school of medicine, while Qianfu Huang, an economics and management student at the same university, led the commercialization. Huang, though still a student, was already selling medical devices. He immediately recognized the potential of the Kangbo Knife and established Hygea.

The device was approved for commercialisation in China in 2017 through a fast-track channel for innovative medical equipment. It was then included in China’s national medical insurance system in 2021. It is currently widely used in top-tier hospitals such as Peking University Cancer Hospital, Chinese Academy of Medical Sciences Cancer Hospital, and Fudan University Affiliated Cancer Hospital.

Haoyue Capital served as the exclusive financial advisor for the Series D round.

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• Topics
• Greater China
• Expansion
• Healthcare
• China
• medical devices
• Gaorong Capital
• Growth capital