China Life, Qianhai Ark back ophthalmic device maker
China Life Private Equity and Shenzhen-based Qianhai Ark have led a CNY 300m (USD 44m) Series C round for Svision Imaging, a China-based ophthalmic device manufacturer.
Other investors include CD Capital, Shenzhen Capital Group, CICC Huirong, CDIB Yida Private Equity, Lingang Land of Wonder, and Ming Capital. All existing investors re-upped.
In 2021, Svision closed a Series B of more than CNY 100m led by Beijing Yuhua Fund Management, Flyfot Ventures, and Lang Sheng Investment. This followed a Series A backed by Flyfot and Lang Sheng in 2018, according to AVCJ Research.
Last year, the company generated revenue of nearly CNY 200m, up 300% year-on-year, and ranked first in its sub-sector, according to a statement.
Svision was founded in Silicon Valley in 2014 and shifted its base of operations to Shanghai in 2015. A factory was subsequently built in Luoyang, Henan province.
The company specialises in optical coherence tomography (OCT) which uses light waves to study different layers of the retina. This allows ophthalmologists to map and measure the retina's thickness, which contributes to the diagnosis and treatment of eye diseases.
In 2019, Svision released a model that combines deep imaging depth, rapid sweeping speed, extensive scan range, accurate lesion detection and multimodal imaging capabilities. It claims the device can be used for research as well as diagnosis, citing 68 papers that have been published based on findings made using the device.
The company's latest model is said to be able to detect 99% of cataracts. Over the years, its product range has extended from ophthalmic diagnostic devices to operational instruments.
Other recent investment activities in China's eyecare space include a USD 40m Series B for Eluminex Biosciences, which is developing drugs and regenerative tissue used to treat eye disease and other vision-threatening medical conditions.
Winsoul Capital serves as the exclusive financial advisor for Svision's Series C.
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