Hangzhou-based robotic startup Jianjia has raised more than RMB 100 million (USD 14.6 million) in its Series B round, led by GL Ventures, Hillhouse Capital’s early-stage VC arm, and Fosunpharma (SHH:600196), the financial adviser of the deal, Haoyue Capital, revealed on its WeChat account on Monday.
Baidu Ventures, which led the startup’s Series A round at the beginning of this year, also participated in this new round.
Founded in 2018, the startup has rolled out Arthrobot, which can position, grind, and install prostheses, to assist doctors in joint replacement surgeries. Jianjia will use the fresh funds for the clinical registration of Arthrobot, a compulsory step for a medical product to enter the market, and for development of new products.
“With the aid of surgical robots, uncertainties in joint replacement surgeries can be reduced,” said an unidentified person from Fosunpharma, who was in charge of the fundraising deal in Jianjia, according to the Haoyue Capital WeChat post.
The employee added that Chindex Medical Limited, one of Fosunpharma’s subsidiaries, will aid Jianjia in selling the product. Chindex is a distributor of Da Vinci robotic-aided surgical systems in China, one of the first robotic-assisted systems cleared by the US Food and Drug Administration for general laparoscopic surgery.
An unnamed Baidu Ventures executive said in the WeChat post that smart surgical robots have showcased their huge clinical potential. “As the society is aging, the orthopedic market is getting bigger, and orthopedic surgical robot systems will have great potential,” the executive is quoted.