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Chinese medtech firm Lachesis raises USD 21.8 million in Series B+ round

China is expected to surpass Japan to become the second-largest global medtech market.

Photo: Shutterstock

Shenzhen Lachesis Mhealth announced Monday that it has raised RMB 150 million (USD 21.8 million) in a Series B+ round, marking the first financing deal in the Chinese medtech sector this year, according to the company’s official WeChat account.

Shenzhen Capital Group and GTJA Investment Group are the only two investors for this round. Lachesis closed its USD 29 million Series B round, led by GTJA, in August 2018.

The fresh funding will be used for research and development of smart medical products and on new medical big data and smart diagnosis ventures.

Boston Consulting Group predicts the Chinese medtech market will grow 12% year-on-year to hit USD 55 billion in revenue by 2020, surpassing Japan to become the second-largest global market for this sector.

Lachesis builds “smart” wards for hospitals where some aspects of medical care, such as infusions, can be monitored and implemented with digital devices and sensors.

Its over 700 clients in China include top-tier hospitals such as Peking Union Medical College Hospital and Peking University People’s Hospital.