Suzhou-based Tongxin Medical secured hundreds of millions of yuan in a Series D financing round led by Sequoia Capital China and joined by investors including Lake Bleu Capital and Linden Asset Group. The latest financing round builds on an RMB 102 million (USD 15.75 million) investment secured in September 2019 from Shenzhen-listed Bluesail Medical.
Founded in 2008, Tongxin Medical specializes in the development of ventricular assist devices (VADs), which are mechanical pumps used to support heart function for those with weak or failing cardiovascular systems. For many patients with advanced heart disease, VAD products are the only way to prolong and improve their quality of life.
Advances in VAD technology have allowed new treatments and devices to be developed, like Tongxin Medical’s CH-VAD products that utilize magnetic technology to improve the stability of patients’ blood circulation. With high technical barriers to development, the device is the first of its kind to be commercialized in China, while Tongxin Medical’s international rivals include Abbott Laboratories, Medtronic, and SynCardia Systems.
KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by Dun Yuting for 36Kr.