Intelligent medical equipment provider Sinovation (Beijing) Medical Technology Co., Ltd has garnered ‘tens of millions of US dollars’ in a new round of financing led by Asia-based PE firm Hillhouse Capital’s venture capital unit GL Ventures, per a company statement on Monday.
The latest deal marks the second round of funding raised by Sinovation in 2020. US global medical equipment maker Medtronic’s China-focused healthcare fund had exclusively made a similar-sized strategic investment in Sinovation in July this year.
The round was joined by new investor Northern Light Venture Capital and existing backer China Growth Capital, which backed the firm’s undisclosed Series B round in 2019.
Sinovation will use the proceeds for market expansion and new pipeline products.
The five-year-old firm has been active in the smart medical devices space supporting neurosurgery. Its product pipeline includes surgical robots, navigation systems, smart electrodes, lasers and monitoring software.
In 2018, Sinovation had closed its Series A round led by Cowin Venture and Pins Medical.
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DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on December 21, 2020.
