Qiming Venture leads $15.7m round of Chinese surgical instrument startup

IntoCare Medical Technology, a surgical instrument company based in Suzhou, has raised 100 million yuan (US$15.7 million) in its series D financing round led by Qiming Venture Partners.

Photo credit: IntoCare Medical Technology

Investors including Oriza Holdings, Oriza Fund of Funds, and YuanBio Venture Capital also participated in the round.

The fresh capital will be used for product development, clinical research, and marketing activities as well as to open new offices and manufacturing sites.

Founded in 2015, IntoCare focuses on the production and commercialization of surgical instruments. The company also launched a range of powered stapling solutions, which helps surgeons eliminate the variable grip force by using battery power to drive the knife blade and staples.

“We believe that powered staplers will become an increasingly popular option for surgical doctors and gradually earn the mainstream position,” said William Hu, managing partner of Qiming Venture Partners. “IntoCare has established a structured R&D platform and commercialization plan, and has begun international expansion.”

IntoCare’s products are available in markets including Europe, Middle East, Africa, North America, among others. The Chinese healthtech firm said it has also won multiple provincial procurement bids.

As of May 2021, IntoCare has applied for 277 patents, out of which 117 have been authorized. Nearly 60% of its patent applications are for invention patents.

In January, Qiming Venture Partners announced that it has completed the final close of its yuan-denominated Fund VI at 2.8 billion yuan (US$433 million). The firm manages nine US dollar-denominated funds and six yuan-denominated funds, with US$5.9 billion in assets under management.