Chinese bone medical equipment manufacturer Shanghai Sanyou Medical Equipment Co. Ltd. has received a new round of financing from Qiming Venture Partners and Taifu Capital, according to a joint announcement.
The round totaled around US$10 million, and the Shanghai-based company says it will use the proceeds on expanding research and development, as well as strengthen its sales and customer services.
Qiming’s partner, Hu Xubo, will join Sanyou’s board after the completion of the investment.
Founded in 2005, Sanyou makes spin and injury implants and sells its products across the country.
Taifu Capital was established in November 2013, and it focuses on investing in early- and growth-stage companies in the pharmaceutical and medical technology sectors.
Earlier this month, Legend Capital invested around US$16 million in Chinese medical device maker Shanghai Aohua Photoelectricity Endoscope Co., Ltd.