Qiming Venture Partners has led a series B funding round in Hangzhou-based Microtech Medical, a Chinese medical equipment start-up developing and manufacturing medical devices related to diabetes diseases.
Jiuren Capital, CDBI Partners, Goldport Capita and other institutional investor also participated. No financial details were disclosed.
Microtech previously received an undisclosed series A round from Lilly Asia Ventures and China Health Industry Investment Fund Co., Ltd., a state-backed healthcare investment platform.
Founded in 2011 in Hangzhou, Zhejiang province, Microtech Medical has a product line covering blood glucose monitoring system, insulin pump and diabetes management system. It also provides efficient medical equipment for diabetes testing and care.
The company plans to use the latest proceeds to enhance marketing of existing and new products, expand production capacity and research.
Qiming currently manages five U.S. dollar funds and four RMB funds with US$2.7 billion in asset under management.