Chinese Optical Medical Device Supplier OptoMedic Completes $14M Series C Round

OptoMedic, a Chinese optical medical device system provider, announced that it has completed a nearly RMB100 million Series C financing in early 2020. Investors in this round include Guangdong Guoke Investment, Lotus Lake Capital, Morale Capital and Jiutuo Investment.

In the field of endoscopic diagnosis and treatment, the current status of the industry is that the global market is steadily increasing, and most of the market share is occupied by large European and American manufacturers; Chinese development in this field is late but the growth rate is fast, and some products are gradually replacing imported products.

According to the forecast data of FROST&SULLIVAN, from 2018 to 2022, the compound growth rate of Chinese endoscope market is 9.25%, and the market growth rate of optical medical device used with endoscopes should be higher than 9.25%. Based on the calculation of China’s scope of medical diagnostic equipment market of RMB3.434 billion in 2018, it is estimated that by 2022, China’s gastrointestinal medical diagnostic device market will reach at least RMB4.892 billion.

At present, the Chinese market is showing the trend of "early diagnosis and early treatment" as well as "minimally invasive" treatment. The breakthrough point of the fluorescent navigation endoscope that OptoMedic is working on is that the intraoperative marking and fluorescent navigation functions have been added through the technology, which can track the lymphatic system in real time, observe tissue blood perfusion and accurately locate the tumor boundary, helping clinicians operate more precisely. The company’s flagship product has been used in the hepatobiliary surgery, gynecology, gastrointestinal surgery, thoracic surgery, urology surgery and other departments of large hospitals across the country.

OptoMedic has established stable cooperative relations with institutions such as Tsinghua University, Institute of Biomedical Engineering Technology under Chinese Academy of Sciences, Peking University School of Pharmaceutical Sciences, Sun Yat-sen University Zhongshan School of Medicine and other institutions, as well as many key top hospitals in China. In terms of sales promotion, according to reports, the company’s products have been put into use in more than 300 top hospitals across the country. In March this year, the company’s independently developed OPTO-2100 series endoscope fluorescent camera system, medical cold light source and other products have obtained the medical device CE marking certification and can be promoted to overseas markets.

As for the core team, OptoMedic has a group of masters and doctorates from domestic and foreign universities such as California Institute of Technology, Tsinghua University, Zhejiang University, Wuhan University, Zhongshan University, Harbin Institute of Technology, and South China University of Technology. Through independent research and development, the company has mastered dozens of patented technologies covering optical, mechanical, electronic, software, hardware and other aspects.

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