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20 Chinese Companies to Watch in Q1 2023– Healthcare+ – EqualOcean

Editor’s note: We at EqualOcean tracked the major funding rounds or industry events that took place in China’s healthcare space in Q1 2023. The following is a list of deals that we have selected for you, based on a number of criteria, including the funding amount, the financial backers, the activity level and the segments in which the startups operate.

1.      MoleculeMind
AI protein design platform MoleculeMind (Chinese: 分子之心) completed an over CNY 100 million Strategic Funding Round, which was led by Cathay Biotech (Chinese: 凯赛生物), followed by Lenovo Capital (Chinese: 联想创投). The leading investor in Angel Round Sequoia capital (Chinese: 红杉中国) continued to invest. Proceeds will be used to develop the AI protein optimization and design platform MoleculeOS, and explore the application in industries including biopharmaceutical or synthetic biology. 
MoleculeMind is an AI protein design platform founded in 2022 by Jinbo Xu, a professor in Computational Institute at the University of Chicago, the founder of AI protein folding technology. The RaptorX-Contact technique he developed in 2016 was first proved that deep learning can dramatically increase the accuracy of protein structure prediction, and was learned by DeepMind. The company has two R&D centers based in China and the US. Through a data-driven deep learning algorithm to analyze the protein expression, stability, and developability, the AI protein optimization and design platform MoleculeOS assists experts in identifying suitable proteins or developing the needed protein directly, which accelerates the industrial transformation of research fruits.
2.      REMD
Medical technology company REMD (Chinese: 睿刀医疗) completed an over CNY 100 million Series A+ funding round, which was led by Silicon Paradise (Chinese: 天堂硅谷) and followed by Detong Capital (Chinese: 德同资本), and Qianzhan Capital (Chinese: 乾瞻资本). Close A and Bnaghua Finance (Chinese: 邦华金融) acted as the co-financial advisers.  After financing, REMD will accelerate the layout and innovation of its product in the fields of Benign Prostatic Hyperplasia (BPH), cardiac pulsed field ablation (PFA), and liver cancer. Meanwhile, REMD will also improve the availability and affordability of its approved products.
Founded in 2016, REMD is an innovative developer of irreversible electroporation technology, focusing on the R&D, production and sales of the third type of medical equipment for the treatment of tumors with high-frequency irreversible electroporation as its core technology. Compound steep pulse treatment device REMD-G1 is its main product and is the first approved product for the treatment of prostate cancer in the world.  In 2022, CFDA has accepted its PFA device REMD-G5's application for special examination and approval procedures for innovative medical products.
3.      MociMed
BociMed (Chinese: 博志研新) completed a new equity financing led by Guoxin Investment (Chinese: 国鑫投资). Proceeds raised in this funding round will mainly be used in the R&D of improved new drugs, promote the clinical development and commercialization of multiple new drugs including BCM335, BCM331, BCM291, BCM332, BCM345, and BCM347.
Founded in 2012, BociMed is a biotech focusing on the development of innovative drugs and leading therapies. The pipelines mainly cover CNS, anti-tumor, ophthalmology, and respiratory. BociMed also provides integrated small molecule CRO/CDMO services for clients, including the upstream small molecule manufacturing, CMC services, diversified drug delivery services, and the downstream clinical study services. 
4.      Hygea Medical
Hygea Medical (Chinese: 海杰亚医疗) completed a CNY 100 million Series D funding round led by In Capital (Chinese: 约印医疗基金) and followed by Banyan Pacific Capital (Chinese: 榕泉资本), HuaJin Capital (Chinese: 华金资本), Unifortune (Chinese: 乾道基金), and MeiHong Fund (Chinese: 美鸿基金). The long-term backer Gaorong Capital (Chinese: 高榕资本) continued to invest. HaoYue Capital (Chinese: 浩悦资本) acted as the exclusive financial adviser. Proceeds raised will be used to further strengthen business expansion and channel construction, expand R&D pipelines, strengthen the product portfolio in cancer treatment, and accelerate the international strategy.
Founded in 2010, Hygea Medical is a National High-tech Enterprise integrating R&D, production, sales and marketing, focusing on interventional oncology fields of "percutaneous intervention" and "transvascular intervention". The company has set up Beijing Key Laboratory of Cryogenic Biomedical Engineering and Post-Doctoral Research Center. As to patents, the company obtains more than 150 patents both in China and abroad. Relying on its innovation and expertise, it was granted awards of the William Begell Medal, National Specialized and New "Little Giant" Enterprise, First Prize of Beijing Science and Technology Award.
5.      Micot
Micot (Chinese: 麦科奥特) raised an over CNY 100 million Series C funding round led by Chang An Hui Tong Fund (Chinese: 长安汇通基金) and followed by famous industrial and financial investment companies. Proceeds raised will be used to promote the clinical trials of Micot's bifunctional polypeptides in the US and China, further enrich R&D pipelines, and further enhance the first mover advantage in the R&D of bifunctional polypeptide.
Founded in 2007, Micot is a high-tech company mainly focused on the product R&D of the innovative chemical drugs for cardiovascular diseases, metabolic diseases and Nervous system diseases. It has leading advantages in the field of bifunctional and multifunctional polypeptide research and development. At present, the company has a product portfolio covering 17 classes, of which, there are three types of products have acquired the clinic approval for new drugs from CFDA, another three are in the process to apply to the approval of new drugs from American FDA, and eight are in the process to apply for New Molecular Entity drug clinical study. Located in Xi’an Hi-tech Industries Development Zone, its R&D and pilot scale production base covering 3500 square meter building area and equipped with international advanced instruments and equipment.
6.      Hemay Pharmaceutical
Hemay Pharmaceutical (Chinese: 和美药业) completed a nearly CNY 300 million Series D funding round led by HongFu Investment (Chinese: 鸿富资产), followed by JiHan Capital (Chinese: 吉瀚投资), FaKong Industrial Investment (Chinese: 发控产投), TaiKun Capital (Chinese: 泰鲲投资), and Anxin Guosheng Weixin Fund (Chinese: 安信国生微芯基金). TriRiver Capital acted as the exclusive financial adviser (Chinese: 三江资本). Proceeds will be mainly used to accelerate the clinical trials of multiple pipelines and indications, the registration of new drugs, the business layout, and the implementation of industrialization.
Founded in 2019, Hemay Pharmaceutical is a developer of innovative drugs intended to provide more effective, safer and more economical new drugs. The company researches and develops new drugs to cure tumor and immune diseases such as breast cancer, Non-small cell lung cancer (NSCLC), Hepatocellular carcinoma (HCC), psoriasis and Inflammatory bowel disease, enabling patients to get better treatments. Now the company has two classes and three indications entering into Phase III clinical trial. Hemay005 in the treatment of Behçet disease has received ODD from FDA, and it has already finished the core Phase III clinical trial for the treatment of psoriasis.
7.      Real And Best
Real And Best (Chinese: 至善唯新) completed an over CNY 200 million Series A+ financing round, which was led by SDIC Venture Capital (Chinese: 国投创业) and followed by PanLin Capital (Chinese: 磐霖资本) and Anxin Guosheng Weixin Fund (Chinese: 安信国生微芯基金). The backer Loyal Valley Capital (Chinese: 正心谷资本) continues to invest. BMD Capital (Chinese: BMD资本) acted as the exclusive financial adviser. Proceeds raised in this round will be mainly used in the clinical promotion of existing product pipelines, the expansion of preclinical pipelines, and the expansion of talent teams.
Founded in June 2018, Real And Best is a biotech company focusing on the R&D of Recombinant RAVN virus (rAAV). It has a number of world-leading patents and technologies in efficient gene expression cassette design and vector production optimization. The existing pipelines cover multiple clinical indications such as blood, central nervous system, and metabolic system. The company owns the world-leading new adenovirus-poxviruses rAAV production system can significantly reduce production cost and further increase the availability of gene therapy. Its self-developed gene therapy product ZS801 received clinical trials approval from NMPA, which was the first approved gene therapy targeting Haemophilia B in China. Now research to testify the therapy's safety and efficacy has been conducted in Chinese Academy of Medical Sciences.
8.      TingSN
TingSN (Chinese: 霆升科技) completed a CNY 100 million Series B funding round led by Qiming Venture Partners (Chinese: 启明创投) and followed by HuaTai Zijin (Chinese: 华泰紫金), Tasly Capital (Chinese: 天士力资本), Ascendum Capital (Chinese: 济时资本), and Nanwan Baiao Fund (Chinese: 南湾百澳).Proceeds will be mainly used for the mass production of intracardiac echocardiography (ICE) products, R&D team expansion, and the development of new products.
Founded in 2017, TingSN is a medical equipment company focusing on the technology innovation of ultrasonic sound in cardiac echocardiography. Its product portfolio covers 3D ultrasonic mapping, ICE, and ultrasound ablation system. The core product, ICE, place the ultrasonic probe in the heart to make ultrasound imaging, which can treat cardiac arrhythmia. Now the registration application of TingSN's single-use ICE ultrasonic probe for innovative medical device has been accepted by NMPA.
9.      IASO Bio
IASO Bio (Chinese: 驯鹿生物) raised nearly CNY 500 million in Series C1. The investment was participated from 11 investors including GuoXin investment (Chinese: 国鑫投资), Efung Capital (Chinese: 倚锋资本), Shanghai Waigaoqiao Free Trade Zone Group (Chinese: 上海外高桥集团), Nanjing Jiangbei New Area State-owned Assets Management (Chinese: 南京江北国资), HosenCare Brothers (Chinese: 厚新健投), and HongCheng Investment (Chinese: 宏诚投资).Proceeds raised will be mainly used in the development and clinical promotion of product pipelines, and the commercialization of its core product Equecabtagene Autoleucel.
IASO Bio is a clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology and autoimmune diseases. Leveraging its proprietary fully-human antibody discovery platform (IMARS), high-throughput CAR T drug screening platform, and proprietary manufacturing processes. IASO Bio has a diversified portfolio of over 10 novel pipeline products including autologous and allogeneic CAR-T and biologics product candidates. Equecabtagene Autoleucel (CT103A), an autologous BCMA-targeting CAR-T product for the treatment of R/R MM, is IASO's leading asset. It now has received New Drug Application (NDA) acceptance from China's National Medical Products Administration (NMPA). It also received Breakthrough Therapy Designation by the NMPA in February 2021 and Orphan Drug Designation (ODD) by the FDA in February 2022.
10.   ZD Medtech
ZD Medtech (Chinese: 卓道医疗) announced that it had completed an over CNY 100 million Series B funding round, which was co-led by Redhill Capital (Chinese: 丹麓资本) and Hengxu Capital (Chinese: 恒旭资本), followed by Shunwei Capital (Chinese: 顺为资本). Proceeds raised in this round will accelerate the process of R&D, market access, and economies of scale in smart rehabilitation solutions field.
Founded in 2015, ZD Medtech is a company specializing in the development and application of rehabilitation robots and intelligent rehabilitation solutions. The rehabilitation robots developed based on systematic and multidisciplinary rehabilitation robot technology platform have been applied in nearly a thousand hospitals and institutions across the country.
11.   MacuoLux
MacroLux (Chinese: 星辰海) completed a nearly CNY 100 million Series A funding round led by Legend Capital (Chinese: 君联资本) and followed by Dalton Venture (Chinese: 道彤投资). After this financing, MacroLux will accelerate to provide more solutions that meet global clients’ needs.
Founded in 2020, MacroLux is a medical technology company providing innovative solutions for interventional endoscopic therapy. Endoscopic therapies has become highly important in many diseases such as digestion disease, respiratory disease, and urology disease. Single-use electronic endoscope has higher efficiency, lower costs than traditional endoscope, and can avoid cross infection. So MacroLux is dedicated to the product development and technology innovation of single-use endoscope.
12.   Forlong Biotech
ForLong Biotech (Chinese: 复融生物) completed a CNY 100 million Series A funding round, which was led by Puhua Capital (Chinese: 普华资本) and followed by RenHe Capital (Chinese: 人合资本), FOF Capital (Chinese: 方富创投) , SND Venture Capital (Chinese: 苏高新创投), SND Sci-Tech innovation Angel (Chinese: 苏高新科创天使) , and HuangPu Fund (Chinese: 黄埔医药基金). Existing investor DongKai Venture Capital (Chinese: 东凯风投) continued to invest and HaoYue Capital (Chinese: 浩悦资本) acted as the exclusive financial adviser. Proceeds will be used to increase R&D investment, accelerate the registration and clinical research of pipelines, and expand business in recombinant proteins.
Forlong Bio is an innovative R&D company with synthetic immunology as its technology driver, focusing on the development of cytokines and other protein drugs. The company has built an international leading integrated synthetic immunology technology system, derived from F-body long-lasting technology platform, synthetic novel cytokine platform, Fc engineering platform, and biomolecule artificial evolution platform. The four core technologies allow multi-dimensional optimization of protein drugs represented by cytokines to obtain optimal products. The preclinical data of lead pipeline FL115 (IL-15) is significantly better than representative products in the field in terms of safety and efficacy.
13.   CytoCan Corp.
CytoCan (Chinese: 赛德康) exceeded the financing target of a CNY 10 million seed funding round, which was led by Forcefield Venture and followed by XtalPi (Chinese: 晶泰科技) and Bopu Capital. Proceeds raised in this round will be used to further develop and optimize AbZed platform technology, expand product pipelines, and accelerate the promotion of clinical studies. Furthermore, proceeds will also be used to support the cooperation with backer XtalPi and utilize XtalPi’s AI technology and CytoCan's AbZed platform to jointly develop the new targeted immunotherapy drug.
CytoCan is a research company in the field of multispecific drug discovery and development, and its AbZed protein module technology platform is a multispecific recombinant protein molecular platform that "piggybacks" on antibody molecules. As a delivery hub, AbZed can flexibly form complexes with antibody molecules in vivo to recruit endogenous antibodies to induce "antibody-dependent cell killing", thus effectively extending the half-life of recombinant proteins. In addition, AbZed can precisely deliver immune cytokines or bispecific antibodies to the tumor microenvironment for different cancer cell surface targets, resulting in stronger immune killing power, thus achieving safe and efficient targeted immunotherapy.
14.   Rezu Bio
Rezu Bio (Chinese: 宁康瑞珠) completed a CNY 10 million Series Pre-A funding round, led by Riverhead Capital (Chinese: 阳光融汇资本). Riemann Hypothesis (Chinese: 黎曼猜想) acted as the exclusive financial adviser. Proceeds raised will be mainly used in platform building and the promotion of product pipeline development.
Rezu Bio has developed a brand-new colon-restricted drug design platform with completely independent intellectual property rights, which can help companies obtain multiple compounds targeting colon targets. Since designed compounds mainly act on local tissues or organs, which can avoid toxic side effects caused by systemic circulation, thereby are safer and more efficient.
15.   BlissBio
BlissBio (Chinese: 百力司康) completed a CNY 100 million Series B+ financing round led by In Capital (Chinese: 约印医疗基金) and followed by its existing investors Oriental Fortune Capital (Chinese: 东方富海) and Sherpa Healthcare Partners (Chinese: 夏尔巴资本). Proceeds raised will be used in the advancement of clinical research of BB-1701, BB-1705, BB-1709 programs, pre-clinical research and registration of product pipelines, and the preparation of new drug application. BB-1701 is a new antibody-drug conjugate (ADC) under Phase II clinical trial. Its toxin Eribulin, licensed from Eisai, is an oncology product on the market with clinically proven safety and efficacy profiles.
BlissBio, founded in Hangzhou, Zhejiang Province in December 2017 by overseas returnees with PhD degree, is a clinical-stage biopharmaceutical company focusing on discovery, development, and commercialization of biotherapeutics with independent intellectual properties. BlissBio's core team has successful experience in product development and commercialization in this field, as well as a variety of technology platforms. With “Together, let’s improve human health” as the core value, BlissBio has close collaborations with domestic and foreign biopharmaceutical companies to develop internationally competitive BIC and FIC biotherapeutics.
16.   Levostar
Levostar (Chinese: 左旋星生物) has raised the second financing round since its founding in 2022, which was led by Matrix Partner (Chinese: 经纬创投). Proceeds will be used to expand the GMP-level production and upgrade safety testing and evaluation platform for CGT products.
Levostar is a developer and producer of cell gene therapy products intended to provide breakthrough technologies and full-coverage solutions for the CGT industry. The company's products include its clinical testing services for cell therapy platforms, viral vector platforms, mRNA vaccines and therapeutic platforms, and GMP-level production processes and product quality control methods for plasmids and mRNAs, enabling the biotechnological industry to accelerate the process of gene cell therapy and mRNA drug research and developm
17.   Hochuen Medical
Hochuen Medical Technology Co., Ltd (Chinese: 深圳市合川医疗科技有限公司) secured a Series B round of over CNY 10 million yesterday. CoStone Capital (Chinese: 基石资本) was the lead investor. Qiming Venture Partners (Chinese: 启明创投), who led Hochuen Medical's Series A round also participated in this round. Proceeds will be used for expanding CDMO (Contract Development & Manufacturing Organization) business, developing new technologies, and increasing overseas production capacity.
Hochuen Medical is a national high-tech enterprise focusing on in vitro diagnostics, especially immediate diagnostics, microfluidic devices and non-standard consumables CDMO manufacturing. The company has experienced engineering team, multiple types of testing equipment, 10,000-grade clean production workshop, with precision die-cutting, laminating, injection molding, screen printing, machining, laser cutting, laser welding, ultrasonic welding, molecular bonding, UV curing, reagent kit/Blister production, FPC assembly, device integration and finished product packaging process, for global undertake sample production, small batch trial production and mass production We are committed to excellence in microfabrication Hochuen Medical is committed to providing excellent service to global customers with superior microfluidic technology, and has passed ISO13485 quality system and CNAS laboratory certification, and is an FDA supplier of record.
18.   We-Linking
We-Linking (Chinese: 微灵医疗) completed a CNY 10 million Angel Round, which was co-led by BlueRun Ventures (Chinese: 蓝驰创投) and CDH Investments (Chinese: 鼎晖投资), followed by Naton Group (Chinese: 纳通科技集团) and Future Light cone (Chinese: 未来光锥).
Founded in 2019, We-Linking is a medical technology company dedicated to the R&D of implanted medical brain-computer interface system. Headquartered in Shenzhen, We-Linking has built the R&D center in Shenzhen, clinical research and data center in Beijing and Suzhou, and subsidiary in Maryland. It is a global leading enterprise mastering the full-chain implanted brain-computer interface self-developed technology.
19.   Neuroflag
NeuroFlag (Chinese: 华神生电) completed an Angel Round financing, which was led by TusStar (Chinese: 启迪之星创投), followed by Wuxi Cenglin (Chinese: 无锡层林). Proceeds raised in this round will be used to accelerate the R&D process of its first pelvic surgery monitoring equipment, strengthen the development of intraoperative neurophysiological monitoring, and further expand the R&D team.
NeuroFlag was founded by Professor Liu Xianzeng, an expert in the field of intraoperative neuromonitoring, and Dr. Jingyi Liu from the Department of Neurology of Tiantan Hospital, who are committed to developing devices and consumables for various types of intraoperative neuromonitoring to maximize the protection of patients' nerves and reduce intraoperative risks and postoperative disability. The NeuroFlag team covers clinical, engineering, R&D and management talents, with more than half of the R&D staff having master's degree or above, and many engineers having more than 20 years of medical device development experience, as well as the support of experts from Tsinghua, Peking University and Chinese Academy of Medical Sciences.
20.   YingHe Neuro
YingHe Neuro (Chinese: 应和脑科学) completed a CNY 100 million Angel round co-led by BioChing Capital (Chinese: 邦勤资本) and LAV (Chinese: 礼来亚洲基金) and followed by Snibe Diagnostic (Chinese: 新产业生物), XiJiao 1896 innovation fund (Chinese: 西交一八九六科创基金), and its existing backer Enlight Medical (Chinese: 应脉医疗). DeepSnow Capital (Chinese: 深雪资本) acted as the financial adviser. YingHe Neuro focuses on the development of a new generation of neuromodulation and brain-computer interface products and technologies based on clinical demands.
Based in China and facing the world, YingHe Neuro develops next-generation neuromodulation and brain-machine interface technologies and products oriented by clinical needs, and several products under development are benchmarked against global cutting-edge innovative technologies. Up to now, the R&D team has made breakthroughs in autonomous system design, electrode design, chip design, signal acquisition and decoding, algorithm development, MRI compatibility, etc., and established a universal neuromodulation platform, and several products under research will soon enter animal experiments and clinical trials.
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