China-based ophthalmology device maker TowardPi (Beijing) Medical Technology Ltd has reportedly raised close to RMB 300 million (USD 42.96 million) in a Series C financing round. The round was led by Sunrock Capital, with contributions from Tao Capital, Kunlun Capital, and existing investor Aibo Qingshi Venture Capital. This marks a significant milestone for TowardPi in its ongoing efforts to innovate and expand in the ophthalmology medical equipment industry.
Company Background and Industry Value
Founded in 2017, TowardPi Medtech has completed six financing rounds within five years. The ophthalmology medical equipment industry, valued at RMB 10 billion (USD 1.43 billion), sees six major product categories generating significant annual revenues. These include full femtosecond laser (RMB 3.5 billion, or USD 501 million per year), ophthalmic operating microscope (RMB 1.6 billion, or USD 229 million per year), ultraemulsion glass cutting machine (RMB 1.4 billion, or USD 200.4 million per year), ophthalmic OCT (RMB 1.2 billion, or USD 171.8 million per year), fundus camera and angiography (RMB 800 million, or USD 114.5 million per year), and optical biometric instrument (RMB 600 million, or USD 85.9 million per year).
Innovation and Product Launch
TowardPi launched the world’s first 400,000-times ultra-high-speed sweep (optical coherence tomography) OCT product in May last year. This innovative product underscores TowardPi’s commitment to advancing ophthalmology technology and improving patient outcomes through cutting-edge medical devices.
Future Prospects and Strategic Use of Funds
The Series C financing round positions TowardPi to further enhance its capabilities in ophthalmology device development. By investing in research and development, market expansion, and product innovation, TowardPi aims to solidify its position as a leader in the ophthalmology medical equipment industry, addressing significant unmet medical needs and contributing to advancements in eye care.-Fineline Info & Tech
