Sinovac Biotech

Mar 13, 2023

10 March, 2023 Yongrenxin Medical Instrument, known as the maker of the implantable artificial heart Evaheart, has raised $100 million in a Series A round led by vaccines maker Sinovac Biotech. The round, joined by the private equity investment arm of China Taiping Insurance Holdings, the longest-running insurance brand in the country, as well as existing shareholder Vivo Capital, will help the firm to build a healthcare platform for heart failure and severe heart diseases, the firm said in a release on Thursday. Founded in June 2014, the Chongqing-based firm’s first artificial heart won government approval in September 2019, per local state media. Several local medical development firms in the country have also been greenlighted by the government including Rocor Medical Technology and  Suzhou Tongxin Medical Equipment. Previously, Yongrenxin snapped “several tens of millions” in US dollars from Vivo Capital in 2021. Yongrenxin’s fundraising announcement comes at a time when there has been a significant funding drop in the industry — the medical device and equipment industry booked $610.6 million in Q4 2022, down by 33.3% from $916 million in the same period of 2021, according to DealStreetAsia’s proprietary data.