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Private Equity
huagaicapital.com

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Investments

159

Portfolio Exits

9

Funds

9

About Huagai Capital

Huagai Capital is a private equity investment institution that manages a number of equity investment funds such as medical health funds, TMT funds, cultural funds, and more.

Huagai Capital Headquarter Location

China Resources Building, 5th Floor, 505-508 Jianguomen North Street No. 8, Dongcheng District

Beijing, Beijing,

China

+8610-6400-1990

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Latest Huagai Capital News

Intelerad Medical Systems to make Raleigh its U.S. headquarters, will soon open office

Nov 4, 2021

RALEIGH – Intelerad Medical Systems is expanding its presence in the Triangle. So much so, the company plans to officially establish its United States headquarters in Raleigh by the end of the year. The Canadian company, which already employs some 85 people in the Triangle, including 15 employees who joined the firm after Intelerad acquired Triangle-based HeartIT in July , plans to establish a physical office location in Raleigh and is currently hiring about 25 additional positions. WRAL TechWire’s Jason Parker interviewed Mike Lipps , the company’s CEO, earlier this week, discussing the company’s growth strategy and why it chose Raleigh to establish its U.S. headquarters. Lipps was previously the CEO for insightsoftware and before that, an executive at LexisNexis. Raleigh-headquartered insightsoftware was backed by the private equity firm TA Associates in 2018, and has now acquired some 20 companies, including acquisitions overseen by Lipps. Recently, insightsoftware received an $800 million investment from Hg Capital, the same firm that acquired Intelerad Medical Systems about a year ago. A transcript, lightly edited, appears below the video interview, which was conducted via Zoom. Jason Parker, WRAL TechWire (TW): Would you provide us a background on the company’s existing relationship with Raleigh? Mike Lipps, CEO of Intelerad Medical Systems (ML): Intelerad Medical Systems is a 20-year old medical imaging software company born in Montreal, Quebec. A year or so ago, it was acquired by Hg Capital and one other investor. They asked me to come on and run the company. One of the parts of the strategy was to move, to create a U.S. headquarters here, in the United States, given that is the largest opportunity going forward, in terms of markets. When they started talking to me about it, started talking about where in the U.S. would be the right place for headquarters, and it was a pretty easy decision that it would be Raleigh. I’ve been here for the last 10 years and been fortunate enough to be a part of two different companies that scaled dramatically in the Triangle, because of the talent, the cost of living, and all the other benefits of being here. It was the right, easy choice to be here for Intelerad. TW: The company currently already employs about 60, including the staff that joined the company after a recent acquisition of Triangle-based HeartIT in July. What is the company’s plan for the region and for its future here? ML: It’s one of the strange artifacts of building a company, or moving or changing a company during COVID, that we started hiring employees in Raleigh, literally, at the end of 2020. We’ve now hired 70 employees, and as you’ve noted, with the acquisition of HeartIT in Durham in July of this year, we’ve added another 15. We’re closing in on almost 100 employees here today, with another 25 roles open here today. We’d expect to double the size of our Raleigh base over the next 12-18 months, so it’s fairly rapid growth. We’re a company that grows both organically, and via acquisition. We have completed six acquisitions over the last 14-15 months. What we expect to see is that Raleigh will become the focal point for all of our U.S. customers. We’ll have a number of roles here, going forward. TW: You’re projecting to continue to hire here locally. What’s the talent market like in the Triangle, during the time that you’ve been hiring, and where we are today? ML: I was born and raised in and started my career in Silicon Valley, so I’ve only ever been in software. You’re used to very competitive markets, and I’ve been fond of saying in the past, “Where else would you want to be?”  You’ve got to be where the talent is, and ultimately, you’ve got to create a great company, a great environment, and a great culture to be able to compete successfully for that talent. You’re seeing that in Raleigh and in the greater Triangle market today. First of all, it’s a great, great location for technology talent, and the state partnered with private enterprise has created a great environment for companies like Intelerad to come in here and be successful. What we’ve seen in the last six months or so is an increase in competition for that great technology talent, and that’s something that we’re excited about participating in as we grow. TW: Specifically, why did Intelerad choose Raleigh? You were based here, but it sounds like there were other factors as well. ML: My experience with the Research Triangle market and familiarity with the quality of talent is a significant factor in us selecting Raleigh. Ultimately, we see this as a great place for us to build a large and dynamic employee base. We see it as great access to the eastern part of the United States, where we have a number of companies and customers that we serve. Ultimately, it’s that combination of the quality of talent, the cost of living, and the employee experience that they’ll get from living in the Triangle that we thought was really difficult to beat anywhere else in the United States? TW: Does the company already have an office facility in the Triangle, or are you in the process of opening one? ML: We are in the final stages of selecting one, and expect to make that announcement between now and the end of the year. Originally, our timeframe was to open something in the second half of 2021, but with the rise of Delta over the summer, that put a little delay on things. We’re continuing to hire, and we’ll continue to hire in Raleigh, and we’ve already declared that while there are a number of great locations across the Triangle, we expect to be in Raleigh, specifically, and we’ll make that announcement in the next 4-6 weeks. TW: Were any economic development grants, state or local, a part of this decision? ML: They were not, no. TW: Do you have a specific job target in mind, by the end of 2022? ML: We have another 25-plus roles that are specific to Raleigh, and a number of other roles that we could hire anywhere in the U.S. and where Raleigh could be an option. While not having a specific target for the end of 2022, what I would expect from us, is that if we’re roughly 85 employees today, I would expect us to be roughly double that number, 150-175, by the end of 2022? TW: What else is important to note? ML: We’ve talked about the key ones. For Intelerad, as a company that endeavors to be the world leader in medical image software management, being in the Raleigh-Triangle area, with great access to technology and the healthcare locations and companies that are here. Ultimately, it proved to be a great, great choice for us. We’re looking to partner with a number of folks as we go forward.

Huagai Capital Investments

159 Investments

Huagai Capital has made 159 investments. Their latest investment was in Sudo as part of their Series A on December 12, 2021.

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Huagai Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/1/2021

Series A

Sudo

$48.34M

Yes

4

11/29/2021

Private Equity - II

Datong

$234.9M

Yes

China Merchants Venture, DCP Capital, Undisclosed Angel Investors, and ZWC Partners

3

11/23/2021

Series A

NeuraMatrix

$15.65M

Yes

8

10/27/2021

Series A

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$99M

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10

10/26/2021

Series A

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$99M

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10

Date

12/1/2021

11/29/2021

11/23/2021

10/27/2021

10/26/2021

Round

Series A

Private Equity - II

Series A

Series A

Series A

Company

Sudo

Datong

NeuraMatrix

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Amount

$48.34M

$234.9M

$15.65M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

China Merchants Venture, DCP Capital, Undisclosed Angel Investors, and ZWC Partners

Sources

4

3

8

10

10

Huagai Capital Portfolio Exits

9 Portfolio Exits

Huagai Capital has 9 portfolio exits. Their latest portfolio exit was ANE Logistics on November 11, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/11/2021

IPO

3

00/00/0000

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$991

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10

00/00/0000

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$991

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10

00/00/0000

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10

00/00/0000

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$991

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10

Date

11/11/2021

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

IPO

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Companies

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Valuation

$991

$991

$991

Acquirer

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Sources

3

10

10

10

10

Huagai Capital Acquisitions

1 Acquisition

Huagai Capital acquired 1 company. Their latest acquisition was Septeo on October 15, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/15/2020

Acq - Fin

Acq - Fin

1

Date

10/15/2020

Investment Stage

Acq - Fin

Companies

Valuation

Total Funding

Note

Acq - Fin

Sources

1

Huagai Capital Fund History

9 Fund Histories

Huagai Capital has 9 funds, including Huagai Medical Phase III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/24/2018

Huagai Medical Phase III

$430M

1

12/22/2016

HG Healthcare Fund II

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$99M

10

1/5/2015

HG Healthcare Venture Capital Wenzhou Fund LP

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$99M

10

11/6/2014

Beijing HG New Material Capital Fund

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$99M

10

11/4/2013

Beijing HG Yingyue Media Investment Fund

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$99M

10

Closing Date

12/24/2018

12/22/2016

1/5/2015

11/6/2014

11/4/2013

Fund

Huagai Medical Phase III

HG Healthcare Fund II

HG Healthcare Venture Capital Wenzhou Fund LP

Beijing HG New Material Capital Fund

Beijing HG Yingyue Media Investment Fund

Fund Type

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Status

Amount

$430M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Huagai Capital Team

5 Team Members

Huagai Capital has 5 team members, including current Founding Partner, Binghui Lu.

Name

Work History

Title

Status

Binghui Lu

Founding Partner

Current

Xiaolin Xu

Founding Partner

Current

Chunliu Chen

Managing Director

Current

Baohua Wang

Managing Director

Current

Jeremy Sharman

Founder

Former

Name

Binghui Lu

Xiaolin Xu

Chunliu Chen

Baohua Wang

Jeremy Sharman

Work History

Title

Founding Partner

Founding Partner

Managing Director

Managing Director

Founder

Status

Current

Current

Current

Current

Former

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