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Venture Capital
itic.com.tw

Investments

77

Portfolio Exits

7

Funds

7

About ITIC Ventures

ITIC Ventures is a wholly-owned subsidiary of the Industrial Technology Research Institute (ITRI). ITIC participates in funding companies and operates an incubation center with in various high technology industries. Its areas of investment interest include bandwidth improving software and hardware, multimedia internet applications, internet security, internet infrastructure enabling technology, wireless information appliances, opto-electronics displays, health care, medical devices and instruments, and new energy. It invests primarily in Taiwan, but also in select international areas such as the US, Canada, and Israel. ITIC invests in all stages of a private company's growth, although primarily in the early stage. It was founded in 1979 and is based in Taipei, Taiwan.

Headquarters Location

6F, 106 Ho-Ping East Rd Section 2

Taipei, 106,

Taiwan

+886-2-2737-7394

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Latest ITIC Ventures News

Flat Medical Secures Series C Funding Led by Taiwania Capital, Poised for Global Market Expansion

Oct 2, 2023

Flat Medical Secures Series C Funding Led by Taiwania Capital, Poised for Global Market Expansion Share: TAIPEI, Oct. 2, 2023 /PRNewswire/ -- Flat Medical, the leading medtech company specializing in innovative safety solutions for anesthesia, pain medicine, critical care and emergency medicine, is thrilled to announce the successful closing of its Series C funding round. The round was led by renowned investor Taiwania Capital, with significant participation from ITIC (Industrial Technology Investment Corporation), Fidelitas Corporation, and several individual investors. With this recent infusion of capital, Flat Medical is now strategically positioned to accelerate its growth and expand its presence in key markets across the United States, Europe, and the Asia-Pacific region (APAC). EpiFaith and EpiFaith CV, the flagship products of Flat Medical, have revolutionized safety measures for epidural and central line procedures, earning widespread acclaim from medical professionals and healthcare institutions globally. By integrating cutting-edge technology and a patient-centric approach, Flat Medical's solutions have significantly reduced complications and enhanced patient outcomes in critical medical procedures. The successful closing of the Series C funding round speaks volumes about the investors' confidence in Flat Medical's business model and the promising potential of its innovative product offerings, the funding will be directed towards fueling expansion initiatives and further research and development efforts. "We are extremely honored to have Taiwania Capital as our lead investor. Together with ITIC and Fidelitas Corporation, we are excited to make a lasting impact on patient safety and medical outcomes worldwide," said Dr. Joseph Luo, CEO and Co-founder of Flat Medical. "This funding marks a significant milestone for our company, empowering us to expand our market presence and accelerate the development of cutting-edge medical technologies, with the goal of becoming synonymous with safe punctures." Flat Medical's expansion plan entails intensifying efforts to enter key markets in the United States, Europe, and APAC, where there is a growing demand for advanced medical solutions that prioritize patient safety. The company is actively engaging with key stakeholders in the medical industry, forging partnerships with clinicians and healthcare facilities, and obtaining regulatory approvals to introduce EpiFaith and EpiFaith CV to new markets. "We believe that Flat Medical's breakthrough products have the potential to revolutionize patient care in anesthesia, critical care and emergency medicine," stated by Michael Huang, the Managing Partner of Taiwania Capital. "Their commitment to improving patient outcomes aligns perfectly with our investment philosophy, and we are proud to be part of their journey as they make strides in the medtech sector." Flat Medical is working with several top tier academic hospitals on collecting real-world evidences for its EpiFaith® Technology in epidural and central line placements, aiming to have the products included in clinical guidelines in the near future. The company is also partnering with sales and marketing partners to build a trustable brand with mind of innovation and reliable service. With this capital infusion, the company is poised to achieve new heights in innovation, expansion, and ultimately make a positive impact on patient care globally. About Flat Medical: Flat Medical is a pioneering medtech company dedicated to developing innovative safety solutions for epidural and central line placements. Its flagship products, EpiFaith and EpiFaith CV, are at the forefront of patient safety, providing medical professionals with advanced tools to ensure successful and secure procedures. Headquartered in Taipei City, Taiwan, Flat Medical is committed to making a difference in the healthcare industry by creating groundbreaking medical technologies that prioritize patient outcomes. Source: Flat Medical Co., Ltd.

ITIC Ventures Investments

77 Investments

ITIC Ventures has made 77 investments. Their latest investment was in PopChill as part of their Seed VC - II on October 19, 2023.

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ITIC Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/19/2023

Seed VC - II

PopChill

$1.9M

Yes

2

10/2/2023

Series C

Flat Medical

Yes

Fidelitas, Taiwania Capital, and Undisclosed Angel Investors

2

5/31/2022

Series D

Alts

$27.22M

Yes

3

4/21/2022

Series B

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$99M

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10

11/29/2021

Series B

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$99M

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10

Date

10/19/2023

10/2/2023

5/31/2022

4/21/2022

11/29/2021

Round

Seed VC - II

Series C

Series D

Series B

Series B

Company

PopChill

Flat Medical

Alts

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Amount

$1.9M

$27.22M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Fidelitas, Taiwania Capital, and Undisclosed Angel Investors

Sources

2

2

3

10

10

ITIC Ventures Portfolio Exits

7 Portfolio Exits

ITIC Ventures has 7 portfolio exits. Their latest portfolio exit was Taiwan Biomaterial on June 05, 2019.

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

6/5/2019

IPO

$99M

Public

4/26/2018

IPO

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$99M

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0

12/28/2016

IPO

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$99M

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0

6/13/2016

IPO

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$99M

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0

3/30/2015

IPO

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$99M

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0

Date

6/5/2019

4/26/2018

12/28/2016

6/13/2016

3/30/2015

Exit

IPO

IPO

IPO

IPO

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

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Sources

0

0

0

0

ITIC Ventures Fund History

7 Fund Histories

ITIC Ventures has 7 funds, including Golden Asia Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/31/2012

Golden Asia Fund

Early-Stage Venture Capital

Open

$15M

1

11/1/2011

GVT Fund

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$99M

10

3/1/2007

SMEA Fund

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$99M

10

6/1/1991

Alpha Fund LP

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$99M

10

Trans-Pacific Technology Fund

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10

Closing Date

3/31/2012

11/1/2011

3/1/2007

6/1/1991

Fund

Golden Asia Fund

GVT Fund

SMEA Fund

Alpha Fund LP

Trans-Pacific Technology Fund

Fund Type

Early-Stage Venture Capital

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Status

Open

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Amount

$15M

$99M

$99M

$99M

Sources

1

10

10

10

10

ITIC Ventures Team

4 Team Members

ITIC Ventures has 4 team members, including current President, Hans Tai.

Name

Work History

Title

Status

Hans Tai

President

Current

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Name

Hans Tai

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Work History

Title

President

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Status

Current

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