Steadfast Progress, Grounded in Action | Dalton Venture's 2024 Year in Review

道彤投资·December 30, 2024·1·0

Looking back at 2024, "adjustment" and "patience" became the defining keywords for venture capital. Yet on the long-distance track of life sciences and medtech, Dalton Venture kept moving forward with steady, deliberate strides. We navigated market fluctuations, caught glimpses of innovation, and helped companies take root and grow through the cycles — writing a new chapter of innovation-driven development with the power of capital.

To Our Partners at Dalton Venture

The curtain rises on 2025 as time unfolds.

Looking back at 2024, "adjustment" and "patience" became the defining keywords of the venture capital industry. Yet on the long-distance track of life sciences and medtech, Dalton Venture kept moving forward with steady, resolute strides. We navigated market fluctuations, captured the glimmers of innovation, and helped companies take root and sprout amid cyclical waves — writing a new chapter of innovative development through the power of capital.

This year, Dalton Venture built on "focus" and "resilience" to balance cycles with innovation; we used "insight" and "partnership" as leverage to deeply connect with the value threads of medtech. We sought certainty amid market uncertainty, iterated through change, and advanced through iteration. We firmly believe that the long-term positive trajectory of the healthcare industry will not change, and that innovation and resilience are the keys to transcending cycles.

2024 was a year of building strength and tenacious growth for us, and we are deeply grateful for every experience and gain. Looking ahead to 2025, Dalton Venture will continue to stand firmly with all our partners, carrying forward our journey of exploration. We are filled with anticipation for the boundless future of life sciences and technological innovation!

— Dalton Venture, Ever Moving Forward

01

By the Numbers

Investments made: 16+

Nearly 40% of portfolio companies completed new funding rounds

Follow-on financing raised: 2 billion+ RMB

Average of 1 in 3 investments is a "little giant" specialized and innovative enterprise

Cumulative national-level "little giant" specialized and innovative enterprises in portfolio: 7

Portfolio companies with overseas expansion: over 40%

Industry honors and awards received: 20+

02

Selected New and Follow-on Investments

Rui'an Star

AI-driven surgical anesthesia robot

Jichen Bio

Domestic large-scale bioreactor and automation system manufacturer

Ou Shisheng

Flow chemistry microreaction total solution

Astribot

Next-generation AI humanoid robot

Xiwei Micro

Global leading innovation platform for ophthalmic biology and polymer materials

Pairui Bio

Innovative RNA transcriptomics and peptide-drug conjugate R&D company

Shuimu Molecule

Multi-modal biomedical conversational large model based on hundred-billion-level parameters

Anjiechang

Building the most advanced platform for surgical energy devices and diagnostic/treatment instruments

Aiyisheng

Dedicated to becoming a leader in tissue reconstruction and repair

Boruidi

Focused on molecular detection and breeding technology development and application for animals and plants

Xingchenhai

Endoscopic interventional innovation solution provider

Yuetong Ophthalmology

Premium chain ophthalmology medical services

Zhongboruikang

Industry leader in CGT smart tools total solutions

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03

Selected Portfolio Companies with Follow-on Rounds

Boruidi

Focused on molecular detection and breeding technology development and application for animals and plants

Xuanyu Medical

Innovative medical device platform for cardiac electrophysiology and vascular intervention

Meiliweiye

Leader in radiofrequency ablation for neurology

Taiyi Health

China's leading full-service health supplement supply chain provider

Jingqin Zhizao

Next-generation precision universal laparoscopic surgical instruments

Hanuo Medical

The only domestic company with independently developed and manufactured ECMO machines and consumables

StarSea Medical

Innovative endoscopic interventional solutions provider

Kereik Gene

Gene therapy innovation focused on ophthalmology

Oushisheng

Integrated flow chemistry and microreaction solutions

Borochain Bio

Bio-tissue functional membrane production and R&D translation platform

Dayi Group

Specialized industrial group focused on innovative radiotherapy equipment

Lanji Medical

Next-generation high-end medical devices integrating optics, mechanics, electronics, and computing

Nopu Regeneration

Global leader in bioprinting technology for medical applications

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04 Specialized and Innovative Enterprises

Over one-third of Dalton Venture's portfolio companies are recognized as specialized and innovative enterprises

"Specialized and innovative" (专精特新) refers to SMEs with four core strengths: specialization, refinement, differentiation, and innovation. National-level "Little Giant" enterprises represent the elite tier — market leaders in niche segments with strong innovation capabilities, high market share, mastery of key core technologies, and superior quality and efficiency. They are designated by the state as having brand, market, and technological leadership within their industries.

7 portfolio companies recognized as

National "Little Giant" enterprises

No.	Company	Batch
1	Hanchen Guangyi	National, 2024 (6th batch)
2	Boruidi	National, 2024 (6th batch)
3	SENSILICON	National, 2024 (6th batch)
4	Hanuo Medical	National, 2024 (6th batch)
5	Fangrun Medical	National, 2023 (5th batch)
6	Yiwei Technology	National, 2023 (5th batch)
7	Landing Biotech	National, 2021 (3rd batch)

16+ portfolio companies recognized as

Provincial-level specialized and innovative enterprises (partial list)

No.	Company	Batch
1	Lanji Medical	Shaanxi Province, 2024
2	Oushisheng	Beijing, 2023
3	Zhongboruikang	Shanghai, 2023
4	Jichen Biotech	Hebei Province, 2023
5	Xuanyu Medical	Shanghai, 2023
6	Dayi Group	Shaanxi Province, 2023
7	Chuangmo Bio	Beijing, 2023
8	Zhiting Technology	Shenzhen, 2023
9	Anaerobe Biotech	Sichuan Province, 2022
10	Yixuejie	Shanghai, 2022
	......

05 Dalton Venture Milestones

1

Triastek

Triastek signed a collaboration with BioNTech worth over $1.2 billion.

2

Hanchen Guangyi

Sam Li visited Tianfu International Bio-Town, where Hanchen Guangyi presented its latest progress in modern breeding R&D.

3

Merilway

China's first domestically developed RDN system, Merilway's Netrod® StarBand™ system, received NMPA approval for market launch, ushering in a new era of minimally invasive interventional treatment for hypertension.

4

Juventas Cell Therapy

Yuanruida® received market approval in Macau.

5

BreedIT

North American and European laboratories opened, with its bio-breeding technology gaining recognition in international markets.

6

Vitrolife Biotech

Vitrolife Biotech won a procurement bid from Saudi Arabia's public hospital system.

Astribot

Physical Intelligence (PI) and Astribot announced a partnership to jointly pioneer a new era of AI robotics.

OUR United

OUR United's real-time image-guided linear accelerator was selected for the 2024 High-End Medical Equipment Promotion and Application List.

Anaerobic Bio

Received China's first clinical trial implied approval for an intestinal formulated bacterial drug.

Shuimu Bio

Proposed ESM-AA, the first protein language model spanning from amino acid to atomic resolution.

Industry Recognition

Zero2IPO

2024 China Top 100 Venture Capital Firms
2024 China Top 30 Healthcare Sector Investment Firms

ChinaVenture

China Top 10 Best Early-Stage Venture Capital Firms
Top 20 Best Medical Device Sector Investment Firms

ChinaVenture & Shanghai Technology Entrepreneurship Foundation for Graduates

Angel Investor of the Year Top 30 (Sun Qi)

China Securities Journal

Golden Bull Top 5 Excellence in Healthcare Investment Firms

Yicai

Investment Firm of the Year Top 50

China Venture Capital Research Institute

2024 China Top 30 Best Healthcare Sector Investment Firms

Touzijia

Early-Stage Investment Firm of the Year Top 30
Early-Stage Investor of the Year Top 15 (Huang Ning)

VBData

Top 20 Best Healthcare Equity Investment Firms
Top 20 Medical Device Investment Firms of the Year
Healthcare Excellence Investor of the Year (Sun Qi)

LP CLUB

Top 20 Healthcare Sector Investment Firms of the Year
Top 30 Industry Influential Figures of the Year (Sun Qi)
Top 30 Early-Stage Investment Firms by LP Attention
Top 20 Fund Managers by LP Attention (Sun Qi)

Qimingpian

Mid-Year List: China Top 15 Best Early-Stage Investment Firms
Mid-Year List: Top 3 Healthcare Sector Investment Firms
2024 China Top 15 Best Biopharma Investors (Sun Qi)

TMTpost

2024 Top 10 Healthcare Investment Pioneers
2024 Top 20 Early-Stage Investment Firm Pioneers
2024 Top 10 Early-Stage Investment Firm Fundraising Pioneers

The above represents a partial list of honors and awards received.

Dalton's Footprints

January

· Post-Investment Activities

Taking portfolio companies to visit listed company — LEPU Medical

· Post-Investment Activities

Organizing dialogue between portfolio companies and Minghe Cheng on medical device globalization

April

· CEO Summit

Dalton Venture Annual CEO Summit

· Party Building Activities

Dalton Venture Party Branch partners with Shenzhen Capital Group for joint building activities

June

· Post-Investment — Tong Academy

AI Special: How AI Empowers Medical Device R&D;

Globalization Special: Key Challenges in Overseas Compliance and Certification

November

· Post-Investment — Tong Academy

Globalization Special: Deep Dive into Singapore

· LP Summit

Dalton Venture 2024 Annual Partner Meeting

January

Dalton Venture

2024 Year-End Review

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Voices of Dalton Partners

Podcast

"In 2024,

Dalton launched a podcast

about life sciences and biotech innovation.

The podcast is called Tong Huo."

Over six months, Tong Huo gathered raw perspectives from 15 guests, distilling more than 100 hours of compelling stories into 10 high-quality conversation episodes that lifted the veil on multiple medical technology innovations with profound impact on humanity.

This is more than a podcast — it's a bridge connecting entrepreneurs, investors, and listeners; a window into the cutting edge of medical technology; and a platform for sharing industry insights and innovation stories.

Click the image below to revisit the stories of Dalton partners 🎙️