Steady Steps Toward Renewal, Momentum Into Waves | DTX 2025 Annual Review
Those who walk deeper into the cycle always spot the next beam of light.
This year, the industry's tides may not have crashed with dramatic force, but undercurrents steadily propelled those who dared to explore forward.
For Daton, 2025 was a year of putting down roots — maintaining rhythm amid volatility, and seeking new variables within certainty. It was also a year of building reserves, with long-termism as our anchor, allowing every act of persistence to accumulate momentum over time, eventually becoming a surging force driving us ahead.
This marks our tenth year, and the prologue to the next decade. Below, we look back on 2025 — a year of stories about perseverance and breakthroughs.
— Daton, ever moving forward
01 Annual Theme
Steady Progress Toward the New, Accumulated Momentum Into Waves
Daton's Perspective on Steadiness and Innovation
"Steady progress" is not conservatism, but a commitment to long-term value.
"Innovation" is not recklessness, but upward breakthrough born from deep insight.
When steadiness and innovation interact, potential energy quietly accumulates over time, eventually manifesting as "waves."
In 2025, Daton maintained patience through cycles, judgment amid complexity, and decisive action at critical moments — always rooted in the life sciences track, pressing deeper.
02 New & Increased Investments (Selected)
Deepening Hard Tech, Focusing on High Value
In 2025, centered on biomanufacturing, ophthalmology, critical and emergency care, biopharmaceuticals, embodied intelligence, and brain-computer interfaces, we continued to deepen our presence. Our investment approach followed three core logics:
- "Engineering capability" driven by hard tech
- "Clinical value" validated globally
- "Systemic innovation" through platformization
Biomanufacturing Portfolio
Ophthalmology Portfolio
Critical & Emergency Care Portfolio
Biopharmaceuticals Portfolio
Embodied Intelligence Portfolio
Brain-Computer Interface Portfolio
03 Follow-on Rounds (Selected)
Accompanying Growth, Continuous Empowerment
Hanno Medical
The only domestic innovator with independent R&D and manufacturing capabilities for ECMO systems and supporting consumables
Lanji Medical
A next-generation high-end medical device company integrating optics, mechanics, electronics, and computing
Juhuan Technology
A platform for high-performance absorbable medical devices and regenerative medicine materials
Meiliweiye
A leader in radiofrequency ablation for neurology
Xuanyu Medical
An innovative medical device platform for cardiac electrophysiology and vascular intervention
Astribot
Next-generation AI humanoid robots
Rui'anxing
AI-driven surgical anesthesia robots
Jinqin Zhizao
Next-generation precision universal laparoscopic surgical instruments
Kerike Gene
Focused on innovative ophthalmic gene therapy technologies
Yuantian Biology
A leader in enzymatic waste plastic recycling
Bingjing Intelligence
A leading company in intelligent cardiac interventional imaging
Zhiting
The world's first adaptive intelligent medical-grade hearing aid
Bochuang Biology
Committed to becoming a national leader in bio-tissue functional membrane production and R&D translation
Rushen Robotics
A platform for R&D and industrialization of embodied intelligent robots restructured for elderly care scenarios
04 Portfolio Company Highlights
Stars Shining, Fruits Abundant
Globalization and International Certifications
Vitotrol Bio
Bio-vitrification cryopreservation and thawing reagents receive EU CE certification
Hanuo Medical
ECMO system receives EU MDR certification; obtains TÜV SÜD MDR certificate, accelerating globalization
He Yuan Biotechnology
Inaticabtagene autoleucel injection receives Saudi FDA Breakthrough Therapy designation
StarSea Medical
Partners with Olympus in global single-use urology products
2
Strategic Launches & Commercial Breakthroughs
Shuimu Molecule
Partners with Tsinghua AIR to globally debut biopharma intelligent agent strategy
Xuanyu Medical
China's first multi-channel / large-lesion / targeted ablation PFA system approved
Astribot
Debuts DuoCore-WB whole-body mobile manipulation model; lands one of China's first humanoid robot orders at the thousand-unit scale
Triastek
Receives China's first 3D-printed pharmaceutical production license
Yuantian Bio
First globally to achieve GRS certification for bio-based recycling technology
Bingjing Intelligent
Single-use intracardiac echocardiography catheter receives NMPA medical device registration certificate
Xiran Medical
China's first self-developed phacoemulsification-vitrectomy combined system approved for market
He Yuan Biotechnology
Inaticabtagene autoleucel injection for pediatric acute lymphoblastic leukemia receives Breakthrough Therapy designation; dual-indication CAR-T new drug approved for market, becoming China's only CAR-T cell therapy product covering both leukemia and lymphoma indications; Yuanruida® (inaticabtagene autoleucel injection) successfully included in National Healthcare Security Administration's commercial insurance innovative drug catalog
3
Government Visits & Industry Recognition
He Yuan Biotechnology
Deepwise Healthcare
Visited by Zhejiang Deputy Party Secretary and Governor Liu Jie
Landing Medical
Kangyuan Medical
Participates in enterprise symposium chaired by Liaoning Party Secretary Xu Kunlin
OUR United Healthcare
TaiChiPro shortlisted for U.S. Prix Galien
Landing Medical
Selected for Forbes China AI Tech Enterprises TOP 50 2025
Jichen Biotechnology
05
Industry Recognition
Professional Endorsement, Building Momentum
Zero2IPO
- 2025 China Top 30 Early-Stage Investment Institutions
- 2025 China Top 30 Healthcare Investment Institutions
ChinaVenture
- China Best Early-Stage VC Institutions TOP 10
- China Best Medical Device Sector Investment Institutions TOP 20
- China Best Early-Stage Investors TOP 50 (Sun Qi)
- China Best Healthcare Industry Investors TOP 20 (Sun Qi)
- Yangtze River Delta Best Early-Stage VC Institutions TOP 10
Rongzi China
- China Top 100 VC Institutions
- China Best Healthcare Sector Investment Institutions
- China Best Investors TOP 100 (Sun Qi)
Global Entrepreneurship Week China Organizing Committee
- Annual Top 30 Angel Investors (Sun Qi)
China Securities Journal
- Biomedical Sector Investment Institution Golden Bull Award
Yicai
- Outstanding Life Sciences & Healthcare Investment Institutions TOP 10
- Best Investment Institutions TOP 50
Global PE Forum
- Annual Top 20 Most Active China Healthcare Investment Institutions
Touzijia
- Annual Best Early-Stage Investment Institutions TOP 40
- Annual Best Early-Stage Investors TOP 25 (Huang Ning)
VBData
- Annual Healthcare Leadership Investment Institutions
- Annual Healthcare Leadership Investors (Sun Qi)
Shanghai International Private Equity Investment Fund Association
- Shanghai Best Annual VC Investment Institutions
- Shanghai Best Annual Life Sciences & Healthcare Investment Institutions
- Shanghai Best Annual Investor — Sun Qi
Healthcare Investment Excellence Awards
- Annual Best Innovative Medical Device Investment Institutions
- Annual Best Biotechnology Investment Institutions
- Annual Healthcare Investors (Sun Qi)
TMTpost
- H1 Early-Stage Investment Pioneer Institutions TOP 20
- H1 Early-Stage Fundraising Pioneer Institutions TOP 10
- 2025 H1 Healthcare Sector Pioneers TOP 20
Qimingpian
- Annual China Best Early-Stage Investment Institutions — Comprehensive Ranking TOP 30
- Annual China Best Early-Stage Investment Institutions — Activity Ranking TOP 30
- Annual China Best Healthcare Sector Investment Institutions TOP 10
- Annual China Best Investors TOP 100 (Sun Qi)
Diyixinsheng
- Annual China Most Active Early-Stage Investment Institutions TOP 30
- Annual Healthcare Most Active Investment Institutions TOP 20
- Annual China Best Sector Investors (Sun Qi)
06
Brand Column
Jointly Created, Amplifying Voices
In 2025, we partnered with tech media platform Pencil News to launch the "Unicorns of the New Era" joint column, systematically identifying and promoting outstanding companies with breakthrough technologies, innovative business models, and high growth potential. Click the links below to read the original reports:
Unicorns of the New Era
07
Brand Milestones
Events & Ecosystem
In 2025, Daotong marks its tenth anniversary! We connected industry, capital, and innovation through a series of events:
2025 CEO Summit (Hong Kong)
Supported by the Hong Kong Innovation, Technology and Industry Bureau, InvestHK, and other institutions, helping portfolio companies deepen their presence in the Hong Kong market.
Tenth Anniversary Forum (Shanghai)
Bringing together academicians, industry leaders, top scientists, and entrepreneurs to reflect on ten years of sector conviction and discuss future opportunities.
Bio-Manufacturing CVC Fund Launch
Partnered with OPM Biosciences to launch Shanghai's first bio-manufacturing industry fund, supporting the development of a high-end bio-manufacturing cluster.
Bio-Manufacturing Industry Value Partners Alliance Established
Founding members include seven organizations from industry, academia, research, and investment, aimed at driving the "technology — scenario — capital" cycle into practice.
08
Year-End Letter, 2025
A Decade's Prologue, Setting Out Anew
Those who walk deep into the cycle always catch the next glimmer of light.
Ten years ago, we started from a blank sheet — nothing but a wish and reverence for the industry.
Ten years on, we look back at this road —
It was never smooth, yet everywhere it flickers with light, validated by time.
The hard calls, the directions we held to, the founders we stood beside, the ups and downs —
all now settled into Dalton Venture's foundation:
Innovation. Resilience. Pragmatism. Focus.
2025 is our tenth year,
and the prologue to the next.
Before the coming wave,
we choose to keep moving — steady, yet ever-renewing;
in the long river of time,
quietly building momentum, until it swells.
Ten years together — thank you for walking with us.
The new decade: let's surge further, together.
Steady Steps, Renewed Vision; Momentum Built, Tides Made
DALTON VENTURE
WeChat Official Account | Dalton Venture
Account ID | daltonventure
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