Qiming Venture Partners Co-Leads Nearly 100 Million Yuan Series C Round in Raincong Biotech
J&T Global Express has built a world-leading medical hydrogel technology platform, dedicated to providing innovative medical device solutions for major clinical scenarios such as tumor treatment.
Recently, Shanghai Raincon Biotech Co., Ltd. ("Raincon Biotech") completed its Series C financing round, co-led by Qiming Venture Partners. The closing of this round will accelerate the clinical development and commercialization of the company's core products, bringing better treatment options to patients worldwide.
Founded in 2018 and headquartered in Shanghai, Raincon Biotech has built a world-leading medical hydrogel technology platform dedicated to providing innovative medical device solutions for major clinical scenarios such as oncology treatment. The company has developed multiple first-in-China and even global Best-in-Class products, establishing an innovative product matrix covering tumor radioprotection, tumor interventional embolization, and intrauterine adhesion prevention. Among these, its "absorbable spacer hydrogel" for tumor radiotherapy and "tumor embolization hydrogel" for tumor intervention have both been accepted into the National Medical Products Administration's Innovative Medical Device Special Review Program (green channel).
Recently, Raincon Biotech's core products have achieved a series of major milestones.
The "absorbable spacer hydrogel" for tumor radiotherapy has completed domestic clinical trials and made progress in overseas markets. This product represents the flagship achievement of the company's leadership in the 14th Five-Year National Key R&D Program's "Diagnostic and Therapeutic Equipment and Biomedical Materials" key special project. It has been accepted into the NMPA's Innovative Medical Device Special Review Program. Additionally, the product has received Breakthrough Device Designation from the U.S. FDA and has submitted its application for European CE certification.
The tumor embolization hydrogel receives another national innovation "green channel" approval. The company's independently developed domestically first-of-its-kind in-situ curing PEG embolization hydrogel for hypervascular malignant tumors has been selected as a "Key Area Medical Device Product in the Yangtze River Delta Region," and has recently been formally accepted into the NMPA's Innovative Medical Device Special Review Program. It is expected to replace existing treatment options and provide more thorough embolization outcomes for liver cancer and other patients.
The intrauterine adhesion prevention hydrogel product leads in clinical development. The domestic first-of-its-kind PEG hydrogel product for postoperative intrauterine adhesion prevention is progressing smoothly with patient enrollment, with the potential to overcome limitations of current treatment approaches and become a new therapeutic option.
This round was co-led by Fudan Science and Technology Fund and Qiming Venture Partners.
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Qiming Venture Partners was founded in 2006. The firm currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, Qiming Venture Partners has focused on investing in outstanding early and growth-stage companies in Technology and Healthcare.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. More than 80 portfolio companies have become recognized unicorns or super-unicorns.
Many companies in Qiming Venture Partners' portfolio have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), Hesai Technology (NASDAQ:HSAI, 02525.HK), UBTECH (09880.HK), WeRide (NASDAQ:WRD, 00800.HK), HyperStrong (688411.SH), Insta360 (688775.SH), Unisound (09678.HK), Biren Technology (06082.HK), Zhipu (02513.HK), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), Sinocelltech (688520.SH), Insilico Medicine (03696.HK), AusperBio, Yuanxin Technology, MediLink Therapeutics, LaNova Medicines, StepFun, and others.