Code Moment | Sibionics Completes Series D Funding Round to Accelerate Digital Upgrade of Blood Glucose Management Model

源码资本·December 21, 2022·0·5

Delivering a world-leading CGM user experience.

#MaKe Key Updates from Source Code Capital and MaHui Members

Originally published on VBData

Sibionics (Shenzhen Sibionics Technology Co., Ltd., hereafter "Sibionics") recently raised nearly RMB 500 million in its Series D round, co-led by Shanghai Biomedical Fund and Guangdong Traditional Chinese Medicine Big Health Fund, with Xingzheng Capital, Future Capital, and China New Town Corporation among the follow-on investors. This comes after another funding round of over RMB 500 million completed earlier this year. Source Code Capital, a previous investor, led Sibionics' Series C and continued to invest in its Series C+ round.

Founded in 2015, Sibionics focuses on R&D and commercialization of innovative medical devices for chronic disease management. Its main projects include continuous glucose monitoring (CGM) systems, AI-assisted diabetic retinopathy screening software (DR Screen), artificial retina, and capsule endoscopy robots. Through accumulated technical expertise, the company has built three foundational technology platforms: high-precision sensor process technology, system-on-chip design, and AI algorithm development. These platforms have enabled Sibionics to advance the commercialization of research outcomes and establish leading positions in multiple segments, driving industry-wide technological progress. The company's self-developed "Sibionics Dynamic® Continuous Glucose Monitoring System" was born from these platforms — China's first approved CGM product requiring no finger-prick calibration, providing diabetic patients with digital glucose management solutions.

According to the International Diabetes Federation (IDF), there were 537 million adults with diabetes worldwide in 2021, with 141 million in China accounting for over 26% of the global total — a 56% increase from 2011 to 2021, with further growth expected. Diabetes and its complications severely impact patient health while imposing enormous economic burdens on both patients and society.

CGM technology emerged in this context. As a novel glucose monitoring method, it enables real-time glucose tracking and detection of hidden hyperglycemia and hypoglycemia that traditional methods often miss. Already widely used clinically and recommended in multiple domestic and international guidelines, CGM adoption helps diabetic patients achieve better self-management and reduces public health expenditures.

Sibionics' CGM system features proprietary sensor technology that enables real-time glucose monitoring without finger-prick calibration, with flexible sensors and Bluetooth data transmission. Through continuous technical innovation, the company has improved product accuracy, safety, comfort, and ease of use. The company has filed 68 core invention patents related to CGM technology.

Backed by globally competitive product performance and innovative business models, Sibionics' CGM sales have maintained strong growth momentum. Since its official launch at the end of 2021, it has been deployed in over 800 hospitals, serving users across 350 cities nationwide, with sales exceeding RMB 100 million and establishing itself as a recommended CGM brand among users.

As a chronic condition, diabetes requires patients to spend most of their time managing blood glucose at home, in primary care settings, or outpatient clinics, with only occasional hospitalization for short-term glucose optimization, complication screening, or stress management. Traditional models suffer from difficulties in medical history review, weak post-discharge follow-up, and poor patient compliance due to various constraints.

Sibionics has developed a digital glucose management solution combining biometric monitoring terminals, medical big data platforms, and professional medical services. This solution covers every core stage from awareness to treatment to glucose control, spanning both inpatient and outpatient scenarios.

In hospital settings, Sibionics' "whole-hospital glucose management solution" integrates glucose data display, storage, and transmission across outpatient, inpatient, and discharge periods, enabling unified glucose monitoring management across all departments and facilitating remote endocrinology consultations. For outpatient and home use, patients can view real-time, continuous, comprehensive glucose data through a mobile app, receive recommendations on diet, exercise, and sleep, and use the SiJoy mini-program for remote data sharing and collaborative health management with family and friends. The app also supports generating Ambulatory Glucose Profile (AGP) reports authorized by the International Diabetes Center (IDC), facilitating further consultation with healthcare professionals.

Setting a New Industry Benchmark: What Makes the "Sibionics Model" Valuable?

Sibionics enhances real-time glucose monitoring accuracy, safety, comfort, and ease of use through multi-dimensional improvements in scenario enablement, product experience, and professional guidance — elevating the inherent value of CGM itself. By combining real-time monitoring, professional reports, and authoritative guidance, the company helps users build personalized glucose management plans, progressing from "knowing how to measure" to "knowing how to manage." This business approach and decision-making logic reflects Sibionics' cultural DNA of scientific innovation and engineering pragmatism, continuously validating and iterating product application value to deliver effective solutions.

For example, recognizing differentiated glucose control needs across user groups, Sibionics has launched personalized glucose management service packages including care editions, parent editions, diet editions, and exercise editions. These stem from the company's "1+X" product philosophy: first identifying what kind of "new species" can address users' most significant scenario needs, then committing resources to build solutions after defining the product direction.

On the service front, Sibionics leverages its internet hospital resources to maintain a professional medical services team including specialists, health managers, and nutritionists. The company also collaborates with the "China Ambulatory Glucose Profile and Digital Therapeutics R&D Center" at the National High-Performance Medical Device Innovation Center, providing users with personalized AGP report interpretation and comprehensive glucose management plans.

This more innovative model gives Sibionics' glucose management solution a more refined service mechanism, longer after-sales cycle, and more results-oriented application effects, with continuous optimization to meet user needs and expectations.

Centered on glucose management as its core objective, Sibionics has further deepened its business model with the launch of "SiPrime — Cherish Life," an annual glucose monitoring membership. Rather than pricing by device quantity, this service is structured around time-based membership benefits covering the full cost of both continuous glucose monitors and traditional blood glucose meters. Leveraging its technology and resource advantages, Sibionics "bundles" the essential tools users need for daily glucose monitoring, making this need more economical, scientific, and hassle-free. Since its launch, this membership has won favor from numerous users.

Building a Biometric Monitoring Health Management Ecosystem

Beyond glucose management, Sibionics is exploring and expanding the value boundaries of biometric monitoring, gradually accumulating results and cases in areas such as endurance sports, weight loss, and low-carb diets, and advancing solution and business model deployment.

Ultimately, cutting-edge biometric sensors are merely carriers; their essence lies in applying scientific methods to evidence-based medicine — a core value proposition for Sibionics. Mingsong Han, General Manager of Sibionics, stated: "With this new funding round completed, Sibionics will continue to deepen its focus on glucose management, optimizing CGM product form factors and performance, and accelerating the launch of next-generation CGM products to provide users with a globally leading CGM experience. We will also steadily advance our 'closed-loop artificial pancreas' project to comprehensively enrich our integrated glucose solution offerings. Meanwhile, building on our accumulated sensor materials and process technologies, and fully leveraging our self-developed metal redox polymers and semi-permeable membrane materials, we will establish an in-vivo biomarker real-time monitoring technology platform enabling continuous real-time monitoring of multiple physiological indicators. Sibionics has already completed development of its 'continuous lactate monitoring system' and 'continuous ketone monitoring system,' and will promote data applications among sports and wellness populations, creating multi-dimensional value for users. These products represent important components of Sibionics' strategic layout in the broader health and wellness sector, and lay a solid technical foundation for the company's eventual realization of multi-indicator real-time in-vivo monitoring on a single sensor in the near future."

"Currently, Sibionics has over 500 employees, with R&D personnel accounting for over 40%. Moving forward, we will continue accumulating technical advantages, further integrating sensor monitoring, chip design, and artificial intelligence capabilities to accelerate the commercialization of innovative outcomes, providing quality solutions for public health, with the aim of reducing the burden on patients and society, and demonstrating Sibionics' value in public health economics."