MID Labs Ltd. said today that it raised a $51 million funding round for its eye surgery devices it plans to use to expand in the U.S. and China.
The round, led by OrbiMed and Frontline BioVentures, also included Softbank China Venture Capital, Allen Chao and Sungent BioVenture, according to a press release.
San Leandro, Calif.-based MID Labs makes vitrectors, surgical devices used to operate on the retina during vitrectomy procedures. CEO Kai Chen said the company plans to use the cash to boost its footprint in the U.S. and China and to expand its product line.
"MID Labs is well-positioned to leverage its technology leadership in vitrectors and broaden its product lines and commercialization capabilities on a global basis," CEO Kai Chen said in prepared remarks. "In addition, we plan to use some of the proceeds from this financing to expand our development and production capacity both in the U.S. and China."
"We look forward to working with MID Labs team to realize its potential of innovation capability, efficient manufacturing, and expansion in China," OrbiMed senior managing director David Wang added.
