Rainbow Medical said yesterday that it pulled down $25 million from a syndicate of Chinese investors for a new operation in the People’s Republic, aimed at promoting "strategic collaborations" there.
"We opened the office in Shanghai to capitalize on China’s fast-growing market for our products and to foster collaborations with Chinese medical device companies," co-founder & CEO Efi Cohen-Arazi said in prepared remarks. "These investments by leading Chinese industrial and financial entities are an expression of the high esteem with which they view our technologies and the products we are developing. There is a strong demand in the fast-growing Chinese healthcare industry for Rainbow Medical’s breakthrough technologies."
Participants in the round included China’s largest private insurance holding company, Ping An, investment and financial management company YongJin, the Chinese telecommunications giant ZTE Corp. and Chinese venture capital funds, according to a press release.
Rainbow Medical said it plans to invest the proceeds in Chinese startups based on its own patent portfolio, and on existing portfolio companies including Nano Retina, Enopace Biomedical, BlueWind Medical, GluSense and Vascular Dynamics.