MitrAssist, a medical devices developer that started in Israel and is now expanding in China, has secured almost $100 million in a Series C round to speed up the R&D and commercialisation of its cardiovascular technologies.
Two existing shareholders led the Series C round, namely Chinese private equity (PE) firm Centurium Capital and 6 Dimensions Capital, which specialises in biotech investments in China and the US.
The deal also saw participation from state capital investors from the Jiading District of Shanghai and Haiheng Investment, an investment unit of the state-owned Hefei Haiheng Holdings Group in Hefei in eastern China.
Hefei Industry Investment Group, which also manages state-owned assets, and other domestic investors like Hefei Binhu Science City and fund-of-funds (FOF) Anhui Anyuan Investment Fund Management, a fund-of-funds (FOF) joined the Series C round.
MitrAssist, established in 2009 by Stanford University alumnus Gil Naor, develops a minimally invasive mitral valve implant to place on top of the heart’s own mitral valve that work’s in unison with it for the enhancement of the valve’s functionality. This solution helps prevent the need for complete valve replacement, especially for patients who are at high risk for surgeries.
Its China entity, headquartered in Shanghai, sealed a deal with the government of China’s Hefei City in September to invest about 2 billion yuan ($273.5 million) in the localisation of the R&D and production of MitrAssist’s cardiovascular products and other high-value medical consumables.
Prior to the Series C round, MitrAssist closed $70 million in a Series B round led by Centurium Capital and investment platforms affiliated with Hong Kong-listed investment banking firm China International Capital Corporation (CICC) by the end of 2020.
Its early investors include Fosun Pharma, the pharmaceutical unit of Chinese conglomerate Fosun International, and Ping An Insurance, the largest insurer in China by market value.
