In early March 2023, Guangzhou Raytec Biotechnology Co., Ltd. (hereinafter referred to as "Raytec Biotechnology") completed a Series A+financing of nearly 100 million yuan. This round of financing is led by Songhe Capital, followed by Zhongda Venture Capital and well-known industrial capital. The existing shareholder Huimei Capital continues to increase its investment.
Raytec Biotechnology was founded in 2014 and is an innovative instrument platform company focused on ophthalmology. The company is headquartered in Guangzhou and has a research and production base in Chengdu. The company has the first domestically approved wet biological amniotic membrane Ruixiu Fu®， The imported Australian scleral lens product Epicon A ® Registration has been submitted and is expected to be approved in the first half of 2023. The company currently has innovative equipment layout in the fields of ocular surface, optometry, glaucoma, and macular hole in the fundus, and will make technological breakthroughs on the platform of regenerative medical materials, incubating a series of ophthalmic innovative products to solve clinical urgent needs.
Biological amniotic membrane is taken from the human placenta and is rich in over 100 cytokines. It can promote tissue repair and reduce inflammatory stimulation. It is suitable for various ophthalmic surgeries such as pterygium resection and glaucoma trabeculectomy, and can reach a surgical volume of over 2 million units. Since its listing in April 2020, the company's wet biological amniotic membrane has been listed in 26 provinces and has been sold in more than 300 tertiary hospitals and chain ophthalmic listed groups such as Aier, Huaxia, and He's ophthalmology across the country. In addition to ophthalmology, biological amniotic membrane is also widely used overseas in fields such as wound care, surgery, spine, sports medicine, trauma, etc. Currently, Raytec Biological amniotic membrane has initiated approval work in these fields.
Scleroscope is a special type of RGP (rigid breathable corneal contact lens) that can form a "reservoir" between the cornea and the lens, fill the irregular surface of the cornea, and keep the cornea moist. It is mainly used to improve irregular astigmatism, moderate to severe dry eye, and other ocular surface diseases. The annual sales of sclera in the United States maintain a growth rate of over 45%. Epicon A® introduced by Raytec in 2021, scleral endoscopy obtained special approval from the National Medical Products Administration and became one of the 11 clinical real-world data application pilot products. At present, the company has completed research and application materials, and will be approved for listing in the first half of this year. Epicon A® It is expected to become the first certified scleral lens product in China, filling the gap in the domestic market.
The company is developing the Ruishitong TM minimally invasive glaucoma stent, which provides open angle and closed angle glaucoma surgery solutions, solves clinical pain points, and is expected to become the mainstream solution for future glaucoma MIGS surgery.
The Raytec management team has rich experience in research and commercialization in the field of ophthalmology. The company has formulated a dual wheel drive development strategy of internal independent research and development and external global BD, forming a closed-loop development strategy of research and development, sales, and product selection.
Dr. Lin Yongliang, the founder of the company, graduated from the Department of Cell and Tissue Engineering at Jinan University and has over 15 years of experience in the research and development of three types of implantable medical devices. He has led the research and industrialization of multiple regenerative materials such as artificial corneas and artificial joint cartilage, and has led and undertaken national key research and development projects as well as provincial-level science and technology projects in Guangdong Province.
Co founder Xu Hao has over 20 years of experience in sales management of ophthalmic drugs and medical devices, and has served as the head of ophthalmic sales for companies such as Merck, Pfizer, and Shenzhen Ruilin Pharmaceutical. The sales team led by Xu Hao has the ability to quickly complete self-developed products and commercialize introduced products, which can drive the company's rapid sales growth and achieve positive cash flow.
Dr. Lin Yongliang, founder of Raytec Biotechnology, said, "We are delighted that Raytec has been recognized by both new and old shareholders. We would like to express our gratitude to Songhe Capital and Zhongda Venture Capital for their support in this round of financing, and to Huimei Capital for their continued support. Raytec has rich experience in sales management of ophthalmic equipment products and fully understands clinical needs. We will continue to focus on" domestic first "products, leverage our team's technological accumulation in biomaterials, and accelerate the development and implementation of products."
Xu Hao, co-founder of Raytec Biotechnology, said, "Raytec's sales team has extensive experience in the ophthalmic market, possesses national ophthalmic KOL resources, and adheres to academic marketing and professional promotion. This round of financing will also help Raytec improve its commercialization system and accelerate sales growth."
Yang Jin, partner of Songhe Capital, said, "We have been focusing on the field of ophthalmology for a long time, which is a high growth track that combines medical and consumer attributes. Dr. Lin, Xu Hao, and their team have been deeply involved in the ophthalmology industry for many years, with strong product selection capabilities. The research pipeline is innovative products that can fill the current treatment gap. We look forward to the company continuously improving its product layout and growing into a leader in ophthalmic equipment."
Hou Qi, Managing Director of Huimei Capital, said, "Raytec Biotech's team not only has solid technical accumulation, but also strong execution ability. Whether it is the hospital sales of wet amniotic membrane after its listing, or the rapid promotion of product pipeline research and clinical trials, they have left a deep impression on us. Huimei firmly believes in the company's development and will accompany and support the company's growth in the long term."
Zheng Guihui, President of Zhongda Venture Capital, said, "Raytec Biotech's core team has rich R&D experience, profound understanding of the ophthalmic innovative device market, and a keen commercial sense. Starting from the research and preparation technology of recycled materials, the company has laid out multiple heavyweight product pipelines around ophthalmology. Among them, the self-developed wet biological amniotic membrane is the first domestically created and launched product, which has been recognized and applied by hundreds of authoritative hospitals. We believe that Raytec Biotech is an excellent ophthalmic innovative technology enterprise, and look forward to the rapid landing of more clinically urgently needed ophthalmic products to benefit patients."
About Songhe Capital
Songhe Capital was founded in 2007 (Songhe Venture Capital was founded in 1996 and is one of the earliest private venture capital institutions in Shenzhen, as well as the initiator of Songhe Capital). It was jointly founded by entrepreneurial investors Li Wei and Luo Fei, and has gone through multiple economic cycles with stable operations. The core team has over 20 years of experience in equity investment. Songhe Capital focuses on early and growth stage investments, with a focus on investing in three major hard technology areas: digital technology, precision medicine, and innovative materials.
About Huimei Capital
HM CAPITAL is a professional fund focused on medical and health investment. Leveraging the advantages of resource ecosystems such as Huimei Medical Group, HM CAPITAL invests in the medical and health ecosystem from multiple dimensions, regions, and dimensions. It is committed to creating a professional investment platform with an international perspective and local execution power. Through a dual currency and multi strategy fund investment model, it helps early and growing medical and health enterprises grow rapidly. As of the end of 2022, Huimei has managed a scale of over 4 billion yuan and invested in over 50 companies worldwide. Many of its investment portfolios have become industry leaders.
About Zhongda Venture Capital
Founded in February 2011 under the leadership of Sun Yat sen University, Zhongda Venture Capital is an emerging industry investment institution aimed at fully leveraging and utilizing the advantages and resources of Chinese universities in scientific and technological innovation, industrial research, and talent cultivation, mobilizing and allocating social funds, and supporting the transformation of scientific and technological achievements. Zhongda Venture Capital focuses on investing in the three emerging industries of biopharmaceuticals, new materials, and advanced manufacturing. By laying out three industrial clusters in Guangdong Medical Valley, Guangdong Materials Valley, and Zhongda Innovation Valley, it has established unique advantages in the fields of biopharmaceuticals, new materials, and advanced manufacturing.