True Health (真健康), a medical technology startup specializing in the robot-assisted needle insertion system, recently closed a Series B+ funding round for more than 100 million yuan (US$14 million).
Chinese media reports did not say who the financial backer were but indicated that True Health is a portfolio company under the corporate venture capital arm of Gree Group (格力集团), a Chinese home appliance giant.
The company, headquartered in Zhuhai of southern China’s Guangdong Province, develops surgical robots that are primarily applied in needle insertion and other clinical procedures.
Proceeds from this round will be spent on R&D efforts in the field of surgical robotics, so as to help the firm innovate further in robotic device, core parts and AI application.
The ultimate goal is to increase market penetration and product competitiveness, the startup said in a statement.
From 2021 onward, Gree’s CVC affiliate took part in the Series A+ and B cash injection into True Health, supporting the company in its quest to build a 3,000-sqm production base in a high-tech development zone in Zhuhai, an innovation hub in the making.
Zhuhai is part of the Guangdong-Hong Kong-Macao Greater Bay Area, attracting a number of startups to put down roots in Hengqin, a special economic zone of the mainland Chinese city that is partly governed by Macao.
When the production facility is completed, it is tipped to accelerate production R&D and commercialization, according to True Health.
Founded in March 2018, the startup has obtained the certificate from National Medical Product Administration (NMPA) for its soft tissue needle insertion robotic system. It also claims to be a domestic pioneer in robot-assisted needle insertion navigation system.
To date, it has signed agreements with top colleges and medical institutes with a focus on respiratory diseases across the country to conduct clinical trials, without specifying.
Gree, its principal backer, has been active in using its own and industrial funds to support the development of a fledgling biopharma and healthcare sector in Zhuhai and beyond through equity investment.