magAssist Gets ￥100M in Series B Financing from Northern Light

(VCBeat) Jan 11, 2021 -- Xinqing Medical Technology Co., Ltd. ("magAssist") today closed a Series B financing round worth 100 million yuan, led by Northern Light Venture Capital, with participation from SND Ventures Group and existing investors including Guoqian Venture Capital, Anji Yunshuo and TigerYeah Capital. The fresh round of funding will be used towards the R&D, clinical trials, and manufacturing expansion of existing products.

Founded in May 2017 in Suzhou New District (SND) by Dr. Xu Bozhen, magAssist develops extracorporeal life support devices used in acute cardiogenic shock, intraoperative cardiac circulation protection, acute and severe organ failure and other clinical scenarios. The company's main products include minimal interventional in vitro artificial hearts, magnetically levitated in vitro artificial hearts, and a new generation of extracorporeal membrane oxygenation system (ECMO), etc.

magAssist completed its angel round and Series A round of financing in 2018 and 2019. The angel round was led by Guoqian Venture Capital with additional support from TigerYeah Capital. The Series A round was led by Med-Fine Capital. Huatai Health Fund and Guoqian Venture Capital also participated in the Series A financing.

It only took magAssist three years to bring the magnetically levitated in vitro artificial hearts to the clinical stage. The company then announced the excellent performance and blood compatibility of the product at the International Society for Mechanical Circulation Assistants (ISMCS) in Italy in 2019, which was recognized by international experts. The 30-day animal experiments of its in vitro artificial hearts show that the blood compatibility is excellent with no hemolysis or thrombosis occurs. The performance of those products has reached the international top level. At present, the invasive artificial heart and extracorporeal membrane oxygenation (ECMO) system are in the preclinical development stage.

It is expected that from 2023, at least one high-end class III product will enter into the clinical stage every year.

Founded in 2005, Northern Light is a venture capital firm targeting early-stage opportunities of innovation and disruptive technology. The company manages 5 USD funds and 5 RMB funds with a total amount of US$4.5 billion. Northern Light focuses on 3 main sectors including TMT, advanced technology, and healthcare.

SND Ventures Group is a venture capital and private equity firm specializing in seed investments. The company was established in July 2008 with a registered capital of RMB 940 million. The Group provides equity investments (angel investment, VC investment, PE investment, industrial investment, M&A investment), and other financial services.