TuPai Medical Secures E+ Round Financing Led by Beijing State-owned Capital and Shuimu Ventures, Files for IPO
TowardPi
High-end Ophthalmic Medical Device Developer
Tsinghua Innovation Ventures
Professional Investment Institutions for Industrialization of Scientific and Technological Achievements
Recently,Beijing State-owned Capital Operation and Management Co., Ltd. (hereinafter referred to as"Beijing Guoguan")Beijing Jingguo Guan Equity Investment Fund (Limited Partnership) under its umbrella, in collaborationKey Shareholder of the Company: Tsinghua Innovation VenturesOfficially completed the E+ round of financing and equity investment in TowardPi.
This is the second financing deal completed within the year following the company's Series E round at the beginning of this year. This news undoubtedly provides another significant boost to China's high-end ophthalmic device industry. The participation of Beijing Jingguo Guan Equity Investment Fund (Limited Partnership) and the continued support from existing shareholders have also given TowardPi a competitive edge in the fiercely contested ophthalmic equipment market.
In March 2025, TowardPi completed a RMB 500 million Series E financing round, which is the largest single financing in China's ophthalmic equipment primary market.
In March 2025, Yin Li, member of the Political Bureau of the CPC Central Committee and Secretary of the Beijing Municipal Committee, visited TowardPi.
In May 2025, TowardPi's OCT technology won the second prize of Beijing Science and Technology Progress Award.
In August 2025, Premier Li Qiang inspected the biopharmaceutical industry development in Beijing, and TowardPi Medical gave a report.
In September 2025, Beijing Jingguo Guan Equity Investment Fund (Limited Partnership) and Tsinghua Innovation Ventures completed a new round of funding.
Image captured from the August 20, 2025 episode of "Xinwen Lianbo" (News Broadcast), where Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, inspected the biopharmaceutical industry development in Beijing. Huo Li, founder and chief scientist of TowardPi, attended the symposium and reported to the Premier.
Focusing on High-End Ophthalmic Equipment, Targeting Cross-Department High-End Markets
Relying on the company's strong full self-research and development capability of core components and excellent market reputation, in the first three quarters of 2025, according toTendering Data Channel Has Announced Ophthalmic EquipmentBidding Information Statistics: TowardPi and Imported Manufacturer Zeiss in the Chinese MarketThe Only TwoA brand that ranks in the top five in market share across all four major product lines (surgical microscopes, OCT, ultra-widefield cameras, and biometers).
Among them, in the first three quarters of 2025, TowardPi's ophthalmologyOCTProductRetain the championshipTotal Amount and Total Number of Units Won"Double First", the market share of the winning bid reached 38.7%. The leading advantage of market share has further expanded. In terms of overseas expansion, from 2024 to date, the total number of TowardPi OCT overseas sales has approached 200 units, with sales revenue exceeding 12 million US dollars. During the same period, its market share ranked among the top five in the European market, and the average selling price ranked first in the European market. As the company's second growth curve, ophthalmology...Surgical MicroscopeIn the first three quarters of this year, the total bid amount ranked fourth in the industry (the top three were all imported),The average winning bid reached452.9RMB 10,000, ranking first in the industryAmong them, the "Boyun" series, representing high-end models produced in China, has historically entered the top ten of the细分型号排行榜 for the first time; the total bidding amounts for ultra-widefield fundus cameras and biometers have also reached the fourth and third positions in the industry, respectively, perfectly completing the product mission of filling the pipeline completeness. The research and development of products such as phacoemulsification and vitrectomy machines, neurosurgical operating microscopes, and femtosecond laser cataract surgery systems are all proceeding steadily, with expected launches within the next 2-3 years.
In addition to its rapid development, TowardPi is committed to open cooperation, working with the industry to build an ophthalmic ecosystem and driving industrial upgrading through technological innovation.Changping District Government, Management Committee of Changping Park of Zhongguan Village Science and Technology Park, China Eye Valley, Beijing Tsinghua Industrial Research InstituteUnder the joint guidance and support of these institutions,International Intelligent Medical Engineering Innovation Center (GMEC）Established in January 2025 at the TowardPi headquarters in Beijing, China.
In September 2025, based on this center,Zhongguancun (Changping) Intelligent Ophthalmology Med-Engineering Industrial ParkEstablished at the Changping International Medical Device City in Beijing. The industrial park, jointly prepared by Chang Development Group and TowardPi, among other entities, will further promote the medical-engineering transformation of ophthalmic equipment technology in China. In the same year, March, with the support of Guangzhou High-tech Zone Investment Group and Guangzhou International Bio Island, GMEC was implemented at TowardPi's Guangzhou High-tech Zone subsidiary, officially launching TowardPi's business layout in the Greater Bay Area.
Inauguration Ceremony of the Global Medical Engineering Innovation Center (GMEC)
Zhu Ping, Managing Director of Beijing Jingguo Guan Equity Investment Fund (Limited Partnership) under Beijing State AdministrationRepresentation:"As a market-oriented investment fund of Beijing Guoguan, our investment in TowardPi represents a strategic layout to achieve the national goal of 'independent control' in high-end medical equipment. As a company originating from Tsinghua University's technology transfer, TowardPi has broken the monopoly of imported core components with its high localization rate of parts. Its globally launched 400,000 times/second full-range swept-source OCT product not only drives the innovation of clinical diagnostic guidelines but also becomes a model for domestic devices surpassing imported ones, marking a revolutionary significance in the field of ophthalmic diagnostics. In the first three quarters of 2025, while maintaining its previous 'dual crown in volume and price,' OCT’s total bid amount market share exceeded 38%, further widening its leading advantage; in the European market, it took just one quarter to match the annual performance of other established overseas manufacturers. Within only one quarter of sales starting in 2024, TowardPi achieved the top unit price and fourth-highest total price in the European market for the year. The continuous introduction of new product categories has filled the gap in China's high-end diagnostic equipment sector. From integrating China’s optoelectronic industry chain to driving technological upgrades among suppliers, TowardPi’s development aligns perfectly with the national encouragement for medical-engineering integration innovation and has received attention and recognition at the national level. State-owned capital will continue to empower TowardPi, helping it transition from 'breaking the blockade' to 'defining standards,' showcasing the robust strength of Chinese intelligent manufacturing."
Yan Yi, Managing Director of Tsinghua Innovation Ventures"We are one of the earliest institutional investors introduced since TowardPi's establishment, and also the one with the highest shareholding ratio. We are also one of the institutions that paid attention to the ophthalmology sector relatively early in the industry. In 2017, when we first met with Teacher Huo and the Yingqi team, we were deeply impressed by the team's passion, determination for entrepreneurship, and their unique insight into the technical field of the industry. Therefore, we have been firmly accompanying the company all the way. Over the past eight years, we have witnessed the company grow from a four-person team to building a closed loop of high-end ophthalmic equipment, and then expanding into cross-departmental equipment. We hope the company will maintain its growth momentum and achieve thriving commercial success."
Beijing Jingguo Guan Equity Investment Fund (Limited Partnership) (referred to as "Jingguo Investment Fund") asBeijing State-owned Capital Operation and Management Co., Ltd. (Abbreviation"Beijing Guoguan")One of the important market-oriented equity investment funds under its umbrella, relying on the deep capital strength and industrial resources of Beijing Guoguan, focusing on technological innovation and high-end manufacturing fields, promoting the industrial upgrading of the capital and the appreciation of state-owned capital in a market-oriented and professional manner.
1. Strong Background of Shareholders and Management
Beijing Jingguo Investment Fund, with the fund manager being Beijing Jingguo Rui Equity Investment Fund Management Co., Ltd.，The actual controller is Beijing State-owned Assets Management Co., Ltd.Beijing Guoguan was established with investment from the Beijing municipal government and is the only first-level state-owned capital operation platform under the city of Beijing.Asset size exceeds3.5Trillion yuan, with excellent credit qualifications, holds shares of several leading enterprises and listed companies in Beijing, and has built a management system covering all categories of funds including VC, PE, M&A, and FOF.
Jingguo Rui Management Company, relying on the strategic layout of Beijing Guoguan, manages a total of 14 funds, including the Jingguo Investment Fund.Total management scale nearly900100 million yuan, forming"Government Guidance"+Regional Synergy+A three-level fund cluster ecosystem driven by mission to continuously boost the development of new productive forces in the capital.。
2. Outstanding Performance and Star Project Layout of Beijing Jingguo Guan Equity Investment Fund (Limited Partnership)
Beijing Jingguo Guan Equity Investment Fund (Limited Partnership), since its establishment in 2022, has efficiently invested with a transaction scale of 7.7 billion yuan, focusing on key sectors such as technological innovation, high-end manufacturing, energy conservation and environmental protection, and healthcare. It has invested in 38 high-quality projects including Kunlun Core, Mianbi Intelligence, and Galaxy Space, with an investment scale nearing 4.3 billion yuan. The fund team consists of senior professionals with state-owned enterprise backgrounds and market-oriented experience. Through meticulous operation throughout the entire process, it has driven significant valuation increases for multiple invested companies, and future performance is highly anticipated.
III. All-round Post-investment Empowerment to Build an Enterprise Growth Ecosystem
Beijing Jingguo Guan Management Company Builds a Multi-dimensional Empowerment System of "Four Walk-ins" and "Five Dimensions" for Invested Enterprises: In terms of financial services, the company relies on Beijing State-owned Assets Management's ecosystem to establish a loan-investment linkage mechanism with multiple banks' Beijing branches, while providing diversified financing tools and resources for invested enterprises. In terms of industrial services, it connects leading enterprises in Beijing’s industrial chains through activities such as "Walk into Municipal State-owned Enterprises," promoting technology implementation and industrial chain collaboration, and fostering deep integration of products and application scenarios among invested enterprises. In terms of talent services, Jingguo Guan collaborates with FESCO to offer full-process human resource services. In terms of capital services, the company organizes "Walk into Beijing Stock Exchange (BSE) and Hong Kong Stock Exchange (HKEX)" events, partnering with First Capital Securities to provide pre-IPO guidance for invested enterprises, accelerating their capitalization process. In government resource coordination, it works closely with various Beijing municipal departments to conduct policy interpretation and qualification applications, helping enterprises obtain relevant information for qualification and funding support.
Beijing Jingguo Guan Equity Investment Fund (Limited Partnership) adheres to the core philosophy of "mission-driven, ecosystem empowerment, and value co-creation." Through precise and targeted services implementing a "tailored strategy for each enterprise," it not only injects capital into businesses but also accompanies their growth with a full-spectrum ecological resource network, becoming the preferred capital partner for driving technological innovation and industrial upgrading.
Major Shareholders of the CompanyTsinghua Innovation Ventures this time by its subsidiary Tianjin Shuimu Haitang Haihe Venture Capital Center (Limited Partnership)As the funding entity, this investment isTsinghua Innovation Ventures Fund No.5TowardPi Medical, the contributors of the fund entity include the company's existing shareholders.Tsinghua Innovation Ventures, Source慧创益, 昌DevelopmentAmong them, the cooperation between TowardPi and Chang Development started in 2018, with Chang Development directly participating in the company's Pre-A and B rounds of financing. As a key cooperative enterprise of Chang Development, the two parties have achieved in-depth cooperation in various fields such as park construction, fund investment, and industry linkage in recent years.
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