Xianwei Vision Secures Over RMB 100 Million Series A Funding to Accelerate Clinical Trials of Nationally Funded Femtosecond Laser Refractive Surgery Device

VCBeat learned第一时间 that FineVision, the parent company of Feiguang Visual Technology (Nanjing) Co., Ltd. — the project undertaking enterprise for the "Femtosecond Laser Corneal Refractive Surgery Device" funded by China's National Key R&D Program — has completed an A-round financing of over 100 million yuan.

This round of financing was led by Lilly Asia Ventures, with participation from Kailong Capital, existing shareholder Nanjing Innovation Investment Group, and Dingxin Capital. The funds raised will be used to promote the clinical trials and registration application of the "Femtosecond Laser Corneal Refractive Surgery Device," accelerating the product's market entry and commercialization process.

FineVision, established in 2022, originates its core technology from the research achievements of Wuhan National Laboratory for Optoelectronics at Huazhong University of Science and Technology. It was co-founded by Professor Shaoqun Zeng, a life optoelectronics scientist from the center, serial entrepreneur Feng Cao, and seasoned ophthalmology experts. With a focus on developing high-end ophthalmic surgical equipment, FineVision has comprehensively laid out Femtosecond refractive correction surgery equipment and excimer laser surgery equipment, striving to become a game-changer in China’s Femtosecond laser corneal refractive surgery equipment industry.

Myopia has developed into the number one disease in ophthalmology. From a global perspective, myopia is a problem that troubles regions around the world. According to data from the American Academy of Ophthalmology, the incidence of myopia is higher in economically developed areas, including high-income Asia-Pacific, high-income North America, and Western Europe.

In East Asia (including China, Japan, South Korea, etc.), the overall myopia rate is high and ranks among the highest in the world due to factors such as heavy academic workload and long hours spent on written tasks. By 2022, the incidence of myopia had exceeded 50%. According to data from the National Health Commission and the National Bureau of Statistics, nearly 700 million people in China suffer from myopia, making it the country with the largest number of myopic individuals globally. Additionally, the problem of early-onset myopia is severe, with the myopia rate among teenagers being the highest in the world, presenting a serious issue.

Against the backdrop of the world's highest number of myopia patients and an increasingly evident trend of myopia occurring at younger ages, China has become the world's largest country for refractive surgeries. Specifically, regarding femtosecond laser corneal refractive correction surgeries, the volume of such procedures in China accounted for 63% of the global total in 2021, and by 2024, the cumulative number of surgeries in China is expected to exceed 6 million cases. With the rising prevalence of myopia in China and the increasing clinical demand, there is an urgent need for more advanced and accessible solutions in the Chinese market for myopia corrective surgeries. However, ophthalmic devices for myopia correction treatments in China remain dominated by imported products.

Globally, the ophthalmic laser surgery equipment market is highly concentrated and regionally monopolized, with giants such as Alcon, Bausch + Lomb, Zeiss, Johnson & Johnson, and Topcon holding significant competitive advantages. China has yet to achieve a breakthrough in the domestic production of ophthalmic laser surgery equipment, especially for devices that use only femtosecond laser as the sole light source for refractive correction surgeries, where Zeiss has long held an absolute dominant position.

FineVision's Chief Scientist, Professor Shaoqun Zeng, and his team members have been engaged in the research and development of femtosecond laser refractive correction surgical equipment since 2014. The R&D team integrates experts from multiple disciplines, including photonics, electronics, medicine, and artificial intelligence technology. The team's initial concept was to start developing from the root technology, thereby achieving self-research and self-production of key technologies and components, as well as full localization of the supply chain in China.

Professor Shaoqun Zeng, Chief Scientist of FineVision, is one of the pioneers in China using femtosecond laser imaging technology for brain network research. He has been deeply engaged in femtosecond laser microscopic optical imaging for nearly 30 years. One of his core research achievements – two-photon random scanning imaging technology and instrumentation – enables inertia-free fast scanning microscopy and control with femtosecond lasers. The femtosecond pulse evolution formula and dispersion compensation schemes have been utilized by scientists from multiple countries for functional imaging of neuronal networks and in areas such as femtosecond laser precision 3D processing.

Professor Zeng Shaoqun revealed: "From the initial femtosecond laser scanning and imaging technology, it has gradually evolved into FineVision's current femtosecond laser refractive surgery equipment, achieving breakthroughs in multiple core technologies and forming independent intellectual property rights, marking a long journey. The relentless efforts of researchers have enabled FineVision’s products today to possess 100% independent intellectual property rights, providing intellectual property assurance for the product to reach the global market."

FineVision's R&D team includes top fundamental research teams from Huake responsible for root technology innovation and breakthrough research, as well as several experienced professionals in engineering and operational management.

It is worth mentioning that several of the world's top refractive surgery experts have been deeply involved in the research and development of FineVision's products, incorporating over thirty years of clinical surgical experience and research results into the refinement of these products. They have identified numerous unmet clinical needs, fostering a close integration of medical and engineering expertise, contributing the wisdom of Chinese experts to ensure the products meet and even surpass the technical standards of imported alternatives. Today and in the future, FineVision’s R&D team will continue to expand. In terms of future product planning, FineVision will leverage its existing foundational technology platforms in ultrafast photonics and optoelectronics to extend towards a comprehensive ophthalmic laser surgery platform.

Led by Lilly Asia Ventures, this round of investment empowers companies in various aspects such as clinical and research resources, accelerating the advancement of core products from preclinical to clinical trial stages. Nanjing Innovation Investment Group has coordinated multiple resources for FineVision, including bank cooperation and carrier expansion; Kaifeng Capital assisted in the expansion of the Wuhan office and the application for local policy support funds in Wuhan; Dingxin Capital, as the lead investor in the angel round, made a significant investment of tens of millions of yuan at the angel stage and has continuously supported FineVision’s project financing, talent acquisition, and team building. In this round of financing, both new and existing shareholders have actively empowered the project. With the support of China's National Key Research and Development Program, FineVision is provided with strong assurance for overcoming technical challenges, successfully passing clinical trial verification, and achieving large-scale production and application promotion both domestically and internationally.

Lilly Asia Ventures (LAV), which originated from the venture capital department of Eli Lilly and Company in 2008, became an independent investment management company in 2011. Headquartered in China, it has offices in Shanghai, Hong Kong, and Silicon Valley in the United States. As one of the earliest biomedical professional funds to start operations in China, Lilly Asia Ventures has continuously invested in China's healthcare industry over the past decade and has grown into a leading life science and healthcare venture capital fund in the industry. Guided by the principles of integrity, innovation, and collaboration, a team of dozens of professionals with extensive experience in preclinical and clinical development, regulatory policies, and commercial markets manages assets totaling over ten billion US dollars, including multiple US dollar funds and RMB funds. Lilly Asia Ventures adheres to a "people-oriented" philosophy, supporting entrepreneurs with ambition, experience, leadership, and integrity. It is committed to being a reliable partner for outstanding entrepreneurs seeking smart capital, co-creating great companies that develop breakthrough products to combat diseases and improve human health.

Nanjing Innovation Investment Group (hereinafter referred to as "Venture Capital Group") was established in May 2018, with a registered capital of 15 billion yuan. It is Nanjing's professional venture capital investment platform, mainly focusing on gathering various innovative capital and resources to assist Nanjing in concentrating on science and technology innovation oriented towards the real economy, and cultivating innovative industrial clusters with international competitiveness. The group implements the PDSM investment strategy, managing a total scale of over 30 billion yuan. It has won dozens of honors including the 2021 Nanjing "May 1st" Labor Medal, ranking 4th in the Zero2IPO "Top 50 Government Guidance Funds in China 2022" list, Top 30 Best Limited Partners in China for 2022 by ChinaVenture, and Top 10 Government Guidance Funds Most Focused on by GPs in China for 2023 by ChinaVenture.

Dingxin Capital was founded in 2014. The core team members possess a strong compound background in both finance and industry. With the corporate mission of driving social progress through investment, Dingxin Capital focuses on early-stage and specialized investments in healthcare and hard technology. It has led and participated in early investments for nearly 40 high-quality projects, earning its place on important industry lists such as "China's Best Early-Stage Venture Capital Institution," "Best Investment Institution in Healthcare," and "China's Best Early-Stage Investment Institution in the Semiconductor and Integrated Circuit Field." Dingxin Capital currently manages over 10 billion yuan in cumulative assets, with investors including government-guided funds, insurance companies, listed companies and their shareholders, large enterprise groups, market-oriented fund-of-funds, and other institutional investors. In both 2021 and 2022, it was consecutively included in the annual A-Class evaluation list for equity fund managers invested by insurance funds.

Kaiwind Ventures focuses on investments in software and hardware technology and life health fields, with a cumulative management scale of over 7 billion RMB. It is one of the earliest institutions in China dedicated to investing in overseas returnee teams and one of the six institutions participating in the initial stage of the Ministry of Science and Technology's first batch of venture capital guidance funds for small and medium-sized technology enterprises. From 2017 to 2024, Kaiwind has consistently ranked on the prestigious CVSource lists, and in 2024, it won multiple awards including "Top 10 Best Early-Stage Venture Capital Institutions in China," "Top 10 Investment Institutions with the Fastest Industry Attention Growth," and "Top 10 Best Early-Stage Investment Institutions in the Yangtze River Delta Region." It has also been repeatedly recognized as one of the "Top 100 Venture Capital Institutions in China" by Zero2IPO and has consistently appeared on several influential Preqin lists over the years. Kaiwind Ventures boasts an elite team with profound expertise, broad international perspectives, and strong cohesion. Driven by innovation, it continuously breaks through existing frameworks and relentlessly pursues excellence. Kaiwind firmly believes that great companies can emerge both during boom times and periods of calm. Regardless of peaks or troughs, we always stand alongside entrepreneurs. In an era where environmental changes have become the norm, we will stay true to our original aspirations, forge ahead with determination, and continue to participate in and lead the development and advancement of high-quality projects, providing them with stable and sustainable support and resources to help innovative enterprises grow and thrive.