Xiran Medical Secures Nearly RMB 100 Million Series A Funding to Accelerate Clinical Commercialization of Ophthalmic Surgical Products

VCBeat exclusively learned that Rhino Health, a developer of high-end surgical equipment for ophthalmologyHangzhou Xiran Medical Device Technology Co., Ltd.(Abbreviation“Rhino Health”Has completed nearly 100 million yuan in Series A financing. This round of financing was led byLegend CapitalLeading investment, existing shareholdersTigerYeah Capital, Proxima Capital, Dalton Venture, KinghandCapital Management(beijing)CO.,Ltd.Continuous Enhancement,MedCapitalAct as the exclusive financial advisor.

Rhino Health, established in 2020, is a technology-based ophthalmic surgical equipment manufacturer and also an ophthalmic product company that provides one-stop training services for surgeons. Core products includePhacoemulsification System, Vitrectomy Surgery System, Ultrasound Vitrectomy, Laser Vitrectomy System, and Endoscopic OCTetc.

According to Zhang Chi, the founder of Rhino Health, despite the difficulties in financing this year, Rhino Health has still gained recognition and trust from many investors, securing nearly 100 million yuan in funding. This indicates the market's approval of the ophthalmology sector and Rhino Health. The funds from this round will be used not only for registration and clinical trials but also for new R&D pipelines.

Currently, Rhino Health's GMP factory has been put into operation, capable of producing millions of ophthalmic surgical consumables annually to meet market demands both in China and internationally.

The first phacoemulsification and vitrectomy integrated machine Genesis has completed type inspection and will be submitted for registration within the year. More than 10 types of ophthalmic surgical consumables will be submitted simultaneously.

Rhino Health Genesis Product Rendering

Legend Capital Managing Director Zhou QuanRhino Health: Phacoemulsification and vitrectomy are two core procedures in the field of ophthalmic diseases, covering multiple important indications. In China, phacoemulsification and vitrectomy surgical equipment and consumables have long been monopolized by imported manufacturers, resulting in high costs and a strong demand for domestically produced alternatives. The founding team of Rhino Health has deeply engaged in the phacoemulsification and vitrectomy device industry for many years, accumulating extensive R&D experience and market sales resources. With a profound understanding of the industry and solid technical capabilities, the team independently developed a complete product system of equipment and consumables, continuously iterating and improving to form a high-performance, low-cost, flexible, and convenient solution that better meets domestic clinical needs while addressing the pain points of payment in China. We look forward to Rhino Health achieving a breakthrough as the first Chinese-produced solution in the important field of ophthalmic phacoemulsification and vitrectomy!

Dr. Tianrong Ji, Founding Partner of TigerYeah CapitalTigerYeah Capital continues to focus on the ophthalmology market. Nearly all high-end ophthalmic devices in China are monopolized by foreign brands, presenting a significant opportunity for import substitution. The Rhino Health team has deep expertise in the research and development of ophthalmic devices and market operations. Several ophthalmic surgical instruments are gradually moving from the lab to clinical settings, with leading performance that aligns better with the operational habits of Chinese ophthalmologists, offering the potential to break foreign monopolies. We are delighted to continue our cooperation with Rhino Health to bring their products to market, providing more benefits for patients in China and even globally.

Sun Xiaolu, Managing Partner of Proxima CapitalWe have always been paying attention to the ophthalmology field and believe that this area will definitely give rise to outstanding enterprises. Rhino Health has been deeply engaged in fundus diseases, possessing strong technical barriers. The entire team has a robust professional background and demonstrates exceptional execution capabilities. We look forward to the company achieving more milestones and rapidly bringing its products to market.

Sun Qi, Founding Managing Partner of Dalton VentureExpressed: We are very honored to participate in this round of financing of Rhino Health, actively contributing to the development of leading enterprises in China's ophthalmic medical device industry. With the rapid economic growth and the deepening of the aging process in China, the demand for diagnosis and treatment of ophthalmic diseases continues to increase. Rhino Health has the top team in this field in China. We look forward to them seizing this market opportunity, accelerating the commercialization of domestically produced equipment, and bringing good news to a large number of Chinese patients with ophthalmic diseases.

Chairman of KinghandCapital Management (Beijing) Co., Ltd., Zhang DafengOphthalmology is one of the core areas in KinghandCapital's strategic layout, with the company having invested across the entire sub-sector industrial chain including ophthalmic pharmaceuticals, devices, and chain hospitals. Essential equipment and consumables for ophthalmic surgeries, such as phacoemulsification and vitrectomy systems, have long been monopolized by international giants. Rhino Health, with its experienced clinical and technical team, aims to break this import monopoly. Beyond domestic substitution, the company is also committed to continuous innovation, which is a key reason for KinghandCapital’s ongoing investment in Rhino Health.

Hao Fangran, Partner of Yiran CapitalIndicates:The ophthalmology sector is a direction that Boya Medical Capital continues to be optimistic about and invests in heavily. Ophthalmic surgical equipment and consumables have high technological barriers, which has led to long-term monopolization by imported brands. Rhino Health is committed to breaking through the technical bottlenecks of domestically produced products, disrupting the existing market landscape, and gradually achieving import substitution in the phacoemulsification and vitrectomy fields. Currently, the company’s team configuration, product performance, and development progress are all in leading positions. We also look forward to the early launch of their products to benefit patients!

Legend Capital was founded in April 2001 and is a leading professional investment institution in China, focusing on early-stage venture capital and growth-stage private equity investment. Over the course of more than two decades, Legend Capital has followed international standards, experienced the complete management cycles of multiple funds, and achieved outstanding and sustainable fund performance. Legend Capital has always adhered to its original mission: to promote enterprise innovation and growth through the help of capital and management, driving industrial progress and social development. While delivering excellent results, Legend Capital actively fulfills its social responsibilities and strives for sustainable and high-quality development.

TigerYeah Capital focuses on equity investments in the early and growth stages of the healthcare sector. The management team has a deep industry background, extensive industry resources, and rich investment experience. To date, it has completed investments totaling 20 billion yuan across more than a hundred projects. The investment portfolio covers medical devices, biopharmaceuticals, CRO, and health foods. By empowering its portfolio companies, TigerYeah Capital creates value for the development of the healthcare industry in China and globally, contributing to public health.

Proxima Capital focuses on discovering, investing in, and developing outstanding medical technology innovation enterprises with tremendous growth potential. We manage both RMB funds and USD funds, and our team possesses diversified and international expertise, professional backgrounds, and resource networks, along with abundant clinical resources, industrialization experience, and entrepreneurial history. We have been continuously building a healthcare innovation technology entrepreneurship ecosystem to make entrepreneurship easier, faster, and more successful. We support entrepreneurs with great vision, focusing on the long term to build enterprises into powerful and sustainably innovative companies that create significant clinical value for society over time.

Dalton Venture focuses on forward-looking medical innovation technologies and has been the early exclusive investor in several pioneering domestic technology projects. It covers VC funds as well as angel funds in the Yangtze River Delta and Greater Bay Area. The core team comes from the healthcare industry, having successfully incubated early-stage startups and established and managed listed companies with billions in market value. Committed to not only being a value discoverer but also a value creator, Dalton Venture has been honored with multiple awards such as VC TOP100 and Medical Device TOP20 by ChinaVenture. Some investment cases include: Rhino Health, Deepwise Healthcare, HannovMed, Triastek, and HeliBio.

KinghandCapital Management(beijing)CO.,Ltd. is a leading private equity investment institution focused on the medical and health field, dedicated to helping outstanding healthcare companies grow rapidly with the power of capital and industry resources, providing better medical products and services to society, and promoting human health.

Currently, KinghandCapital Management(beijing)CO.,Ltd. manages 17 RMB funds and 4 USD funds, with a total of 86 outstanding projects invested, including 16 IPO projects (one of which has obtained the CSRC registration approval). These include companies such as Aier Ophthalmology (301239), Jinxin Fertility (HK.1951), Sino Medical (688108), TiRobot (688277), Viva Biotech (HK.1873), Innovax Biotech (688253), Anbiping (688393), Clover Biopharmaceuticals (HK.2197), and Anges (688581). As of the latest date in 2023, one company has filed for a STAR Market IPO and been accepted; in the next two years, more than 10 invested companies are expected to go public on major stock exchanges in China and abroad.

MedCapital was founded in 2020. The team focuses on providing comprehensive and in-depth financing services for high-quality medical enterprises in the fields of medical devices, innovative drugs, and upstream sectors. They have a precise grasp of the medical industry direction and possess mature market experience in project capital operations.