EyeDeal Medical Completes RMB 100 Million Series B Funding to Accelerate Commercialization of Next-Gen Intraocular Lens

VCBeat learned第一时间 that Eyedeal Medical Technology Company Limited (referred to as Eyedea), a Xi'an-based company, recently announced the completion of a 100-million-yuan B-round financing led by YuanBio Venture Capital, with participation from Ceic Asset Management (Shanghai) Co., Ltd. and Pacific Alliance Group. The funds raised will be used to accelerate the clinical trials of Eyedea's next-generation innovative material intraocular lenses and the commercialization layout of its marketed products.

"In the post-pandemic era, especially against the backdrop of a tightening global capital market and more cautious investment, the successful completion of this round of financing once again demonstrates the capital market's recognition and confidence in Eyedea's innovative capabilities and ophthalmic products such as intraocular lenses," said Guo Guangxu, founder of Eyedea.

In 2014, Guo Guangxu reached a cooperation agreement with Dr. Len Pinchuk, a member of the U.S. National Academy of Engineering, purchasing his material invention patent. In 2015, Eyedea was officially established. To date, Eyedea has built a technical team in Xi'an led by top academicians from around the world and senior experts in materials, optics, mechanics, and bioengineering from both within and outside China. It has also set up scientific research platforms such as the Shaanxi Provincial Engineering (Technology) Research Center and a postdoctoral innovation base, cumulatively attracting and training several doctoral-level professionals. The proportion of R&D technical personnel exceeds 80%.

Moreover, after nearly nine years of continuous research, Eyedea has developed and produced the world's latest generation of artificial crystal lenses made from a new material using its exclusive "cross-linked polyolefin" medical polymer. In November 2021, it launched a multi-center clinical trial across China, becoming the first new material artificial crystal lens to enter clinical trials in the global ophthalmology industry in nearly 30 years.

VCBeat learned that Eyedea's exclusively owned global invention patent, cross-linked polyolefin intraocular lens, has better biocompatibility, material stability, and excellent optical and mechanical properties. Its ultra-large optical surface and small incision implantation can bring safer and longer-lasting clinical benefits and experience to cataract patients.

Gerd Auffarth, Professor at the University of Heidelberg, Germany, and Director of the David J. Apple Laboratory, known as the global ophthalmology "gold standard," commented: "The cross-linked polyolefin intraocular lens is an innovative material, with no glistenings, no glare, a smaller surgical incision, a larger optical surface, and minimal inflammatory response, making it the most ideal intraocular lens currently available."

With the innovative achievements of cross-linked polyolefin intraocular lenses, Eyedea has been approved for the key project of the "National Key R&D Program" by the Ministry of Science and Technology. In 2020, the product entered the NMPA's "Special Review Procedure for Innovative Medical Devices." Currently, the domestic clinical trial enrollment has been completed, and the European clinical trial officially launched this month.

In October 2022, Eyedea's self-developed "Hydrophobic Acrylic Aspheric Intraocular Lens" was approved for marketing by the National Medical Products Administration. This product rivals industry leaders and can better meet domestic clinical needs. In addition to developing intraocular lenses for cataract treatment, Eyedea is also focusing on niche sectors of high-end ophthalmic medical devices, actively expanding its range of products for treating various eye diseases. The company is committed to becoming an industry-leading enterprise with global influence, integrating raw material synthesis, product development, manufacturing, and sales.

YuanBio Venture Capital partner Gu Lei-min stated: "Ophthalmic medical devices have always been one of the fields we focus on. Under the leadership of CEO Guo, Eyedea has deep accumulation and strong R&D capabilities, which have brought a rich and innovative product pipeline. The company stands out in new material innovation and the synthesis and production capacity of polymer medical materials. Eyedea has gathered top scientists from around the world, forming an experienced, complementary, pragmatic, and highly efficient team. We are highly confident in the development prospects of Eyedea."

Yao Wei, the person in charge of Ceic Asset Management (Shanghai) Co., Ltd., stated: "Ceic is very pleased to have the opportunity to invest in Eyedea. The company has a strong team and possesses leading technology and production capabilities in intraocular lenses, medical polymer materials, and product processes. Ceic looks forward to Eyedea reaching new heights in its future development."

Pacific Alliance Group stated: "PAG first invested in Eyedea's Series A round in 2020, with confidence in Eyedea’s team and development prospects. Over the past two years, the Eyedea team has overcome numerous challenges and achieved multiple milestones in product research, production, and innovation, further strengthening our confidence in the company’s growth. In this Series B round, PAG continues to increase its investment, looking forward to the company achieving even greater success."

YuanBio Venture Capital is an investment institution focused on the early and growth-stage healthcare sector, based in Suzhou bioBAY with a global reach. It has successfully invested in over 170 outstanding companies in the life sciences and healthcare field, covering four major areas: new drug development, medical devices, in vitro diagnostics and precision medicine, as well as healthcare services, achieving substantial investment returns. Eighteen of these companies have been listed on capital markets such as the Hong Kong Stock Exchange and the STAR Market. YuanBio Venture Capital has repeatedly been ranked among the top 10 venture capital funds in China’s healthcare sector and recognized as one of the most active healthcare investment institutions in China. With a team of seasoned professional investors and a world-class scientific advisory board, YuanBio Venture Capital possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry. Leveraging professionalism, focus, and abundant industry resources, we are committed to becoming one of the most successful healthcare and pharmaceutical venture capital funds in China.

Ceic Asset Management (Shanghai) Co., Ltd. is a wholly-owned subsidiary of leading asset management firm, Ceic Fund Management Co., Ltd. As one of the few public fund subsidiaries in China that can engage in private equity business, Ceic Asset Management relies on the robust investment research platform of Ceic Fund. With a professional management team and a comprehensive risk control system, it focuses on private equity investment through various forms such as asset management plans and private equity funds. Currently, Ceic Asset Management and its affiliated institutions have an accumulated management scale exceeding 160 billion yuan, widely covering private equity, securities assets, and more. Private equity investments focus on emerging industries such as healthcare, new energy, and integrated circuits.

Pacific Alliance Group is a leading private equity investment firm focused on the Asia-Pacific region, with three major business segments: private equity investment, credit and markets, and real estate. As of December 31, 2022, Pacific Alliance Group manages over $50 billion in assets for nearly 300 institutional fund investors globally. The group has established 12 main offices worldwide and employs nearly 300 professional investment personnel.