YESight Medical Secures Tens of Millions in Pre-A Funding to Advance Next-Gen SLO Ultra-Widefield Confocal Scanning Laser Ophthalmoscope

VCBeat learned第一时间 that recently, Yaoshi (Suzhou) Medical Technology Co., Ltd. ("Yesight") completed a Pre-A round of financing worth tens of millions of yuan.The investors include Boxing Capital and the Virtue One Fund under the Su High-tech Group. Beijing Qiwo Boxing Management Consulting Co., Ltd. serves as the financial advisor and will continue to be responsible for subsequent financing.This round of financing will be used for the clinical trials and registration of the company's SLO ultra-widefield confocal laser scanning ophthalmoscope product, as well as the research and development of multiple innovative diagnostic and screening devices for eye diseases.Previously, the company completed its angel round of financing in 2021, with Guoqian Venture Capital as the investor.

Yesight is an innovative ophthalmic optical device platform technology enterprise that focuses on innovative ophthalmic medical devices, integrating R&D, production, sales, and AI big data research. The company's headquarters is in Suzhou, China, with a research institute in Japan. At this stage, the team is focused on the development of SLO (Scanning Laser Ophthalmoscope) ultra-widefield confocal laser scanning retinal camera technology for ophthalmic diagnostics. Based on confocal laser scanning imaging technology and integrated circuit technology, the company aims to create internationally advanced SLO ultra-widefield confocal laser scanning ophthalmoscopes as well as various innovative diagnostic and screening devices for ophthalmic diseases.

According to Frost & Sullivan statistics, the ten most common eye diseases in China in 2019 included refractive errors, conjunctivitis, dry eye syndrome, cataracts, blepharitis, retinal diseases, strabismus, amblyopia, glaucoma, and uveitis. Among these, refractive errors and dry eye syndrome had the largest patient populations. The number of patients with myopia and dry eye syndrome in China alone reached 630 million and 360 million, respectively. However, due to factors such as the highly specialized segmentation of ophthalmic diseases, strong professional requirements, and limited consumer awareness and understanding of eye diseases, the diagnosis and treatment rates for eye conditions in China have remained at a relatively low level, and the development of ophthalmic drugs and devices is still in its early stages.

Ophthalmic Disease Patient Flow

Source of the image: VCBeat "2022 Ophthalmology Industry Research Report"

Among them, the fundus camera is the most important equipment in routine ophthalmic examinations, serving all patients with ophthalmic diseases in China and holding broad market potential in the future.

At present, the Chinese fundus camera market is dominated by traditional optical fundus camera technology, mostly occupied by overseas international brands such as Japan's Topcon and Japan's Canon. As ophthalmologists increasingly demand a wider fundus imaging range and higher clarity of fundus image quality, the demand for ultra-widefield confocal fundus cameras in China is steadily growing. However, there is heavy reliance on overseas imports, and the prices are expensive.

Traditional fundus cameras have clinical technical bottlenecks such as small field of view for fundus imaging (about 45°), high minimum pupil requirement (above 3.3mm), poor LED optical penetration (unable to capture deep fundus), and unclear fundus vascular imaging, which can easily lead to missed diagnosis of fundus and peripheral lesions in clinical practice.

Yesight's ultra-widefield confocal laser scanning ophthalmoscope utilizes proprietary SLO confocal laser scanning retinal imaging technology, featuring wide-field retinal imaging, no need for pupil dilation, strong penetration through refractive media, fast imaging speed, and clear images.Effectively addresses the clinical pain points of traditional optical fundus cameras. The birth of this product breaks the overseas monopoly in high-end SLO ultra-widefield confocal fundus camera technology.

From a data perspective, Yesight has achieved an ultra-wide field of view of 168 degrees (optical incident angle of 113°) with a single shot, ranking first in China. Its four-spectrum confocal laser scanning imaging technology can fully cover the diagnostic area of all 10 layers of retinal tissue at the fundus, providing wider, more comprehensive, and clearer color fundus images and video data.

It is reported that Yesight has obtained nearly 20 technical patents, achieved independent research and development of core components for the SLO ultra-wide-angle fundus camera, and reduced product costs while improving product quality through its technological innovations.

Yesight SLO Ultra-Widefield Confocal Fundus Camera, the first ultra-widefield fundus camera product in China to enter clinical use.Currently, clinical trials have been initiated in China. It is planned that in the near future, a leading ophthalmology hospital and top PI will lead the enrollment of the first case in the clinical trial to carry out related clinical trials. It is reported that the prototype of Yesight's SLO ultra-widefield confocal fundus camera had already undergone initial clinical research in December 2021 at the ophthalmology department of Tohoku University in Japan, receiving high praise from renowned Japanese ophthalmologists.

The Yesight medical team is composed of domestic and international experts and engineering technicians with advanced technical expertise. The team's robust engineering research and development capabilities, combined with its international perspective and experience, as well as its deep understanding of clinical needs, enable the company to continuously innovate and iterate in the research, development, and production of ophthalmic medical devices. At the same time, it provides high-quality solutions for a wide range of ophthalmic patients and medical staff.

It is reported that,The founding team and core team members of Yesight all have many years of technical experience in Japan's top three ophthalmic device companies, including world-class ophthalmic instrument technology experts; they have participated in and led the research and development and industrialization of Japan's first batch of SLO and OCT products.In addition to its headquarters in China, the company has established a dedicated research institute in Japan to provide technical support.

In December 2020, the company entered into an exclusive strategic cooperation with a well-known Japanese technology company (a Tokyo Stock Exchange-listed technology enterprise globally renowned for its laser semiconductor technology); the cooperation agreement amounted to tens of millions of yuan, jointly targeting the domestic and international ophthalmology markets. That month, at the company’s headquarters in Japan, the enterprise's Chairman & CEO awarded Yesight with the honor of "Exclusive Strategic Cooperation Enterprise in China's Medical Field," and will also serve as Yesight's Japanese distributor, engaging in a series of collaborations with Yesight. Additionally, in November 2021, Yesight signed a product sales framework agreement worth tens of millions of yuan with one of Japan's top three ophthalmology group companies.The product technology has been recognized by large overseas enterprises, laying a solid foundation for the internationalization of the company's products.

With the release of the 14th Five-Year Plan for Eye Health in 2022, the development of the ophthalmology industry will once again reach a high point. According to statistics from VCBeat, in terms of indications, myopia prevention and control, dry eye syndrome, and retinal diseases are currently the hottest innovation directions. In terms of product types, high-end medical devices that improve diagnostic rates and optimize treatment outcomes are the new focus of innovation. The technological innovation of Yesight undoubtedly holds profound significance.

Yesight CEO Hai Zhou Wu stated"Yesight's mission is to achieve a society with universal eye health through the early treatment of eye diseases. Based on decades of accumulated ophthalmic optical platform technology in Japan by the team, we have developed the first domestically produced SLO ultra-widefield confocal laser scanning ophthalmoscope in China, aiming to break the monopoly of imported high-end ophthalmic devices. Currently, this product offers a field of view of 168° (with an optical lens incident angle of 113°), ranking first in China. We thank our investors for their trust and support. In the future, the company will continue to develop high-end ophthalmic disease screening and diagnostic equipment that features clear image quality, easy operation, and stable performance, covering more than 90% of diagnostic areas such as fundus, anterior segment, optic nerve, and refractive errors. We hope to contribute to the early detection and diagnosis of eye diseases through advanced ophthalmic device technology."

Zhang Lan, Partner of Beijing Qiwo Boxing Management Consulting Co., Ltd., said"Ophthalmology is one of the key investment areas for Boxing Capital. There is a systematic opportunity for import substitution in mid-to-high-end ophthalmic equipment. In the diagnosis of retinal diseases, refractive surgery preparation, diabetes, hypertension, and other conditions, the significance of diagnosing peripheral retinal lesions has gained expert consensus. Imported ultra-widefield fundus cameras have experienced rapid growth in China in recent years, dominating the market. The Yesight team has深耕ed in the Japanese optical equipment field for twenty years, possessing international vision, industry resources, and rich technical reserves. They are expected to launch several ophthalmic devices soon, benefiting more patients."

Wang Ping, Chairman of Suzhou Medical Device Industry Development Group Co., Ltd., said"Yesight, as a technology-based startup in ophthalmic medical devices with solid R&D capabilities and an international perspective, adheres to the mission of breaking overseas monopolies and owns several core invention patents. Based on the globally leading confocal laser scanning retinal camera imaging technology, the company has independently developed a 'next-generation' SLO ultra-wide-angle confocal laser scanning ophthalmoscope, which not only continues to make efforts in breaking the situation of import monopolies but also provides more accurate diagnostic results for patients with eye diseases in China. Currently, the company has successively initiated more clinical trials and research. It is believed that in the future, these patented technologies and equipment will better provide doctors with diagnostic convenience and ultimately benefit the people of China."

Boxin Capital is a venture capital firm focused on early-stage healthcare investments, founded by partners with extensive experience in the medical industry. Currently managing 2 billion RMB in funds, it has invested in over 40 innovative medical device and healthcare service companies with significant market potential. Many of these companies have grown into leaders in their respective niche markets, with several projects successfully going public and achieving profitable exits. The investors behind Boxin Capital include top-tier domestic fund-of-funds, industrial capital, entrepreneurs from the medical sector, and experienced financiers. With in-depth industry research, clear investment logic, and comprehensive post-investment management capabilities, Boxin Capital has gained continuous support from its investors, earned long-term respect from entrepreneurs, and remains committed to being a trusted long-term partner for top-tier professional investors and entrepreneurs in China.

Suzhou Medical Device Industry Development Group Co., Ltd. is the operating entity of Jiangsu Medical Device Science and Technology Park. The park has successively been approved as a National Torch Program Medical Device Specialty Base, a pilot project for a national innovative medical device industry cluster, a national-level professional incubator for medical devices, and a demonstration unit for the construction of a national technology entrepreneurship incubation chain. By the end of 2021, the park had a total area of 1.45 million square meters of operational carriers that were built, under construction, or awaiting construction. Currently, the park has gathered nearly 800 medical device and biopharmaceutical companies, including listed companies and innovative potential companies. Products cover fields such as medical imaging, biomedical materials, in vitro diagnostics, and medical robots, with many technological achievements being domestic firsts and industry leaders. At the same time, the park has introduced numerous innovation platforms, incubation platforms, and service platforms, and established the Suzhou Medical Device Industry Intellectual Property Operation Center, forming a relatively complete innovation ecosystem.

WinX Capital is a leading investment bank in China's healthcare sector. Headquartered in Beijing and Shanghai, it covers over 3,000 active investment institutions and industry groups. From 2020 to 2022, it was consecutively awarded "Top 2 Best Financial Advisor in Healthcare for 2021-2022" and "Top 4 Best Financial Advisor Institution in Healthcare for 2020" by Qimingpian & Xinsheng Chuangfu, "Top 10 Most Active Financial Advisor of the Year for 2021," "Top 6 Comprehensive Financial Advisor of the Year (Mid-2022)," "Top 7 Most Active Financial Advisor of the Year (Mid-2022)," "Top 5 Emerging Investment Bank with the Most Growth Potential in WISE2020/2021" by 36Kr, and "Top 5 Healthcare Financial Advisor of the Year - Pengcheng Award" by VCBeat in 2022.