Akonote Raises Over $100 Million in Series B Funding Led by Temasek and Lake Bleu Capital to Advance Comprehensive Ophthalmic Medical Device Solutions

VCBeat has learned that, an R&D and manufacturing enterprise dedicated to comprehensive innovative solutions for medical devices in the optometry and ophthalmology sector—Vision Xlab Medical Technology Co., Ltd. (hereinafter referred to as "Vision Xlab") recently closed a Series B financing round exceeding USD 100 million. The round was backed by Temasek and ClearPool Capital, with existing investors Sequoia Capital China, Sherpa Capital, Sanzheng Health Investment, Rosen Capital, and Honghui Capital making follow-on investments.

This round of financing will be further utilized to help Vision Xlab more rapidly and effectively expand its footprint across the entire eye care and optometry industry, attract top-tier global talent, accelerate the R&D, regulatory registration, and market commercialization of its multiple eye care and optometry medical devices, and further broaden its product R&D pipeline.

Driven by strong consumer attributes and capitalizing on the momentum of technological iteration and consumption upgrades, the ophthalmic medical device market continues to sustain high prosperity and rapid growth. Vision Xlab is committed to driving innovation and advancement in China's optometric device sector through a global vision and an innovative product portfolio. Currently, Vision Xlab's product line encompasses five core business segments: adolescent myopia prevention and control, adult vision correction and ocular surface disease treatment, optometric diagnostic and therapeutic equipment, care products, and optometric consumer products.

Currently, the market penetration rate of orthokeratology lenses (commonly known as "OK lenses") in China stands at only 1%. In recent years, advancements in Ortho-K materials and designs have been driving the healthy development of this market. Driven by technological upgrades and word-of-mouth, consumers' willingness to try continues to rise, offering vast potential for new brands produced in China in the future. Vision Xlab's Ortho-K lens products feature more innovative and unique designs compared to the mainstream VST and CRT designs currently on the market, and are expected to deliver a superior wearing experience for users.

Vision Xlab Scleral Lens Products

Furthermore, the scleral lens product currently under development and production by Vision Xlab will be an innovative product that marks the first domestic launch of its kind, filling a critical gap in the industry. Scleral lenses are specialized rigid, highly oxygen-permeable contact lenses that rest on the sclera for support. They are clinically indicated for managing high refractive errors, correcting vision in irregular corneas, and addressing exposure keratitis from various etiologies, facilitating postoperative ocular surface rehabilitation, and managing moderate-to-severe dry eye disease. Currently, pre-market clinical trials for Vision Xlab’s scleral lens are being spearheaded by several leading ophthalmic hospitals in China, including the Eye Hospital of Wenzhou Medical University and the Eye & ENT Hospital of Fudan University.

Furthermore, Vision Xlab's first rigid gas permeable (RGP) contact lens product, "Aikangfei", obtained its NMPA Class III medical device registration certificate mid-year this year and has been commercially launched.

Since its establishment, Vision Xlab has rapidly completed the setup of its product R&D, production and quality, and commercialization systems, as well as the optimization of its corporate strategy and organizational structure. Recently, Mr. Jack Lu, former Head of Alcon’s Surgical Products Division, joined Vision Xlab as Head of the Medical Business Unit. Mr. William Cui, former General Manager of Holland & Barrett China, has joined Vision Xlab as Head of the Consumer Products Business Unit. He previously served as Head of Alcon’s Vision Care Division.

Vision Xlab Founder and Chief Executive Officer Li Xiaoweistated: "We sincerely appreciate the recognition from new investors Temasek and Galileo Capital, and would also like to thank our existing shareholders Sequoia China, Sherpa Capital, Sanzheng Health Investment, Songhe Capital, and Honghui Capital for their follow-on investments, as well as Fosun Capital, Genesis Capital, and Hengqin Financial Investment for their continued support."

Over the past three years, Vision Xlab’s innovation and R&D capabilities, clinical development expertise, and corporate growth potential have earned the trust of leading investors both domestically and internationally. We are deeply honored by this recognition and feel a profound sense of responsibility. We also extend our sincere gratitude to every member of the Vision Xlab team for their tireless dedication and hard work, as well as to our partners for their unwavering support and close collaboration over the years. We look forward to injecting greater vitality into China’s ophthalmology and optometry market through our diversified and comprehensive pipeline portfolio.”

Co-founder Fu Xiaoyangstated: "The company has made rapid and substantial progress in product R&D, team building, and market expansion. To support our development, we have successfully completed multiple rounds of financing, which reflects the trust and support of professional healthcare investors in us and has further helped solidify the company's leading position in the industry. Committed to innovation and uncompromising on quality, we aim to deliver more and better ophthalmic and optometry products to patients and clinicians."

Dr. Li Bin, Founder of Qingchi Capitalstated: "Optometry and vision care is a cross-disciplinary field that integrates both medical and consumer attributes, with robust demand driven by consumption upgrades in recent years. High technical barriers have resulted in a relatively constrained supply, limiting the market penetration rate of high-demand products such as orthokeratology lenses. Emerging domestic brands with solid technical expertise and keen market intuition have the potential to become a vital force in meeting, and even stimulating, market demand."

“Clearpool Capital has been actively seeking a team in this emerging field that possesses both strategic foresight and the capability for diversified business expansion. We believe that given the highly specialized sub-categories within the vision care sector, a platform-based business structure with horizontal expansion capabilities is better aligned with the current market stage than deep vertical development within a single sub-category. This structure also facilitates stronger synergies among products, enabling more effective capture of market share. We are delighted to share a strong consensus with Mr. Li Xiaowei and Mr. Fu Xiaoyang on the strategic direction of Vision Xlab, and we are honored to stand alongside Vision Xlab’s numerous shareholders in supporting the company as it advances across multiple fronts in the vision care sector to aggressively expand its market presence.”

Temasek is a global investment company with a net portfolio value of SGD 381 billion (equivalent to RMB 1.86 trillion) as of March 31, 2021. Headquartered in Singapore, Temasek operates 13 offices across 9 countries globally. The Temasek Charter defines its three core roles as an investor, an institution, and a steward, shaping its philosophy and mission to strive for excellence, act with purpose, and benefit future generations. Temasek provides capital to foster development and is committed to empowering solutions that address major global challenges. Sustainability serves as the core principle guiding all of Temasek’s endeavors. By actively pursuing sustainable solutions, Temasek seeks to overcome current and future challenges, capitalize on investment opportunities, and help build a more sustainable future for communities worldwide.

Based in Hong Kong, China, and Shanghai, Lake Bleu Capital is a healthcare-focused investment platform with assets under management reaching several billion US dollars. Its secondary market USD fund ranks among the largest healthcare secondary market funds in Asia. Driven by an exceptional investment track record, the fund has been repeatedly recognized by authoritative institutions as Asia’s best secondary market fund, and in 2020, it was the sole recipient of the AsiaHedge award for "Best Secondary Market Fund over the Past 5 Years: Over $500 Million Category." Lake Bleu Capital is also actively engaged in mid-to-late stage private equity investments in China’s healthcare sector. It has successfully invested in over 50 outstanding growth-stage companies, providing dedicated support for its portfolio enterprises in capital operations and strategic business collaborations, alongside a diverse range of value-added services.