Bili Medical Completes Nearly RMB 100 Million Series B Financing to Lead Domestic Microsurgical Instrument Innovation

`Artery`VCBeat learned,Belle Healthcare, a leading manufacturer of microsurgical instruments in China, recently announced the completion of a nearly 100 million RMB Series B financing round led by Innovation Works, with follow-on investments from JIUYOU FUND and SND Venture Capital, continued investment from existing shareholder Danen Capital, and Gelu Capital serving as the exclusive financial advisor.The proceeds from this funding round will be allocated to R&D and regulatory registration, production line construction, market promotion, and operational support.

Founded in 2017, Suzhou Belle Healthcare Technology Co., Ltd. (abbreviated as Belle Healthcare) is China’s first R&D and manufacturing enterprise specializing in microsurgical instruments. Its product lines encompass a complete series of ophthalmic surgical instruments for anterior segment surgery (cataract, glaucoma, femtosecond, excimer, ICL, etc.) and posterior segment surgery (i.e., vitreoretinal surgery), as well as comprehensive microsurgical kits for otology (lateral skull base, otitis media, ossicular prosthesis implantation, cochlear implantation). The core founding team previously served as the exclusive OEM partner in China for a globally leading brand of microsurgical instruments. With years of extensive OEM experience for world-renowned brands, the team also boasts robust capabilities in international market expansion and ODM services.Currently, the "Belle Yifeng" ophthalmic series under Belle Healthcare has developed into China's leading premium brand for ophthalmic microsurgical instruments, earning high acclaim from leading ophthalmologists.

All core team members of Belle Healthcare possess work experience at internationally renowned enterprises and extensive management experience.The Head of the Swiss R&D Center previously served as R&D Director and General Manager at a prominent ophthalmic medical device company, where the R&D team under their leadership helped elevate the company to a global industry-leading brand. The Sales Partner possesses a dual background in R&D and sales, having previously worked at internationally renowned companies such as Carl Zeiss and Alcon. With over 20 years of experience in the sales and management of ophthalmic products, they have accumulated extensive industry networks and client resources. The Quality Partner is among the first generation of Six Sigma Master Black Belts in China and brings 22 years of quality management experience from Fortune 500 companies. Having served as a senior consultant to multiple enterprises for pre-market assessments and management guidance, they possess a profound understanding of Quality Management Systems.

Company founder Li Jumin possesses 10 years of experience in aerospace engineering management and manufacturing process development, and has introduced the Six Sigma lean management system from the aerospace sector to Belle Healthcare, shaping the founding philosophy of "Focus on Pragmatism, Continuous Improvement, and Lean Management," establishing the goal of continuously pursuing product quality consistency, and committing to lead the team in building the company into a world-class competitive manufacturing enterprise.

According to available data, traditional open surgery causes significant trauma and carries higher risks for patients. With technological advancements in mechanical, electronic, and information fields, surgical procedures are gradually evolving toward minimally invasive approaches characterized by reduced trauma, less pain, and faster recovery. Microsurgery represents a minimally invasive technique with minimal tissue trauma, enabling surgical incisions to be reduced to the millimeter scale.

Microsurgery is a surgical procedure that utilizes an operating microscope to magnify the operative field to the millimeter level, employing specialized microsurgical instruments and suture materials for precise manipulation. It is characterized by operations conducted under a high-definition, high-magnification surgical microscope, minimal incisions, and a limited field of view. Li Jumin stated: "In the future, the close integration of microsurgery and advanced technologies will inevitably revolutionize the entire surgical field, becoming the central theme of medical development in the 21st century.”

Currently, microsurgery has been widely applied across clinical departments such as ophthalmology, otorhinolaryngology (ENT), plastic surgery, orthopedics, cardiovascular medicine, and neurosurgery. The global sales revenue for medical devices catering to these specialties each ranks among the top 15 worldwide, reflecting a highly substantial market size.

Taking the ophthalmology market as an example, according to 《China Medical Device Industry Development Report》, the total market size of China's ophthalmology sector reached RMB 170 billion in 2019, with the ophthalmic devices market accounting for 16%, or RMB 26.7 billion. Within the ophthalmic devices market, surgical medical devices (excluding orthokeratology lenses and intraocular lenses) accounted for 61% of the market size, reaching RMB 16 billion, with a compound annual growth rate (CAGR) exceeding 18%. Meanwhile, surgical instruments are trending towards single-use applications,It is estimated that over the next 5 to 10 years, the potential market size in China for microsurgical and precision surgical instruments will exceed RMB 50 billion, indicating immense market development potential.

Currently, China's microsurgical instrument market is dominated by imported brands. However, Chinese surgeons typically have smaller hand sizes and frequently manage complex and challenging cases. Surgical instruments designed by foreign enterprises often fail to align with the handling habits and ergonomic preferences of Chinese surgeons, and these companies rarely offer customization services or opportunities for collaborative design and development to domestic practitioners. Furthermore, microsurgical instruments demand rigorous maintenance and servicing, which multinational corporations often struggle to support comprehensively. Consequently, the microsurgical instrument market exhibits clear pain points, presenting a substantial opportunity for domestic import substitution.

Due to the highly delicate nature of microsurgical procedures, surgical instruments are subject to extremely stringent requirements for quality, precision, and ease of handling. Consequently, this places rigorous demands on product design and development capabilities, machining accuracy of production equipment, process stability, and the experience level of skilled technical workers. For a long time, the design and manufacturing technologies of microsurgical instruments have been monopolized by foreign enterprises, leaving the domestic market entirely dominated by imported brands.

To address this challenge, Belle Healthcare has built upon its OEM collaborations with top-tier international manufacturers to accumulate world-class product design and development capabilities, gradually transitioning toward independent R&D and design. Currently, the company has partnered with leading research institutions such as Peking Union Medical College Hospital, Beijing Tongren Hospital, Peking University Third Hospital, Sir Run Run Shaw Hospital, and the Suzhou Collaborative Innovation Robotics Research Institute, alongside numerous renowned domestic experts. Together, they have co-developed a range of microsurgical instruments featuring proprietary innovations and secured a series of independent intellectual property rights. Belle Healthcare has obtained SGS ISO 13485 certification, and its complete series of ophthalmic and otological surgical instruments have received U.S. FDA and CE certifications, fully meeting export qualifications.

In terms of production capacity, Belle Healthcare has established a 2,000-square-meter, GMP-certified Class 100,000 cleanroom, and is equipped with advanced imported CNC equipment such as 5-axis turning centers and CNC machining centers. The company has invested substantial funds in the independent development of an automated production line for micron-level disposable microsurgical instruments, continuously upgrading existing manufacturing processes to enhance production capacity and efficiency.

Against the backdrop of the rapid advancement of surgical robots, the "equipment + surgical consumables" model has become a firmly established business paradigm. Leveraging its advanced technological and manufacturing strengths, while drawing on European and American craftsmanship and quality standards, Belle Healthcare continuously enhances product adaptability and actively expands its footprint in the robotic surgery consumables sector. It has now become the only company in China capable of supplying compatible consumables for surgical robots and forging in-depth partnerships with leading surgical robot manufacturers.

Yang Xiaolong, Partner at Sinovation Venturesstated: "Due to their wide variety, complex manufacturing processes, and low per-product consumption volumes, high-precision surgical instruments have historically been difficult to scale production from both technical and economic perspectives. This has fostered a market dominated by numerous 'workshop-style' suppliers reliant on skilled craftsmanship, which in turn has constrained the growth of the minimally invasive surgery sector. Through years of accumulated expertise, Belle Healthcare has integrated knowledge across medical devices, aerospace precision manufacturing, automation, and digital engineering management. This convergence has enabled the industrialized production of multi-specification, small-batch, high-precision instruments, fundamentally reshaping the industry landscape and standing as a prime example of interdisciplinary technological innovation applied within the healthcare sector. Concurrently, driven by rising healthcare demands and purchasing power, alongside the widespread adoption of auxiliary equipment such as surgical robots, the microsurgery market—particularly in fields like ophthalmology and neurosurgery—has entered a phase of explosive growth. Innovation Works believes that the core team, led by Ms. Li Jumin, is deeply committed to industry advancement and excels at upholding fundamental principles while driving breakthrough innovation. The team possesses the capability to position Belle Healthcare as a global leader in microsurgical instruments, ultimately delivering widespread benefits to patients."

Danen Capital Partner Xin Jifustated: “With the widespread adoption of various minimally invasive, ultra-minimally invasive, and robotic surgeries, the demand for microsurgical instruments has grown rapidly. Much like many 'critical bottleneck' sectors, microsurgical instruments may seem straightforward, yet the market has long been dominated by imported products. Similar to precision manufacturing fields monopolized by foreign enterprises, this domain requires extensive know-how in design, manufacturing processes, and materials. Breaking through these barriers is exceptionally difficult without a cross-disciplinary team and years of accumulated expertise. Many companies Danen has invested in within the smart manufacturing and advanced materials sectors share these characteristics, so we deeply understand that excelling in microsurgical instruments is extraordinarily challenging. To succeed in this field, it requires a team that not only embodies a spirit of craftsmanship and possesses advanced design and manufacturing capabilities, but also has a profound understanding of clinical needs. After just two brief meetings with the Belle Healthcare team, I was deeply moved by President Li’s dedication to the product, her passion for solving clinical problems, and her pursuit of building a century-old legacy enterprise. As an evergreen capital, Danen did not set an exit timeline for Belle Healthcare when making our investment decision. We firmly believe that a team like Belle’s is a friend of time. As long as they steadfastly uphold the values of product-first and quality-first, they will undoubtedly build an increasingly formidable moat in the microsurgical instruments sector, serving more patients with their products and continuously creating value.”

Shu Xiao, Founder of Shengding Investment“As one of Belle Healthcare’s earliest institutional investors, in the blink of an eye, we have accompanied the company through three years of development, witnessing its qualitative leaps across multiple dimensions: evolving from a focus on ophthalmic microsurgical instruments into a diversified platform spanning multiple clinical departments and application scenarios; organically integrating a traditional production system rooted in ‘artisanal craftsmanship’ with ‘industrial automation,’ thereby pioneering ‘China Smart Manufacturing’ in the micro-scale medical device sector; and transforming from a relatively unknown entity in the capital markets to one recognized and endorsed by premier institutions. Underpinning these achievements is the founding team’s unwavering commitment to continuous learning and evolution, their meticulous grasp of customer needs, their artisanal dedication to product excellence, and their firm conviction regarding industry trends and corporate strategy. Belle Healthcare is already on a fast track. We are confident that in the near future, it will earn the respect and industry standing it rightfully deserves in the microsurgical instruments sector both in China and globally. It is truly our honor to accompany such an outstanding enterprise on its growth journey.”

Sinovation Ventures is a venture capital firm founded by Dr. Kai-Fu Lee in September 2009. Dedicated to helping young Chinese entrepreneurs build world-class companies through comprehensive startup services, it manages five USD funds and five RMB funds, with total assets under management of approximately RMB 16 billion. Headquartered in Beijing, it maintains branch offices in Guangzhou, Shanghai, Nanjing, and Shenzhen. Over the years, Sinovation Ventures has grown into one of China's most influential technology-focused venture capital firms. To date, it has cumulatively participated in the investment of approximately 400 projects, including multiple unicorn companies.

Founded in 2011, Shanghai Jiuyou Equity Investment Fund Management Co., Ltd. currently manages 21 RMB-denominated funds and one foreign currency fund, with assets under management exceeding RMB 25 billion. Its primary investment sectors cover biopharmaceuticals and medical devices, new energy and new materials, and high-end manufacturing. Notable healthcare enterprises in its investment portfolio include: MicroPort Endovastec (688016), Tasly Biopharmaceuticals, Zesheng Technology, Baoteng Biotechnology, and SizheRui Surgical Robot, among others.

Suzhou Hi-Tech Venture Capital Group Co., Ltd. serves as the equity investment platform for Suzhou Jinhe Sheng Holding Co., Ltd., a wholly state-owned financial holding group in Suzhou New District, as well as the operator and manager of the New District’s government guidance fund. Backed by extensive investment experience, a high-caliber management team, and rigorous management systems, the Group has established a fund investment ecosystem that covers the entire corporate life cycle. To date, Suzhou Hi-Tech Venture Capital has invested in nearly 70 funds, with a combined scale exceeding RMB 40 billion. Through these fund participations, it has backed over 600 investment projects, supported the listing of nearly 60 high-tech enterprises on the Shanghai and Shenzhen stock exchanges, assisted several companies in applying for the inaugural batch on the Science and Technology Innovation Board (STAR Market), and facilitated the listing of numerous enterprises on the New Third Board (NEEQ). Concurrently, with talent services at its core and angel investment as a strategic lever, the Group has developed a comprehensive, full-chain service system for scientific and technological talent. Over the years, Suzhou Hi-Tech Venture Capital has remained dedicated to driving the growth of the regional venture capital sector, actively channeling financial resources and social capital toward the real economy and critical innovation fields.

Founded in 2012, Danen Capital is an evergreen fund initiated by entrepreneurs that spans both primary and secondary markets. “Continuously discovering and empowering world-class enterprises and entrepreneurs” is Danen’s unwavering mission. The firm focuses on identifying and investing in outstanding companies with long-term value in sectors such as hard technology and healthcare. The Danen team comprises seasoned professionals with extensive investment and capital market experience, industry partner experts, and serial successful entrepreneurs. With over nine years of stable collaboration, the team has established a synergistic dynamic driven by three core engines. Danen’s post-investment team brings years of proven experience in empowering growth-stage enterprises, helping them directly tackle three critical challenges: business performance, organizational management, and talent development. By leveraging specialized coaching and consulting tools, the team facilitates the joint advancement and continuous upgrading of both founders and their organizations.

Shengding Healthcare Investment is a professional venture capital firm with a strong background in the medical industry, focusing on investing in and establishing promising innovative enterprises across the global life sciences and healthcare sectors. Leveraging its extensive industry resources and entrepreneurial expertise, the Shengding team empowers portfolio companies through capital support, builds an innovative healthcare ecosystem, and strives to become a leading investor in hard-tech biomedical innovations.