Akonter Medical Completes Nearly CNY 100 Million Series A Funding Round Led by Sequoia China, Prepares for IPO

VCBeat (WeChat ID: vcbeat) has learned that Vision Xlab (hereinafter referred to as “Vision Xlab”), a company dedicated to the research, development, and manufacturing of comprehensive innovative solutions for medical devices in the field of ophthalmology and optometry, recently completed its Series A financing round and secured commitments for its Series A+ round, with total funding exceeding RMB 100 million. This round was led by HongShan China Fund, with participation from Sherpa Healthcare Partners, Fosun Capital, Green Pine Capital, YuanBio Venture Capital, and Hengqin Financial Holdings. The proceeds will be primarily used to accelerate the R&D, clinical trials, and regulatory registration of Vision Xlab’s multiple optometric medical device products.

Vision Xlab is a highly distinctive medical device manufacturer in the field of ophthalmology and optometry,Its optometry solutions primarily cover myopia prevention and control in adolescents, vision correction and ocular surface disease treatment in adults, a comprehensive range of contact lens care products, and optometric examination equipment.developed and manufactured by itIncluding scleral lenses, a range of device products were the first to be launched in China, filling gaps in the industry.

Guosheng Securities pointed out in a report that there are over 2.2 billion blind and visually impaired people worldwide. China is the country with the largest number of eye disease patients globally, with the combined patient population for myopia, dry eye syndrome, and cataracts exceeding 1 billion (excluding overlapping cases).In 2019, the total size of China's ophthalmology market reached RMB 170 billion, comprising an ophthalmic medical services market of RMB 124 billion, an ophthalmic device market of RMB 26.7 billion, and an ophthalmic pharmaceutical market of RMB 19.3 billion.

The widespread adoption of electronic devices such as smartphones and tablets has led to an increase in the myopic population, while population aging has driven up the incidence of ophthalmic diseases like cataracts and glaucoma. The domestic ophthalmic healthcare market is growing at a rate of over 15%. Among these,The market capitalization of enterprises engaged in the production and R&D of ophthalmic devices in the field of optometry has grown even more rapidly.

Years of industry experience and deep insights into the sector motivated founder Li Xiaowei to swiftly assemble a team and enter the field of ophthalmic and optometric medical devices. Her professional tenure at eye care giants Alcon and EssilorLuxottica made Li Xiaowei realize thatThe optometry and ophthalmology sector is currently dominated by foreign enterprises; although domestic companies are attempting to achieve import substitution, they lack innovative technologies.Vision Xlab has assembled a world-leading R&D team in the field of optometry and ophthalmology, leveraging innovative technologies to develop medical devices and continuously expand its product portfolio.

Li Xiaowei believes that through differentiated product development, comprehensive solution offerings, and efficient market strategy execution, Vision Xlab can continuously deliver value to the industry. Its products have currently gained recognition and acceptance among clinicians.Vision Xlab is also conducting clinical trials with multiple leading Grade A tertiary hospitals in China, striving to break the dominance of foreign companies in the industry and achieve domestic substitution by continuously launching innovative medical devices in the field of ophthalmology and optometry.

Vision Xlab is progressively establishing four core business segments during its development. These segments complement each other, forming a comprehensive suite of innovative ophthalmic and optometric medical device solutions.

According to the National Visual Health Report, the number of myopia cases among individuals aged five and above in China was projected to exceed 700 million in 2020, with the number of people suffering from high myopia reaching between 40 million and 51.55 million. Vision Xlab stated that the adolescent myopic population could be as high as 84.08 million, representing a pool of potential consumers.

For myopia prevention and control in adolescents, Vision Xlab’s product pipeline includes orthokeratology lenses (OK lenses) and multifocal rigid gas permeable (RGP) contact lenses.Vision Xlab Launches Innovatively Designed Orthokeratology Lenses, Differentiating from Existing Market Products Through Zoned Sagittal Height, Specialized Optical Zone Design, and AI-Driven Fitting to Enhance Efficacy, Safety, and Streamline the Fitting Process. Currently, the market penetration rate for orthokeratology lenses stands at only 1.37%, with an overall market size of RMB 2.03 billion; however, the market is growing at a rate exceeding 20%. Vision Xlab will penetrate the market with its differentially designed orthokeratology lenses.

Vision Xlab is set to launch multifocal RGP lenses, targeting users with high myopia and astigmatism or patients unsuitable for overnight orthokeratology. Although the multifocal RGP market is still in its early stages, it is projected to capture 15% of the adolescent myopia control market in the future.

Vision Xlab is set to launch RGP lenses and China’s first scleral lens product for adult vision correction and ocular surface diseases.Scleral lenses will fill a gap in the domestic industry. There is a rigid demand for scleral lenses among patients with moderate to severe keratoconus, lagophthalmos caused by various reasons, and those requiring postoperative ocular surface restoration and vision correction after procedures such as corneal transplantation or trauma management. For irregular astigmatism caused by various factors and moderate to severe dry eye disease, wearing scleral lenses is the preferred method of correction and treatment.

Vision Xlab Scleral Lens Products

According to expert interviews, there are currently at least 21 million patients in the domestic market eligible for scleral lens therapy. Benchmarking against global scleral lens market prices, the market value of scleral lenses will be no less than that of orthokeratology (OK) lenses. The global scleral lens market continues to maintain a growth rate of over 20%, with projected global sales volume reaching 3.6 million units by 2025. This signifies vast market opportunities for Vision Xlab.

Vision Xlab is currently launching two new business segments, including a comprehensive line of contact lens care products and optometric examination equipment.

The Complete Care Product Line is an Accessory Product Line for Contact Lenses, and used in conjunction with contact lenses to help Vision Xlab products achieve better and faster market expansion in the future.

Vision Xlab will launch its optometry examination equipment as a sales and marketing tool, featuring devices such as wide-angle anterior segment OCT and axial length biometers.In particular, the development of wide-angle anterior segment OCT will be closely integrated with the evaluation of scleral lens fitting outcomes, significantly enhancing the efficiency of scleral lens fitting.

The four major business segments of Vision Xlab’s ophthalmic and optometric devices will generate synergies. Li Xiaowei pointed out, “"Empowering every optometry patient to access high-quality products and services from Vision Xlab, starting from the moment they step into the hospital."This is precisely Vision Xlab’s strategic layout. Meanwhile, Vision Xlab aims to collaborate with more R&D talents, experts, and peers in the field of optometry and ophthalmology in the future, further strengthening and expanding its product development pipeline to fully leverage the industrial agglomeration effect.

Li Xiaowei, founder of Vision Xlab, stated:“We sincerely appreciate the recognition from investors including HongShan, Sherpa, Fosun, Green Pine Capital, YuanBio Venture Capital, and Hengqin JinTou. With their profound understanding of the healthcare industry, they will bring deeper market insights and broader strategic planning to Vision Xlab. This financing round will help Vision Xlab achieve its corporate vision and goals more effectively and efficiently:”Leveraging cutting-edge technology to become a provider of comprehensive solutions in the field of ophthalmic and optometric devices, thereby delivering tangible benefits to the vast population of eye care patients in China.We are confident about this.”

Fu Xiaoyang, another co-founder of Vision Xlab, was previously the founder of Jietong, a well-known domestic medical device CRO.Over the past two decades, he has helped multiple international optometry and medical device companies enter the Chinese market. He stated, “Focusing on investing in and developing innovative medical devices has been my dream for many years. This collaboration with Mr. Li Xiaowei is truly a perfect match.”We are confident in accelerating the research, development, and market launch of Vision Xlab’s products, thereby contributing to the advancement of China’s optometry and ophthalmology industry.”

Cao Yibo, Managing Director of HongShan (formerly Sequoia Capital China), the lead investor in the Series A round, stated: “Optometric diseases affect a large patient population and entail rigid clinical demands. The market for optometric medical devices in China is currently experiencing rapid growth.Vision Xlab has established a robust product portfolio in this field, aiming to develop products that lead domestically in performance or fill gaps in the Chinese market.“HongShan will continue to support enterprises in further driving their development through R&D and M&A.”

Deng Xuan, Vice President of Sherpa Capital, representing the angel round investors, stated: “Since the establishment of Vision Xlab,Rapidly assembled a top-tier domestic R&D, regulatory affairs, and sales team, demonstrating the team’s execution capability and market competitiveness.Sherpa will actively support Vision Xlab in jointly advancing the development of ophthalmic disease prevention and treatment in China.”