XellSmart, a leader in universal cell therapy for Parkinson's disease, closes 500 million RMB Series C/C+ financing

In March 2026, XellSmart, a company specializing in the development of clinical-grade, allogeneic, off-the-shelf iPSC-derived neural cell therapies for the treatment of central nervous system (CNS) diseases, announced the completion of 500 million RMB in Series C and C+ market-based financing. This marks six consecutive years of market-based funding. The round was co-led by China State-Owned Enterprise Venture Capital Fund and Suzhou Industrial Park Social Security Fund, with participation from Yuyao Industrial Investment, Bank of China Investment, Shanghai Minhang Financial Investment, Shanghai Pudong Haitong Fund (Haitong Leading District Fund), Huajin Investment (under Zhuhai Technology Industry Group), and Jiaxing Innovita Capital. Existing shareholders, including FreeS Fund, Suzhou Angel FOF, Sincere Capital, and SW Capital, also continued to add investments.

This financing will further support the advancement of XellSmart's proprietary pipeline of multiple "China-first" or "global-first" allogeneic, off-the-shelf iPSC-derived cell therapies into pivotal confirmatory clinical stages. It will also enhance XellSmart's capabilities in the scaled and standardized production, quality management, and control systems for its "off-the-shelf" neural cell therapies, thereby supporting the accessibility of XellSmart's universal cell therapy products for commercial application.

Founded by Dr. Li Xiang upon his full-time return to China, XellSmart has assembled a globally competitive, full-time, and dedicated professional team focused on the research and development of iPSC-derived cell therapies. The team covers the core processes of R&D and industrialization of iPSC-derived neural cell therapies, with members originating from renowned universities worldwide or well-known companies in the cell therapy industry. The team possesses cutting-edge international expertise and translational experience in stem cell therapy technologies.

XellSmart has established a portfolio of globally proprietary, internationally leading new technologies and platforms centered around its core business, enabling sustainable independent innovation. The company has filed over 40 invention patents in China and internationally, building a global intellectual property framework. It has independently developed "China-first" or "global-first" clinical-grade iPSC-derived neural cell therapies for major or critical CNS diseases with clear unmet clinical needs, such as Parkinson's disease, spinal cord injury, and amyotrophic lateral sclerosis (ALS). These therapies are currently undergoing registered clinical trials in both China and the United States.

XellSmart has independently constructed and operates a comprehensive hardware platform encompassing a research and development center, a Grade B+A GMP facility, and a quality control center, spanning over 5,000 square meters. The company has completed core CMC development for multiple clinical-stage iPSC-derived cell therapy candidates in its proprietary pipeline, established end-to-end clinical-grade manufacturing processes and quality control systems, and successfully completed GMP production for registered clinical batches of various GMP-grade iPSC-derived subtype-specific neural progenitor cell therapy products, along with registered clinical trial administration across multiple projects and clinical sites.

XellSmart specializes in the development of clinical-grade, allogeneic, off-the-shelf iPSC-derived cell therapies for the treatment of major or critical central nervous system (CNS) diseases with clearly unmet clinical needs. The company has obtained nine approved registrational clinical trial authorizations from China's National Medical Products Administration (NMPA) and the U.S. Food and Drug Administration (U.S. FDA). Multiple allogeneic, off-the-shelf iPSC-derived neural cell therapies are currently in the registrational clinical trial stage, including therapies for:

Parkinson's disease, the second most prevalent neurodegenerative disorder globally (Phase II registrational clinical trial in China and Phase I registrational clinical trial in the U.S.; lead center: Beijing Tiantan Hospital, Capital Medical University, a National Center for Neurological Disorders, with Peking Union Medical College Hospital, among others, as joint clinical centers). As the responsible or lead institution, XellSmart has received support from key projects such as the National Technology Innovation Center for Biopharmaceuticals' Key Research Project and major science and technology special projects in Jiangsu Province.

Early-onset Parkinson's disease (Phase I+II registrational clinical trial in China; the "China-first" registrational pivotal clinical trial with a randomized, double-blind, controlled design; lead center: Huashan Hospital, Fudan University, a National Center for Neurological Disorders, with the Second Affiliated Hospital of Soochow University, among others, as joint centers). The lead center and clinical project have received support from major initiatives such as the National Brain Science Program.

Multiple system atrophy-parkinsonian type (Phase I+II registrational clinical trial in China, initiated in 2026).

Spinal cord injury (global-first therapy; Phase I registrational clinical trial in China and the U.S.; lead center: The Third Affiliated Hospital of Sun Yat-sen University).

Amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig's disease (global-first therapy and global orphan drug designation; Phase I+II registrational clinical trial in China and Phase I registrational clinical trial in the U.S.; lead center: Peking University Third Hospital). This is China's first independently developed iPSC-derived cell therapy to receive U.S. FDA clearance and be granted global orphan drug designation.

From 2021 to 2026, XellSmart completed six consecutive years of multiple rounds of market-based financing. The financing rounds were led and supported by multiple rounds of continuous investment from top-tier venture capital institutions, industrial investors, and national and local strategic funds, including FreeS Fund, Qiming Venture Partners, LAV, HSG , 3SBio Group, China State-Owned Enterprise Venture Capital Fund, and Suzhou Industrial Park Social Security Fund.