Ronovo Surgical Secures Over RMB 300 Million in Series B Funding to Accelerate Commercialization and Global Expansion of Haisan One® Robotic System

Recently, Ronovo Surgical completed a Series B financing round exceeding RMB 300 million, co-led by Wuxi State-owned Assets (including Guolian Capital Co., Ltd., SURRICH INTERNATIONAL COMPANY LIMITED, and the Yangzhou Economic Development Zone Emerging Industries Fund) and INCE CAPITAL. King Star Med LP and existing shareholder LongRiver Jiangyuan Investment participated in the follow-on investment. This round of financing will accelerate the advancement of the modular Haishan One^®The commercialization of surgical robots accelerates the company’s internationalization strategy.

Dr. Ma Changzheng, Founder and CEO of Ronovo Surgical, stated: “The past 18 months have been the most critical phase in Ronovo Surgical’s development since its establishment. At the end of 2022, after the company completed a financing round led by LongRiver Jiangyuan Investment, with participation from all existing shareholders, Haishan Yi^®The system successfully passed type testing and GLP animal trials, and in February 2024, it completed multi-center, multi-specialty clinical trials in humans. This lays a solid foundation for the commercialization and globalization of this modular surgical robot, which is the first of its kind in China and possesses complete independent intellectual property rights.

“We extend our gratitude to Wuxi Guolian and INCE CAPITAL for jointly leading this round of financing, along with the continued participation of multiple existing shareholders. Amid a sluggish and volatile external capital market, Ronovo Surgical has successfully completed three consecutive rounds of substantial financing over the past 18 months. This strong financial support has bolstered the company’s mass production capabilities in the Yangzhou Economic and Technological Development Zone, the establishment of clinical training bases, and its commercialization efforts within China, while also providing a solid foundation for accelerating the R&D of its multi-pipeline product platform and advancing its global strategy.”

Dr. Ma Changzheng, Founder and CEO of Ronovo Surgical

As the investment frenzy in the healthcare sector has cooled in recent years, industry financing and investment have become more cautious. Against this backdrop, Ronovo Surgical has withstood multiple tests from both domestic and international capital markets as well as the broader macroeconomic environment. Upholding its original mission that innovation need not begin with imitation and that entrepreneurship should serve to benefit patients, the company has developed the modular Haishan I^®The endoscopic surgical robot system has exceeded expectations by achieving multiple core milestones and has garnered high recognition from star investment institutions, including Lilly Asia Ventures, Vivo Capital, Matrix Partners China, GGV Capital, LongRiver Investment, Newland Capital, and new investors in this round.

Ronovo Surgical aims to respond to clinical needs and promote the multi-specialty application of surgical robots, with a focus on innovation to enhance coverage across multiple specialties, reduce the learning curve and operational complexity of surgical robots, and improve cost-effectiveness. Since its establishment, it has formed Haishan I^®Endoscopic Surgical Robot System, Haishanyi® Endoscopic Imaging System, Haishanyi^®Product series including surgical instruments, and over 100 domestic and international patent applications.

The company set a record for high-efficiency development in the surgical robotics industry, completing the modular Haishan I in just two years.^®The endoscopic surgical robot progressed from conceptual design to registration testing; it then took another year to complete animal studies for registration and multi-center, multi-specialty clinical trials for registration. Currently, Ronovo Surgical is preparing to build an industrialization base for surgical robots spanning over 12,000 square meters, including a manufacturing center, a clinical research center, and a clinical training and education center, for Haishan Yi^®lay a solid foundation for commercialization.

Ronovo Surgical adheres to a dual-drive strategy of independent R&D and global collaboration. Rooted in the domestic market, it is gradually expanding into the international arena by establishing U.S. clinical centers and application teams, deepening cooperation with top-tier international clinical experts and leading academic conferences, thereby steadily advancing its globalization process.

 Haishan-Yi® Laparoscopic Surgical Robot System

Regarding the investment in Ronovo Surgical,Ma Jialie, Managing Director and Head of Healthcare & Consumer Industries at Guolian Capitalstated: “The team at Guolian Capital Co., Ltd. has deeply cultivated the medical technology sector and remains optimistic about domestic technological innovation in the surgical robotics field. Ronovo Surgical pioneered the ‘modular’ design concept in China, and its product, Haishanyi®, is the country’s first split-type modular surgical robot, further expanding the indications beyond those of traditional integrated surgical robots.”

Rooted in China with a global perspective, Ronovo Surgical maintains close collaborations with top surgical experts both domestically and internationally, laying a solid foundation for the company’s internationalization strategy. Its highly professional team, equipped with a global vision and efficient execution capabilities, advanced from product concept design to the enrollment phase of multi-specialty, multi-center human clinical trials in less than three years. Guolian Capital Co., Ltd. is honored to serve as the lead investor in this financing round. We aim to help expand the reach of the company’s products to more clinicians and patients, promote the high-quality development of the surgical robotics industry, and look forward to seeing Ronovo Surgical, as a leader in China’s modular surgical robotics sector, set sail on its journey of growth.

As a joint lead investor in this round,INCE CAPITALstated: “The global penetration rate of Robotic-Assisted Surgery (RAS) has been steadily increasing year by year, and it is poised to further replace traditional laparoscopic minimally invasive surgery in the future. In China, however, the widespread adoption of RAS still faces numerous challenges. Adhering firmly to the concept of integrating medicine with engineering, the Ronovo Surgical team has collaborated closely with clinical experts to develop Haishan Yi, a globally leading dexterous modular endoscopic surgical robot system.”^®, has received widespread acclaim from top surgical experts both in China and internationally, and is expected to address the technical and cost challenges encountered during the popularization of RAS in China. We anticipate that, with the efficient execution by the Ronovo Surgical team, Haishan Yi^®The system is expected to receive regulatory approval for market launch at an early date, thereby benefiting a larger patient population. Meanwhile, Ronovo Surgical, rooted in China and oriented toward the global market, will actively promote the international expansion of competitive Chinese-made products in the near term to benefit patients worldwide.”

LongRiver Jiangyuan Investment“Based on long-term industry tracking, our team identified Ronovo Surgical and remains bullish on its growth potential as a global leader in modular laparoscopic surgical robotics. Jiangyuan led the company’s Pre-B financing round and has continued to provide support in subsequent rounds. We are delighted to witness Ronovo Surgical rapidly achieving key milestones over the past three years: completing conceptual design and registration testing from scratch; progressing from animal studies for regulatory purposes to completing multi-center, multi-specialty clinical enrollment; and expanding from its base in China to the global stage. Ronovo Surgical has entered the phase of submitting for regulatory approval, with its flexible modularity and system operational experience receiving unanimous acclaim from clinical experts. We look forward to the company continuing to lead the development of domestically produced modular surgical robots and accelerating their clinical adoption.”

Guolian Capital Co., Ltd. (“Guolian Capital”), a wholly-owned subsidiary of Guolian Securities Co., Ltd. (Stock Codes: 601456.SH; 1456.HK), was established in January 2010 with a registered capital of RMB 600 million. It is among the first batch of investment management institutions to obtain licenses for private equity subsidiaries of securities companies and pilot programs for direct investment. Headquartered in Wuxi, Jiangsu Province, the company leverages the comprehensive financial platforms of its shareholders, including the Wuxi Municipal Government, Guolian Group, and Guolian Securities, to conduct private equity investment and asset management businesses.

Guolian Capital adheres to a strategy of medium-to-long-term value investment, grounded in systematic research on technology, industry trends, policy landscapes, and corporate fundamentals. The firm currently manages assets exceeding RMB 6 billion. Its team comprises professionals with diverse backgrounds, bringing extensive experience in equity investment, securities markets, corporate management, and capital operations. Leveraging abundant resources across government, financial, and industrial sectors, the team demonstrates strong coordination capabilities.

SURRICH INTERNATIONAL COMPANY LIMITED (hereinafter referred to as “Surrich International”) was established in 1993. It is currently a wholly-owned subsidiary of Wuxi Guolian Development (Group) Co., Ltd. (hereinafter referred to as “Guolian Group”), with a registered capital of HKD 138 million. As the only overseas wholly-owned subsidiary of Guolian Group, Surrich International serves as the Wuxi Municipal Government’s window company in Hong Kong and as Guolian Group’s overseas platform for capital operations. Its primary business activities cover investment and financing, overseas capital operations, and regional exchange and collaboration. The company possesses extensive operational expertise in overseas capital and strategic project management, as well as in investments across both primary and secondary markets.

Over the past two decades, SURRICH INTERNATIONAL COMPANY LIMITED has been dedicated to promoting economic cooperation and cultural exchanges between Wuxi and Hong Kong, as well as facilitating the effective integration of overseas capital with high-quality projects on the Chinese mainland. The company has made significant contributions to industrial development, communication, and corporate investment and financing services in both regions. Leveraging years of accumulated experience, it has now evolved into a key platform for Wuxi City to expand overseas financing and industrial investment channels, and for Guolian Group to conduct overseas capital operations and attract foreign investment.

Yangzhou Economic and Technological Development Zone Emerging Industries Development Fund (Limited Partnership) (“Yangzhou ETDZ Emerging Industries Fund” or the “Fund”) was established in December 2021 with a total scale of RMB 1 billion. The Fund Manager is Guolian Capital Co., Ltd. The Fund adopts an investment model combining direct investments and fund-of-funds structures, focusing on key industries aligned with the development of Yangzhou Economic and Technological Development Zone (“Yangzhou ETDZ”), including healthcare, green optoelectronics, intelligent vehicles and components, high-end light industry, advanced equipment manufacturing, next-generation information technology, new energy, and new materials. It supports key projects settling in Yangzhou ETDZ, thereby facilitating the optimization and upgrading of the industrial structure of Yangzhou ETDZ.

INCE Capital, established in July 2019, is a venture capital firm focused on investing in companies from the early to expansion stages, with an emphasis on innovation in technology, internet, consumer, and healthcare sectors. In its English name, “IN” stands for Intelligent Innovative Investment, while “CE” is derived from the Pinyin of the Chinese character “策,” signifying strategy and decision-making. INCE Capital is dedicated to identifying high-potential innovators and empowering the great enterprises of the future.

INCE Capital manages funds with a total asset under management exceeding USD 1 billion. Its limited partners include top-tier global university endowments, foundations, government guidance funds, funds of funds, and family offices. The firm currently maintains offices in Shanghai, Beijing, and Hong Kong, China.

LongRiver Capital focuses on investments in the healthcare and technology sectors, aiming to support enterprise development, connect industry resources, and share long-term returns. Over the past decade, the team has raised multiple USD and RMB funds and invested in more than 50 healthcare and technology companies worldwide, with nearly 20 of them listed on stock exchanges both domestically and internationally.

LongRiver’s inaugural USD fund, with a size of nearly $400 million, counts multinational financial institutions and top-tier domestic and overseas asset management firms among its long-term investors. The team focuses on healthcare, information technology, and advanced manufacturing, with investment stages spanning from early-stage to late-stage.

Leveraging its international perspective, long-term capital, and deep sector expertise, the team has built comprehensive capabilities to “identify opportunities, understand value, provide support, and execute exits.” Looking ahead, LongRiver Investment will continue to focus on the technology sector, integrating new drivers of global industrial development to support and cultivate the next generation of industry leaders.