SensView Secures Tens of Millions in Series A+ Funding Led by Matrix Partners China to Advance Solid-State Imaging Detectors

VCBeat has learned that Sensview (Chengdu Sensview Technology Co., Ltd.), a specialized supplier of solid-state imaging detectors, has completed an A+ financing round amounting to tens of millions of RMB. The round was led by Matrix Partners China, with participation from Chongyuan Naxing and Leli Capital. Existing investor Huimei Capital increased its investment, while Bairong Capital served as the exclusive financial advisor. The proceeds will be used for the research and development of X-ray detectors and core chips, capacity expansion, and market promotion.

Sensview, established in September 2019, is dedicated to the research and development, production, and sales of solid-state imaging chips and detector modules. It has been certified as a National High-Tech Enterprise and a Sichuan Province “Specialized, Refined, Differential, and Innovative” Enterprise.Sensview’s core business includes high-performance X-ray imaging detectors, such as CMOS flat-panel detectors, CT detectors, and photon-counting detectors, as well as related signal chain ASIC chips.as well as other solid-state imaging chips and detectors based on single-crystal silicon technology,It can be widely used in imaging fields such as medical care, industry, and security inspection, covering a market size of over ten billion yuan.

With the state’s sustained investment in the medical device sector in recent years and the rise of domestic medical imaging brands, Chinese-made imaging equipment is entering thousands of hospitals and clinics. However, there remains substantial room for import substitution in high-end imaging modalities such as digital subtraction angiography (DSA) systems and 128-slice and 256-slice CT scanners.This is primarily because the core components and chips that directly determine performance in these devices are mostly imported from overseas, making it difficult for domestically produced products to surpass foreign brands in performance or establish genuine differentiated competition.

Sensview’s specialized CMOS flat-panel detectors, CT detectors, and photon-counting detectors are key to helping domestic medical imaging equipment manufacturers resolve the “chokehold” issue concerning core components. On one hand, Sensview can provide customersCustom-Developed Detectors and Core Chips, enabling product performance to reach the top-tier international level, while also helping enterprises enhance the resilience of their core component supply chains and mitigate supply chain risks. Domestic companies will have the opportunity to penetrate the international market by leveraging innovative products with customized core components, capitalizing on differentiated advantages and a stable, reliable supply chain. Meanwhile, in a volatile international environment,Sensview's Product Performance, Stability, and After-Sales Technical Supportprovides a solid guarantee for domestic equipment manufacturers.

Detectors are among the most technologically sophisticated and valuable components in imaging equipment, with their technical challenges primarily manifested in three areas: underlying chip design, detector system design, and packaging and manufacturing processes.Sensview, leveraging its foundational chip capabilities, has mastered the key technologies and processes for detectors from R&D to production,This capability primarily relies on Sensview’s technical team, which possesses a composite background in chips, radiation detection, and medical imaging, as well as its extensive experience in the research and development of chip and detector products. The core team at Sensview previously participated in the R&D of dedicated detector chips and components for the world’s leading sixth-generation static CT systems. Furthermore, through independent breakthroughs, they successfully developed China’s first wafer-level CMOS imaging chip and CMOS flat-panel detector in less than two years.

To date, Sensview has completed the prototype development of its large-area CMOS detector, with key technical processes—including chip design and tiling, as well as scintillator coupling—successfully validated. Meanwhile, Sensview is leading a key project under the National Ministry of Science and Technology’s 14th Five-Year Plan special initiative, focused on developing low-dose, high-resolution, large-area CMOS flat-panel detectors for digital subtraction angiography (DSA). This effort further strengthens the company’s technological barriers and supports the genuine domestic production of high-end DSA systems.

For this round of financing,Dr. Roger, Founder of Sensview“Thank you to Matrix Partners China, Zhongyuan Naxing, Leli Capital, and our existing shareholders for their strong support of Sensview’s robust growth. As a deep-tech company built on core chip technologies, Sensview will steadfastly uphold its corporate mission of ‘Making X-rays Safer.’ Guided by our corporate values of ‘Goodness, Progress, and Customer-Centricity,’ we will adhere to the strategy of specializing in refined, distinctive, and innovative capabilities. By continuously driving technological and product innovation in chips and solid-state imaging detectors, we aim to provide more advanced, reliable, and safe detection and imaging solutions for the healthcare and high-end manufacturing sectors in China and worldwide, striving to become an innovation leader in the field of solid-state imaging.”

Sun Linghao, Managing Director at Matrix Partners China“Sensview has been deeply engaged in the detector field for years. Leveraging its extensive expertise in chip technology, its X-ray detector product series has been successfully deployed by leading clients in both the medical and industrial sectors. Meanwhile, the company is spearheading a key national project under the Ministry of Science and Technology’s 14th Five-Year Plan, focusing on the development of large-size, tileable CMOS flat-panel detectors, while also creating various innovative products tailored to customer needs. We are optimistic about the progress of domestic independent innovation in core components for medical imaging equipment. Through our unique Jingwei Series healthcare industry ecosystem, we will continue to empower Sensview, supporting its long-term growth into a world-class solid-state imaging supplier.”

Wang Yan, Vice President of Chongyuan Naxing Investment“It is stated that ‘as the localization rate of medical imaging equipment continues to rise, the localization of equipment components will become the key focus for industrial development in the next phase. The company’s products represent an intersection of integrated circuit technology and medical applications. The founding team has established technological and product barriers across multiple dimensions, including underlying chip design, detection physics, chip packaging processes, scintillator coupling technology, and image processing algorithms. We believe that the Yuan Capital team and enterprises within the Yuan Capital ecosystem will certainly find greater synergy with Sensview in the future, working together to help Sensview become a world-class professional supplier of solid-state imaging detectors and an innovation leader in the field of solid-state imaging.’”

Le Li Capital Investment TeamIt is believed that: "The demand for cost reduction by medical device manufacturers, under the premise of maintaining quality, has become increasingly important in the face of intensifying industry competition. The domestic substitution of stable and reliable core components faces similar growth opportunities as the domestic substitution of medical imaging equipment. As a leading domestic supplier of CMOS detectors, Sensview will engage in deeper collaboration with other medical device manufacturers and core component suppliers invested in by Leli Capital, thereby achieving more reliable and better-integrated domestic substitution of core components."

Matrix Partners China, founded in 2008, is a leading venture capital firm that has long focused on early-stage and early-growth investments. It specializes in investing in new technologies, hard tech, industrial digitalization, healthcare, frontier technologies, and new consumption. To date, it has invested in over 700 companies, including Li Auto, XPeng Motors, Hithium Energy Storage, Chehaoduo Group, Ele.me, Youzan, Ronbay Technology, XGIMI Technology, Momo, PingCAP, Peijia Medical, Beisen, Zihai Guo, MetaX, Jian Ai, SemiDrive Technology, and MegaRobots.

Since its founding over a decade ago, Matrix Partners China has built an investment team of more than 40 professionals, maintaining a strong focus on the Chinese market and early-to-growth stage ventures. Meanwhile, we firmly uphold the principle of “founders first” and have established a robust post-investment service system. Ten specialized post-investment teams, each with distinct functional expertise, empower portfolio companies across all dimensions—including strategy, operations, and talent—striving to deliver maximum value to founders by providing support without interference.

Zhongyuan Naxing is an investment entity jointly funded by Yuanhe Zhongyuan, as the fund manager, along with Novosense Microelectronics, Sanhua Holding, and other partners. Yuanhe Zhongyuan is a market-oriented platform within the Yuanhe Holdings system, with assets under management nearing RMB 10 billion. It has cumulatively invested in approximately 80 companies, 25 of which have successfully listed on global capital markets. The firm has invested in leading enterprises across various sectors, including SF Holding, UCloud, Zhongji Innolight, Qi-Anxin, 360, Meituan Dianping, Canadian Solar, and Novosense.

LeLi Capital is an investment firm vertically focused on “medical devices as the core, with pan-industrial sectors as its extension.” Its industry advisors include Mr. Zheng Quanlu, known as the “Father of CT in China.” We place particular emphasis on companies that continuously innovate in the medical and pan-industrial fields while creating positive social value. Our portfolio includes Neusoft Zhirui, Linghu Medical, Meiweida Medical, Zhongxin Software, and Dongjian Technology.

HM Capital is a professional fund dedicated to healthcare investment. Leveraging the resource ecosystem advantages of Huimei Medical Group and other partners, it invests in the healthcare ecosystem through a multi-dimensional, cross-regional, and multi-faceted approach. Committed to building a professional investment platform with global vision and local execution capabilities, HM Capital employs a dual-currency, multi-strategy fund model to accelerate the growth of early-stage and growth-stage healthcare enterprises. As of the end of 2022, HM Capital had invested in over 50 companies worldwide, many of which have become industry leaders within its portfolio, including Nanomicro Technology (688690.SH), MicroPort MedBot (02252.HK), GemPharmatech (688046.SH), Primis (301257.SZ), NuoSiGe (301333.SZ), Hongbo Medicine (301230.SZ), and OncoImmune, among others.

Bairong Capital is a research-oriented financial advisory firm focused on the healthcare sector. It aims to help healthcare enterprises achieve rapid growth through its extensive transaction experience and provide investment institutions with insights into valuable investment opportunities through rigorous, in-depth research. Bairong Capital’s areas of focus cover multiple healthcare sub-sectors, including healthcare services, medical devices and consumables, IVD and precision medicine, biopharmaceuticals, and healthcare informatics. The core team of Bairong Capital comprises professionals from top-tier consulting firms, renowned investment banks, and accounting firms.