Suzhou BestRay Completes Series B Financing to Accelerate Product Development and Market Expansion

Recently, Powersite Electric Co., Ltd. announced the completion of its Series B financing, raising hundreds of millions of yuan. The round was led by YuanBio Venture Capital, with participation from Suzhou New District Hi-Tech Investment and Jiangsu Medical Device Technology Industrial Park. Existing shareholders, including Northern Light Venture Capital, Qianhui Capital, and Su Gaoxin Venture Capital, also made oversubscribed follow-on investments.

This round of financing will further accelerate Powersite’s R&D of new technologies and products, capacity expansion, and business development, thereby consolidating its market position in the high-end X-ray high-voltage generator sector.

Suzhou Powersite Electric Co., Ltd. (hereinafter referred to as “Powersite”), established in 2015, is a leading domestic manufacturer of X-ray high-voltage generators. The company has consistently prioritized independent research and development and technological innovation as its core competitiveness, continuously increasing R&D investment. It has achieved multiple technological breakthroughs in the field of X-ray high-voltage generators, resolving critical technological bottlenecks. To date, the company has filed more than 120 patent applications, including over 80 invention patents (including 7 PCT patents). Powersite has mastered a portfolio of key core technologies in the high-voltage generator sector that are at an international standard and lead domestically.

Supported by robust core technologies, Powersite has emerged as a leading enterprise in China’s X-ray high-voltage generator sector. Its product portfolio spans multiple fields, including DR, CT, C-arm systems, mammography, dental imaging, security screening, and industrial inspection. Powersite is also among the few domestic companies that have successfully broken the foreign monopoly on high-voltage generators for CT scanners and mammography X-ray machines. The company has established long-term partnerships with nearly 100 clients both domestically and internationally, with its products distributed across numerous countries and regions worldwide.

Notably, the domestic CT market in China has expanded rapidly in recent years, with annual sales growing from 3,000 units to 6,000–7,000 units. Moreover, with the rise of domestic CT brands, the trend toward localization of core CT components is becoming increasingly pronounced.

Currently, Powersite has developed five product series across four platforms in the field of CT high-voltage generators, basically achieving comprehensive coverage of CT high-voltage generators. All models can be optionally equipped withSilicon Carbide (SiC)technology to achieve higher frequencies, with optional spectral imaging capabilities (rapid kV switching technology, <100 µs), as well as optional support for liquid metal bearing X-ray tubes; furthermore, certain models offer additional configurable optionsX-DFSandZ-DFSFunction.

Currently, Powersite’s CT high-voltage generators have been integrated with multiple domestic and international CT manufacturers, achieving stable mass production.

According to the introduction,Powerside CT High-Voltage Generator Features Five Key Characteristics:

1. Wide power range: Powersite has launched a 42 kW model，50kW, 80kW CT High-Voltage Generator, Integrated and Mass-Produced by Multiple Customers, 130kW The development of the CT high-voltage generator is also nearing completion. The entire product line can utilize third-generation silicon carbide (SiC) power semiconductors to achieve higher inverter frequencies.

2. Anode Grounding Technology: Powersite has successfully developed high-voltage generators for mobile CT and head CT systems, both of which adopt 140 kV anode grounding technology, featuring compact size and high power density.

3. Spectral Imaging Capability: Powersite is the first manufacturer in China to equip its entire series of CT high-voltage generators with spectral imaging capabilities. As a core technology for dual-energy control, Powersite achieves a kV rapid switching time of less than 100 µs, placing this technology at the forefront of similar products currently available.

4. All CT high-voltage generators in the series support liquid metal bearing X-ray tubes.

5. High Insulation Level: The insulation level of the Boside CT high-voltage generator reaches 180 kV, effectively enhancing product reliability.

Driven by the dual forces of market demand and technological innovation, Powersite has entered a period of rapid development. This round of financing will inject strong momentum into Powersite’s growth, empowering the company to continuously innovate and actively expand in the field of X-ray high-voltage generators, thereby further consolidating its leading position in the industry.

Furthermore, the company has achieved breakthroughs in the core technologies of its Navai Knife product portfolio for oncology treatment, successfully developing the PSC-NK6000 series. The product has passed testing by the Medical Device Testing Institute and obtained the corresponding test report. Animal studies have also been completed successfully, with clinical trials scheduled to commence shortly. In August 2022, the company’s Navai Knife product was submitted for consideration and successfully selected as the lead entity for the “Artificial Intelligence Medical Device Innovation Task Force” initiative, jointly released by the Ministry of Industry and Information Technology (MIIT) and the National Medical Products Administration (NMPA).

Huang Qiang, Founder and CEOThe company stated: “In recent years, as the national Healthy China strategy has been advanced, the trend toward domestic production of core components for high-end medical equipment has become increasingly pronounced. The completion of this round of financing will undoubtedly provide strong momentum for the company’s development. Adhering to its philosophy of ‘Customer Success, Pursuit of Excellence,’ the company will expand its product portfolio, break monopolies in more areas of high-end high-voltage generators, and meet customer needs. Meanwhile, it will accelerate its market presence and actively expand its global business.”

Mr. Chen Jie, Founding Partner of YuanBio Venture CapitalStatement: Upstream core components of medical imaging equipment have always been one of our key areas of focus. Powersite possesses strong R&D advantages and a robust patent portfolio in the field of high-voltage generators, having overcome numerous technical challenges in areas such as silicon carbide-based high-frequency inversion, high-voltage insulation technology, materials science, thermal management, and digital drive systems. Furthermore, its products have a wide range of applications, covering not only all types of medical X-ray equipment but also extending to security screening, industrial inspection, and scientific research instruments, indicating broad market prospects. Meanwhile, we highly recognize the founder and the core team; the company has a clear strategy, strong execution capabilities, and high team cohesion. Currently, multiple Powersite products have successively entered the global supply chains of core original equipment manufacturers (OEMs) both domestically and internationally, and its products and services have received consistent acclaim from customers.

YuanBio Venture Capital, established in 2013, is an investment firm focused on early-stage and growth-stage healthcare companies. Headquartered in Suzhou BioBAY with a global reach, it has invested in over 160 outstanding life sciences and healthcare enterprises. Its portfolio spans four key sectors: novel drug development, medical devices, in vitro diagnostics and precision medicine, and healthcare services. Among these portfolio companies, 18 have gone public on capital markets such as the Hong Kong Stock Exchange and the STAR Market. YuanBio Venture Capital has been repeatedly recognized as one of the Top 10 venture capital funds in China’s healthcare sector and as one of the most active healthcare investment institutions in China. By bringing together seasoned professional investors and a world-class team of scientific advisors, YuanBio leverages extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry. Driven by professionalism, focus, and abundant industry resources, we are committed to becoming one of the most successful healthcare venture capital funds in China.

SND Investment is the wholly-owned investment platform of SND Co., Ltd. (Stock Code: 600736), a state-controlled listed company based in Suzhou New District. Its core businesses include strategic investments, primary equity investments, and private placement investments. Aligning with its parent company’s strategic direction and leveraging its own industrial strengths, the platform focuses on key sectors such as big health, green low-carbon industries, and high-end equipment manufacturing. To date, it has accumulated a total investment scale of nearly RMB 2 billion, with over 50 invested projects, including three that have passed IPO review, twelve preparing for IPO, and ten successfully exited.

Jiangsu Medical Device Technology Industrial Park (Medpark) is a national-level medical device technology industrial park jointly established by the Suzhou New District and the Suzhou Institute of Biomedical Engineering and Technology, Chinese Academy of Sciences. The operating entity is Suzhou Medical Device Industry Development Group Co., Ltd., which is responsible for coordinating resources in the Suzhou New District. Relying on three core capabilities—"carrier development and construction, park operation, and industrial investment"—the park focuses on the development of the medical device industry. Construction of the industrial park commenced in 2009, with a total planned area of 2 square kilometers. Currently, it has 600,000 square meters of self-built carrier space. The Phase IV Innovation Base, covering 152 mu, has already started construction, while Phases V and VI are under planning.The industrial park gathers innovative medical device enterprises and industry leaders from both domestic and international markets. To date, it has attracted renowned Chinese companies such as Yuyue Medical, Beikong Bio-technology, Medconnex, Lepu Medical, and Hengrui Medicine, as well as international giants like KaVo Kerr (Germany) and Baxter Healthcare (USA). It also hosts highly innovative companies with significant market potential, including HeartCare Medical, Nuoyi Maier, and Konsail. Many technological achievements by these enterprises are first-of-their-kind in China and lead the industry.Adhering to the development philosophy of "Integration and Innovation," Medpark aims to establish itself as the leading brand in China's medical device industry and build a hundred-billion-yuan-level medical device industrial base through an operational model characterized by "ecological construction, industrial clustering, fund-based investment promotion, professional services, market-oriented platforms, self-held carriers, asset securitization, and digitalized operation and maintenance."

Northern Light Venture Capital was founded by Mr. Deng Feng in 2005, with the mission of “empowering world-class Chinese entrepreneurs and nurturing world-class Chinese enterprises.” It has long focused on investing in early-stage, technology-driven innovative companies. Currently, it manages six U.S. dollar funds and four RMB funds, with assets under management exceeding RMB 30 billion. To date, it has invested in more than 400 outstanding companies in the fields of new technologies, healthcare, and new consumption. Northern Light Venture Capital entered the healthcare sector in 2009. Over the past decade-plus, its investments have spanned multiple sub-sectors, including innovative drugs and biotechnology, medical devices, IVD, life sciences, digital health, and novel healthcare services, covering nearly the entire industry value chain. It has successively invested in more than one hundred domestic and overseas innovative healthcare companies, including CITIC Pharmaceutical, BGI Genomics, Burning Rock Biotech, Zeltis Pharma, iRay Technology, Conatus Pharmaceuticals, Cytek Biosciences, Guoke Hengtai, Taimei Medical Technology, Belief BioMed, Yidao Biopharma, Eastern Speech, and Kayou Diagnostics.

SND Venture Capital has established a fund investment system covering the entire corporate lifecycle, including angel investing, venture capital (VC), private equity (PE), industrial investment, and M&A/private placements. It has cumulatively invested in or partnered with over 100 funds, with a total fund size exceeding RMB 320 billion. The firm has invested in more than 1,000 projects, 77 of which have gone public. It manages the Industrial Guidance Fund of the Suzhou New District (SND) and initiated the establishment of parent funds for the integrated circuit and medical device sectors. It participated in establishing the RMB 10 billion SND Sunshine Huili Equity Investment Parent Fund, which focuses on investments in the photonics industry, healthcare, new infrastructure manufacturing, industrial internet and enterprise services, internet, and innovative consumption. Closely aligning with SND’s strategic goal of building innovative clusters in emerging industries such as photonics, high-end medical devices, integrated circuits, software and information technology, and green low-carbon sectors, it has refined the functional positioning of its five direct investment teams—Rongxiang Management, Rongsheng Management, Jingu Capital, Huiyan Management, and SME Management—to achieve full coverage of the four major industrial innovation clusters. With a particular focus on strategic investments in the photonics industry, it aims to help SND establish itself as a leading hub for photonics science and technology innovation.

Suzhou Qianhuizhitou Capital Management Co., Ltd. (hereinafter referred to as “Qianhui Capital”) is positioned as a specialized private equity fund management institution with a regional focus, primarily targeting growth-stage projects. The core management team has long been employed by a well-known local venture capital group in Suzhou, with many years of professional experience in private equity investment. They possess strong professional capabilities, extensive fund management experience, and rich industry resources. Qianhui Capital focuses on high-quality investment targets in the fields of new energy, new materials, advanced manufacturing, and medical technology within the Suzhou region, and has cumulatively invested in nearly 20 projects.