Proxinse Medical Secures Tens of Millions in Series A Funding to Advance Domestic Dual-Channel 3D Endoscopy
VCBeat (WeChat ID: vcbeat) has learned that Shenzhen Bosheng Medical Technology Co., Ltd. (“Bosheng Medical”), a system provider specializing in minimally invasive endoscopic imaging, recently completed its Series A financing round.This funding round was led by Guangdong Science and Technology Financial Group, with Shenzhen High-Tech Investment Group and Zhongshan Torch Huaying Investment participating as co-investors. Probes Capital served as the exclusive financial advisor for this round. Reportedly, the proceeds will primarily be used to expand the core R&D team, optimize the product portfolio, and increase market investment.
Shenzhen Bosheng Medical Technology Co., Ltd. was established in 2017 and is located in the Shenzhen Bio-Medicine Innovation Industrial Park. The company’s founders hail from top-tier domestic and international universities and leading medical device companies, bringing decades of deep expertise in the field of endoscopy. Leveraging the founding team’s extensive experience in image/video algorithms, hardware and software development, and marketing management, the company has independently developed key components such as electronic endoscope bodies and image processing mainboard modules. This self-reliance has reduced dependence on overseas suppliers, providing significant room for functional expansion and profit margins.
Moreover, in the face of the blue-ocean market for import substitution of high-end endoscopes, the company has closely followed the policy tailwinds promoting the domestication of endoscopes.Dedicated to providing integrated domestic 3D + fluorescence + 4K endoscopy systems. In June 2022, the company’s core product, the 3D electronic laparoscope, officially obtained its registration certificate and is expected to be rapidly deployed for clinical use.Shenzhen Bosheng Medical Technology Co., Ltd. thus enters a pivotal year of rapid development.
Regarding this round of financing, company founder Lu Huihai stated“Despite the ongoing impact of the pandemic, Bosheng Medical has still won the support and recognition of investors and professionals, securing a new round of financing against the trend. We are delighted by this achievement and hereby extend our sincere gratitude to all investors. This reinforces our confidence in becoming the leader in domestically produced dual-channel 3D endoscopes. Bosheng Medical will continue to seize and leverage opportunities for development, firmly adhering to the principle of ‘pursuing progress while maintaining stability, and striving for excellence amidst progress.’ As always, we remain unwaveringly committed to crafting high-quality products. By leveraging our core patented technologies and the advantages of national policies, we aim to strengthen and expand our enterprise, achieving new successes in the new round of competitive development.”
Supported by national policies, domestic manufacturers have demonstrated strong innovation and R&D capabilities. The market size of China’s endoscopic devices is projected to reach RMB 42.27 billion by 2024, accounting for 22.7% of the global market (data from Frost & Sullivan).
Whether driven by the rise of domestic brands or policy support, it is evident that opportunities in the endoscopy market have arrived. “Clarity + Stereoscopy” has become the current direction for new endoscopic technologies, promoting the integration of 4K ultra-high-definition and 3D stereoscopic imaging technologies.
Since early endoscopic products could only provide two-dimensional (2D) planar images, physicians had to estimate the distance between anatomical regions and surgical instruments based on the movement and size of the endoscope. This limitation restricted their applicability in complex surgeries and narrowed their scope of use. Furthermore, 2D images offer only surface information, lacking depth perception. Physicians are unable to discern the relative depth between organs or the spatial relationships among internal tissue structures, significantly increasing surgical risk. Consequently, there is a clear clinical demand for 3D endoscopes.
Meanwhile, 4K ultra-high-definition endoscopy, with its superior resolution, visual acuity, and color fidelity, faithfully reproduces images captured by the endoscopic system. This enables physicians to visualize fine blood vessels, nerves, and fascial layers, as well as details of lesion areas and biopsy sites that are difficult to assess with conventional high-definition endoscopes, thereby providing enhanced depth perception and intraoperative operational awareness.
Physicians require clearer, three-dimensional imaging with richer parametric data to enhance the precision of diagnosis and treatment. Patients need endoscopic diagnostic and therapeutic procedures that are safe, painless, and capable of providing real-time feedback.Driven by demand, the integration of 4K ultra-high-definition and 3D stereoscopic imaging technologies has become mainstream.
Bosheng Medical, leveraging its independently developed stereoscopic adaptive technology, employs 3D stereoscopic automatic optimization algorithms to maintain users within the 3D comfort zone in real time.Achieves enhanced 3D stereoscopic depth perception while minimizing user dizziness and visual fatigue, thereby addressing the persistent issue of 3D endoscopy-induced vertigo.
In addition to 3D full HD electronic laparoscopes, Bosheng Medical has independently developed 4K ultra-high-definition endoscopic camera systems and FHD high-definition endoscopic camera systems, with core models featuring ALL IN ONE functionality.Not only is a single console compatible with both the 4K and 3D endoscopes developed by Bosheng Medical, but its solution also integrates a cold light source and a full-featured 4K/3D video recorder into one unit. This significantly reduces initial procurement costs and subsequent maintenance expenses, making 3D electronic laparoscopic endoscopy accessible to more surgical patients.
It is understood that,Bosheng Medical’s independently developed 3D electronic laparoscope offers certain advantages in clinical image quality, ease of use, and safety, while being priced lower than imported brands. In response to user experience demands, Bosheng Medical is continuously iterating its products with a focus on higher resolution and integrated functionality. The company expects to launch a new 3D + fluorescence product next year, marking a significant innovation among domestically produced 3D laparoscopic systems.It is evident that, as a domestic brand, Bosheng Medical is poised to break the import monopoly on dual-channel 3D endoscopes in China by leveraging its accumulated technological expertise in the endoscopy field.
At the end of the conversation, Wang Decai stated“Bosheng Medical is committed to breaking the myth of imported products by increasing investment in cutting-edge technology exploration and patent development, leveraging independently developed technologies to build China’s domestic technological capabilities and enhance its R&D strength. In high-tech niche markets, Bosheng Medical has withstood the test and gained growing recognition. The future of domestically produced endoscopes looks promising.”
Li Yan, Head of the Biomedical Group at Guangdong Yueke Venture Capital Management Co., Ltd., stated: Bosheng Medical is one of the few enterprises in the high-end endoscopy field with fully independent R&D capabilities in hardware, software, and algorithms. Its core team has nearly 20 years of R&D experience in this niche sector. The company’s flagship products are built on a fully self-developed technology platform, delivering superior image quality, higher fluency, lower latency, more flexible iteration, and reduced costs.
3D endoscopy offers distinct advantages in minimally invasive surgery, providing surgeons with a wider field of view and superior depth perception, thereby enhancing surgical precision, reducing the risk of complications, and shortening operative time. In this sector, Karl Storz has long maintained a dominant position, and its high procurement costs have, to some extent, limited market penetration at the point of care. The launch of products by Shenzhen Bosheng Medical Technology Co., Ltd. is expected to accelerate the localization of the endoscopy market in China.
Through this round of capital increase, we are honored to have the opportunity to establish a deep strategic partnership with Bosheng. We are highly optimistic about Bosheng’s future market development and look forward to its currently R&D pipeline products, including 3D fluorescence endoscopes and all-in-one systems integrating 3D, fluorescence, and 4K technologies.
Liang Meiwei, Investment Manager at Gaoxin Tou Yihua Fund, statedOn one hand, compared with traditional endoscopes, 3D products present the images captured by the endoscope more realistically. This enables physicians to make more precise assessments of lesions, provides strong depth perception during surgery, significantly shortens operative time, and improves surgical efficiency. Furthermore, these products can be widely applied in clinical surgical diagnosis and various minimally invasive procedures. On the other hand, 3D technology represents one of the core technical challenges in surgical robots. As the penetration rate of surgical robots increases, Shenzhen Bosheng Medical Technology Co., Ltd. has established strong synergy with downstream surgical robot manufacturers. By leveraging respective strengths in system integration, its role as a core supplier helps enhance downstream customers’ efficiency in obtaining regulatory certifications. The endoscopy sector has long been dominated by imported products. However, with the Chinese government increasing support for the localization of domestic medical devices and encouraging independent innovation in endoscopy, the pace of import substitution is accelerating. The project team believes that Shenzhen Bosheng will secure a significant position in the domestic endoscopy market.
Ye Ziyang, Senior Investment Manager at Zhongshan Torch Huaying Investment, statedCompared with traditional endoscopic systems based on two-dimensional imaging, 3D electronic laparoscopes and fluorescence-enabled electronic laparoscopes can provide endoscopic images with depth perception and fluorescently marked regions, offering inherent advantages in reducing the operational difficulty and learning curve of minimally invasive surgeries while improving surgical efficiency. The depth-adaptive technology invented by Shenzhen Bosheng Medical Technology Co., Ltd. has significantly alleviated dizziness and fatigue associated with stereoscopic imaging, thereby addressing a key barrier to the widespread adoption of 3D electronic laparoscopes and earning recognition from surgeons and investors. We anticipate that the company’s upcoming 3D plus fluorescence product, scheduled for launch next year, will break the monopoly held by imported brands in this field, and we look forward to Shenzhen Bosheng Medical becoming one of the representative brands in China’s domestically produced endoscopy sector.
Guangdong Yueke Financial Group Co., Ltd. (hereinafter referred to as “Yueke Financial Group”) is a state-owned enterprise authorized for operation by the People’s Government of Guangdong Province. It is one of the earliest venture capital institutions established in China, the first provincial-level sci-tech finance group in the country, and the only provincial-level comprehensive sci-tech finance platform in Guangdong Province. Since its establishment, it has been committed to providing comprehensive financial services for scientific and technological innovation in Guangdong.
Currently, Guangdong Science and Technology Financial Group has a registered capital of RMB 10.6 billion and total assets of RMB 38.4 billion. As of December 2021, the Group managed 109 funds, both self-initiated and through equity participation, with a total fund size of RMB 46.45 billion. The Group has cumulatively provided investment and financing services to more than 2,000 technology enterprises, facilitating the initial public offerings (IPOs) of over 80 companies. It has received numerous honors, including the Guangdong Province May 1st Labor Certificate, the National Quality Investment Project Award, Top 100 Chinese Venture Capital Firms over the Past 20 Years, the World’s Most Promising Fund of Funds, China’s Best Venture Capital Institution, the Golden Bull Award, the Golden Investment Award, the Golden Excellence Award, and the Golden Exchange Award. Its credit rating has reached AAA, the highest possible level.
Shenzhen High-Tech Investment Group Co., Ltd. was established in December 1994. It is a professional financial services institution founded by the Shenzhen Municipal Committee of the Communist Party of China and the Shenzhen Municipal People’s Government in the early 1990s to address the financing difficulties faced by small and medium-sized technology enterprises. The company has since grown into a “nationwide innovative financial services group with the highest AAA credit rating from capital market entities” and is committed to building itself into a first-class national financial services group characterized by deep integration of industry and finance.
As one of the earliest-established guarantee and investment institutions in China, Shenzhen High-Tech Investment Group (HTI) has always been committed to resolving financing difficulties for small, micro, and medium-sized technology-based enterprises and supporting the development of high-tech industries, providing comprehensive investment and financing services spanning from the start-up to the mature stage. Currently, the Group’s paid-in capital stands at RMB 13.8 billion, with net assets exceeding RMB 23 billion and total assets surpassing RMB 40 billion.
Shenzhen High-Tech Investment Group (SHI) has been engaged in venture capital business since 1999, making it one of the earliest state-owned venture capital institutions in China to enter this field. It was also the first in the industry to propose and implement the “investment-guarantee linkage” mechanism. SHI has built a professional investment team through market-oriented mechanisms, focusing on early-stage investment projects in Shenzhen’s advantageous industries. By leveraging the unique advantages of its financing guarantee business, SHI provides comprehensive services to investee companies through an “equity + debt” model, continuously enhancing their value. Adhering to the philosophy of “customer-centricity and empowering innovators,” SHI stays on the main course of “financial services supporting the real economy,” continuously uncovering the value potential of technology enterprises and contributing to Shenzhen’s development as a global innovation hub.
Zhongshan Torch Huaying Investment Co., Ltd. (hereinafter referred to as “Huaying Investment”) is a state-owned comprehensive financial investment company approved for establishment by the Administrative Committee of Zhongshan Torch Hi-Tech Industrial Development Zone. With a registered capital of RMB 480 million, the company operates as an integrated financial investment platform encompassing diverse financial sectors, including fund-of-funds, equity investment, micro-lending, financing guarantees, financial leasing, and asset management.
In accordance with the strategic deployment of the Party Working Committee and the Administrative Committee of the Development Zone during the 14th Five-Year Plan period to strengthen and expand the financial industry and create a new calling card for the Torch Zone, we aim to establish fully licensed financial legal entities. Leveraging Huaying Investment Company as the main entity, we will acquire equity stakes in or apply for licenses covering financial leasing, factoring, micro-lending, public fund management, and guarantee services, thereby further unleashing the vitality of the financial industry in the Torch Development Zone. Seizing the opportunity for reform, we will implement a combined strategy of “policy + innovation,” rely on Huaying Investment Company to innovate financing service models, and actively participate in and establish a comprehensive financial service system. By positioning Huaying Investment Company as an “intermediary,” we will exert the leading and guiding role of the investment and financing platform, extensively adopt and integrate various financing channels and instruments, and strive to explore and develop a “finance + investment” dual-wheel-driven business model, thereby supporting the strategic priority business development of district-owned enterprises in technology, industry, and urban construction.
Probe Capital, established in 2017, is a boutique investment bank specializing in healthcare and life sciences. Its business scope encompasses financial advisory, direct investment, industry consulting, and innovation incubation. The founding team hails from leading private equity firms, financial advisory institutions, management consulting companies, and vertical healthcare media outlets. Since its inception, Probe Capital has consistently completed double-digit private financing and M&A transactions annually, with cumulative transaction value exceeding RMB 10 billion. In terms of value-added services for portfolio companies, the Probe Capital team boasts extensive and mature industry expertise. In 2020, Probe New Healthcare Fund was launched and, to date, has invested in more than ten leading companies in the sector.