OptoMedic Completes Hundreds of Millions RMB Series D Financing Led by Primavera Capital and SDIC CHTC, with H&Y Capital as Exclusive Financial Advisor

Recently, Guangdong OptoMedic Technologies Co., Ltd. (OptoMedic) completed a Series D financing round amounting to several hundred million RMB. The round was co-led by Primavera Capital and SDIC Investment Promotion, with Joy Capital serving as the exclusive financial advisor. In July 2020, OptoMedic launched the world’s first 4K fluorescence laparoscopy system, marking its self-developed fluorescence navigation endoscopy technology as reaching a world-leading level. The successful completion of this financing round reflects capital market recognition of OptoMedic’s position in the functional endoscopy field and expectations for its future development.

OptoMedic, established in 2013 and headquartered in Foshan, is a platform company that applies aerospace optical technologies and engineering expertise to the field of medical endoscopy. Its product portfolio covers white-light/fluorescence navigation laparoscopic systems, flexible endoscope systems, single-use endoscope systems, as well as supporting instruments and fluorescent contrast agents. Leveraging its leading technology and superior cost-effectiveness, OptoMedic has gained widespread recognition from users. Nearly one-third of the top 100 Grade III Class A hospitals in China have purchased OptoMedic’s products, and the company holds nearly 50% of the domestic market share for fluorescence-navigation endoscopes. All of this underscores OptoMedic’s leadership as a forefront enterprise shaping the future trends of the endoscopy industry.

4K Fluorescence Navigation Endoscopy System

Traditional surgical treatment is performed via open surgery, inevitably leading to issues such as large incisions, significant blood loss, and slow recovery. A pressing challenge that needs to be addressed is how to minimize the iatrogenic injury caused by the surgical procedure itself during operation.

Innovations in laparoscopic technology have made minimally invasive surgery possible, demonstrating the advantages of “minimal trauma, reduced pain, and rapid recovery” while minimizing incision size to its limit. In recent years, the emergence of advanced technologies such as “intraoperative marking” and “fluorescence navigation” has enabled “precise localization of tumor boundaries,” “observation of tissue blood perfusion,” and “real-time tracking of the lymphatic system.” The fluorescence navigation system for laparoscopic surgery is akin to equipping surgeons with a “Beidou Navigation System,” making procedures more precise, thorough, safe, and reliable. Earlier this year, Olympus, the global endoscopy giant, acquired Quest (a Dutch photonics equipment company), further underscoring that the replacement of single-mode white-light endoscopy by fluorescence laparoscopy is a major historical trend.

In recent years, the endoscopy field has witnessed rapid development, with the international mainstream market maintaining double-digit annual growth. As the global market with the greatest potential for endoscopes, China has a market size of nearly RMB 30 billion, with a compound annual growth rate exceeding 17%. The Chinese endoscopy market is projected to surpass RMB 40 billion in 2024. However, endoscopy systems impose high technical requirements in optics, mechanics, electronics, and computing, creating barriers due to closed-loop technology ecosystems. Consequently, the global market has long been monopolized by foreign giants such as Storz, Olympus, and Stryker. Although domestic brands have made continuous efforts over the past decade, more than 90% of the Chinese market remains firmly dominated by these international giants, and the market share of domestic brands remains low.

Confronted with a landscape in which over 90% of the minimally invasive surgery sector had relied on imported manufacturers for more than a decade, OptoMedic established, at its inception, a technological roadmap dedicated to applying world-leading optical technologies to the medical field. By implementing an integrated “industry-academia-research” framework and collaborating with China’s top technical research institutes and leading Grade-A tertiary hospitals, the company has developed independent core R&D capabilities spanning optics, mechanics, electronics, and computing. Through its unique product strategy—encompassing design philosophy, differentiated technological features, and independent intellectual property rights—OptoMedic has achieved milestone successes: its fluorescence intraoperative navigation endoscopy system has reached a world-leading level, and its core products are progressively achieving import substitution.

Looking ahead, OptoMedic will focus on the research and development of iteratively innovative minimally invasive products, providing clinicians with more powerful emerging technological solutions. In the highly competitive field of endoscopy, building on its achievement of securing the world’s first certification for a “4K fluorescence” laparoscope, OptoMedic will leverage its globally leading optical technology R&D team to accelerate the development of innovative products. By deeply understanding the pain points in clinical applications, the company aims to create high-performance products and hasten the comprehensive realization of import substitution and internationalization.

Dr. An Xin, founder of OptoMedic, stated,Since its inception, OptoMedic has emphasized independent original research and foundational innovation. Rather than settling for “me-too” products assembled from disparate system solutions, we are committed to building a robust underlying engineering platform to accumulate core technological capabilities. Meanwhile, we strive to be the foremost experts in fluorescence navigation, promoting the adoption of this emerging clinical technology through collaboration with scientists and clinical experts, market education, and surgical procedure training. The implementation of policies supporting domestic substitution has bolstered our confidence and expanded our prospects. With the support of our Series D financing, we are poised to achieve comprehensive success across our entire product portfolio. We believe that, backed by national policies and capital investment, OptoMedic will make significant contributions to advancing the import substitution of high-end medical devices and driving industry innovation.

Mr. Zheng Jiaqi, Managing Director of Primavera Capital, stated,The advent of the era of minimally invasive diagnosis and treatment has significantly reduced patient trauma and markedly improved prognosis. As the "eyes" of surgeons in minimally invasive procedures, endoscopes have become an indispensable component, with demand rising steadily alongside the rapid development of minimally invasive surgery. The emergence of fluorescent rigid endoscopy provides surgeons with a new tool for rapid intraoperative assessment of lesions, further enhancing surgical precision and opening up possibilities for more potential novel surgical techniques. OptoMedic’s management team brings extensive experience and a rich R&D pipeline, demonstrating the potential for a comprehensive endoscopy platform layout. Its fluorescent rigid endoscope products enjoy a significant first-mover advantage and possess best-in-class potential, positioning the company to achieve leapfrog growth. Spring Capital is committed to supporting outstanding enterprises with genuine independent innovation capabilities and clinical value. It will fully assist the company in its rapid development, contributing to the advancement of innovative medical technologies in China.

The SDIC Merchants Healthcare Team stated,Endoscopes are high-end medical devices that integrate multidisciplinary technologies, including optics, electronics, mechanical structure, and algorithms. Through independent innovation, OptoMedic has taken the lead in breaking the monopoly of imported brands in the field of fluorescence navigation endoscopy, and its products have been highly acclaimed by clinicians. OptoMedic’s products will further enhance the level of minimally invasive surgery in China. SDIC Investment Promotion will leverage its own industrial ecosystem resources to work with the team in continuously driving the development of China’s high-end medical device industry, including endoscopes and surgical robots.

Mr. Yang Zhenjun, Partner at Haoyue Capital, stated,We are honored to have assisted OptoMedic in completing this round of financing. As a leading domestic brand in functional endoscopy, OptoMedic, founded by Dr. An Xin and his team with multidisciplinary backgrounds, is committed to addressing clinical pain points in endoscopic products, pursuing excellence in product quality and technological innovation. Starting with fluorescence endoscopes, the company has strategically expanded into rigid endoscopes, flexible endoscopes, single-use endoscopes, and fluorescence imaging agents, establishing itself as a leading platform-based endoscopy enterprise. This strategy has broken the absolute monopoly of foreign companies in this sector and positioned OptoMedic as the domestic leader in functional endoscopy. Supported by Primavera Capital and SDIC Investment Promotion in this funding round, the company will further accelerate the expansion and strengthening of its product portfolio, solidifying its leadership position in the endoscopy field.

Primavera Capital Group, founded in 2010 by renowned economist Dr. Fred Hu, is a global professional investment management firm with over $10 billion in assets under management. Its portfolio includes leading companies such as Yum China, ByteDance, Alibaba, Kuaishou, Didi Chuxing, Hello Inc., XPeng Motors, Junlebao Dairy, and SenseTime.

SDIC Investment Promotion focuses on investments in the advanced manufacturing industry, emphasizing technological innovation and the value of outstanding entrepreneurs and teams. It prioritizes investments in sectors such as intelligent manufacturing, new energy intelligent vehicles, life sciences, and information and communications technology (ICT), committing to promote the green, digital, and service-oriented development of the manufacturing sector. The team manages a cumulative asset scale exceeding RMB 100 billion, with investors including financial institutions, the National Social Security Fund, and both state-owned and private capital.

Haoyue Capital was established in January 2014, with a commitment to serving as a bridge connecting China’s healthcare industry with capital markets. Its research and transaction coverage spans multiple sub-sectors, including innovative medical devices, biopharmaceuticals, in vitro diagnostics (IVD) and precision medicine, healthcare services, and smart healthcare. The Haoyue Capital team comprises senior investment bankers with extensive experience in China’s healthcare sector. By closely monitoring market dynamics and investment trends in healthcare over the long term, the firm publishes weekly healthcare investment reports and thematic research studies, offering Haoyue’s perspectives on new policies and emerging frontiers.