JuYi Technology Secures Over RMB 100 Million Series B Funding to Accelerate Medical Device CDMO Business Development

VCBeat has learned that Juyi Science and Technology (Shanghai) Co., Ltd. (“Juyi Tech”) recently announced the completion of its Series B financing round, raising over RMB 100 million. The round was co-led by Legend Capital and YuanBio Venture Capital, with participation from Huagai Capital and Taiyu Investment, while existing shareholder Sinopharm Capital continued to invest. The proceeds will be used to accelerate the development of medical device CDMO capabilities and the layout of medical-engineering translation, thereby promoting further growth in related businesses.

According to reports, joymed is a leading domestic CDMO technical service and productization solutions platform for medical devices, dedicated to providing global medical device and biopharmaceutical companies, as well as clinical institutions, with a comprehensive suite of contracted R&D, registration, clinical, and manufacturing services. Its service scope covers the entire lifecycle from innovative concept and technological research, collaborative product development, and supply chain management to contracted manufacturing, clinical trials, regulatory registration, and commercial launch.

joymed Introduction: "Its core services encompass product R&D and contract manufacturing. The company has established state-of-the-art R&D service centers, laboratories, and production bases for active devices and sterile consumables in Shanghai, Suzhou, Changsha, and other regions. Its R&D and engineering technical service team comprises over 140 professionals. joymed provides in-depth CDMO services and commercialization solutions for nearly 50 advanced Class II and III active and sterile medical device products to more than 30 leading domestic and international enterprises across key and niche markets. These areas include drug delivery, advanced surgical and therapeutic equipment, sterile consumables, diagnostic support, and respiratory and rehabilitation care. Notably, approximately one-third of these products have completed R&D and are poised to obtain regulatory approval for market launch."

Compared with foreign markets, against the backdrop of innovation in the medical device industry, China’s medical device CDMO sector remains in its early stages of development. Nevertheless, it boasts a unique and comprehensive system encompassing R&D, supply chain, quality regulatory compliance, and manufacturing capabilities, offering significant enabling power along with substantial potential for growth and expansion.

According to available information, joymed is one of the few domestic technical platforms with multidisciplinary capabilities that systematically provide integrated professional CDMO services and product solutions across multiple product domains. Recognized by numerous benchmark clients both in China and abroad, joymed has accumulated extensive common technology modules, standards, R&D expertise, and productization frameworks across various technological directions, thereby supporting the development and industrialization of multiple innovative medical devices that are leading internationally and domestically.

Regarding securing this round of financing, Mr. Cao Changqing, General Manager of joymedstated: “joymed’s goal is to grow into a world-class technology platform for the productization of medical devices, empowering innovative medical device and biopharmaceutical companies, as well as clinical and research institutions. We are committed to the continuous R&D of innovative and reliable medical device technologies and products, growing together with our customers, and driving the development of China’s medical device CDMO industry. Over the past six years, we have been grateful for the recognition from our customers, new and existing shareholders, employees, and upstream and downstream partners; their support has instilled strong confidence in the development of the joymed CDMO platform. Upon completion of this round of financing, joymed will further strengthen its technology platform, system construction, and capability expansion, explore more efficient pathways for translating medical research into industrial applications, and work with customers to bring more innovative medical device products to clinical use, thereby benefiting patients.”

Mr. Wang Jianfei, Partner at Legend Capitalstated: “The joymed team possesses a clear development strategy, extensive industry experience, and strong execution capabilities. We are delighted to participate in the company’s growth journey. The rapid emergence of China’s medical device market and industry presents significant historical opportunities and a broad platform for professional CDMO enterprises spanning R&D, manufacturing, and supply chain services. We are confident that joymed’s team, leveraging its accumulated expertise in industrial operations and management from multinational corporations, will become a key player in this sector, delivering high-quality services to partners across China’s healthcare industry, including multinational enterprises. Legend Capital will continue to support joymed’s rapid development by optimizing its corporate strategy, providing operational and managerial support, and facilitating industry collaborations. We will also increase our investments in related fields to contribute to the advancement of China’s medical device sector.”

Mr. Yin Jie, Partner at YuanBio Venture Capitalstated: “With the gradual implementation of the Marketing Authorization Holder (MAH) system since 2017, the development momentum of innovative medical devices in China has been further unleashed, creating an urgent market demand for professional Contract Development and Manufacturing Organization (CDMO) enterprises with R&D and manufacturing capabilities. Coupled with the localization needs of multinational medical device companies in China and the trend of pharmaceutical companies expanding into the medical device sector, the future market potential for China’s medical device CDMO industry is immense. The Juyi team possesses years of experience working with multinational medical device and CDMO companies, demonstrating significant industry resources and technological advantages. Its R&D and manufacturing capabilities, as well as the professionalism of its services, have been highly recognized by many renowned multinational medical device enterprises. We believe that as China’s domestic innovative medical device industry continues to mature, Juyi will inevitably empower more domestic innovative medical device companies, facilitating the transformation and upgrading of China’s medical device industry.”

Mr. Zhang Yi, Managing Partner of Huagai Capital's Yangtze River Delta Fund“It stated: ‘The market potential for the contract development and manufacturing organization (CDMO) sector in the medical device industry is substantial. While the CDMO penetration rate in the United States exceeds 10%, that in China remains below 1%. As a platform-based enterprise, Joymed can support the innovative development of Chinese medical device companies. I am highly optimistic about Joymed’s team, which is grounded and experienced. Its core competitiveness lies in its productization capabilities—specifically, its systematic ability to support products from the concept stage through R&D to registration and production—making it a leading domestic medical device CDMO. Our Huagai Yangtze River Delta Healthcare Fund is primarily dedicated to investing in early-stage innovative technologies and service models to meet the growing and diversified demands of China’s healthcare industry. We are eager to collaborate with entrepreneurial teams that possess forward-thinking concepts and deep industry insights to build a richer healthcare ecosystem.’””

Dr. Tianrong Ji, Partner at Taiyu Investmentstated: “China’s medical device market holds immense potential, with a growth rate significantly higher than that of pharmaceuticals. As innovative medical device projects continue to emerge, demand for medical device CDMO services is surging. Taiyu Investment focuses primarily on early- to mid-stage investments in innovative medical devices and has invested in over 40 such projects. We are delighted to have participated in this round of financing for joymed. As a leading domestic platform providing CDMO technical services and productization solutions for medical devices, joymed will leverage its strengths in team expertise, technology, and innovation to empower innovative medical device companies. We also look forward to enhanced future collaboration between Tigermed and joymed, jointly contributing to the robust development of China’s medical device industry and accelerating the clinical application of more innovative medical products.”

Legend Capital is an independent professional venture capital firm under Legend Holdings, established in April 2001. Its core business focuses on early-stage venture capital and growth-stage expansion investment. Currently, the total assets under management of Legend Capital’s USD and RMB funds amount to nearly RMB 60 billion. Since beginning its strategic investments in the healthcare industry in 2007, Legend Capital has invested in over 120 projects in the healthcare sector, with a portfolio spanning biopharmaceuticals, medical devices and diagnostics, specialized healthcare services, gene technology, and digital health. Legend Capital has made systematic investments in the CDMO (Contract Development and Manufacturing Organization) sector for pharmaceuticals and medical devices, including companies such as WuXi Biologics, Pharmaron, Hexing Ningyuan, Duchuang Pharma, Kaishi Biologics, and ZhiXiang Biologics.

YuanBio Venture Capital is an investment firm focused on early-stage and growth-stage opportunities in the healthcare sector. Headquartered at Suzhou BioBAY, it maintains a global reach. The firm currently manages approximately RMB 6 billion in assets and has completed investments in over 100 high-quality projects, primarily spanning new drug development, medical devices, in vitro diagnostics (IVD), and healthcare services. YuanBio has delivered substantial investment returns and has been repeatedly recognized as one of the Top 10 Venture Capital Funds in China’s healthcare sector and among the most active healthcare investment institutions in China. Bringing together a team of seasoned professional investors and world-class scientific advisors, YuanBio possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and related fields. Leveraging its focused strategy and rich industry resources, YuanBio is committed to becoming one of the most successful healthcare and pharmaceutical venture capital funds in China.

Huagai Capital, with the vision of “becoming the most trusted investment partner for entrepreneurs and investors,” focuses on private equity investments in three major sectors: healthcare, TMT (Technology, Media, and Telecom), and culture and education. The firm has managed over RMB 15 billion in funds, with 15 portfolio companies successfully listed. Its healthcare fund concentrates on biopharmaceuticals, medical devices, and healthcare services, prioritizing industry M&A consolidation within the healthcare sector as well as investment opportunities in high-growth, high-tech enterprises at early to mid-stages.

Taiyu Investment, established in 2014, is an independent professional venture capital firm under Tigermed, a publicly listed company. Taiyu Investment focuses on equity investments in early-stage and growth-stage healthcare companies. Its management team possesses extensive background in the pharmaceutical and health industries, broad industry resources, and rich investment experience. To date, it has completed early-stage equity investments totaling over RMB 1 billion across more than 50 projects, primarily serving as the lead investor in Seed or Pre-A rounds. Its portfolio covers medical devices, biopharmaceuticals, health supplements, and CRO enterprises. By empowering its portfolio companies, Taiyu Investment creates value for the development of the healthcare industry in China and globally, contributing to public health.