XinGuangWei Medical Completes Nearly RMB 400 Million Series A Funding to Build a Global Leading Endoscopy and Innovative Medical Platform

VCBeat (WeChat ID: vcbeat) has learned that Suzhou Scivita Medical Technology Co., Ltd. (“Scivita Medical”) announced today that it has secured nearly RMB 400 million in Series A financing, making it one of the largest funding rounds in China’s endoscopy sector in recent years. The round was co-led by GL Ventures and Lilly Asia Ventures, with participation from Matrix Partners China, Medtronic, Chengwei Capital, and Weihao Chuangxin Investment. The successful completion of this financing round reflects recognition from both the capital market and industrial strategic partners of Scivita Medical’s position in the endoscopy field and expectations for its future growth. Scivita Medical is committed to building a globally leading innovation platform for endoscopes and related products.

Scivita Medical, founded by Dr. Zhang Yi and Dr. Chen Dong, is headquartered in Suzhou Industrial Park, with R&D centers located in Suzhou, China, and Tokyo, Japan. The company focuses on the research and development of image processing and innovation in endoscopic technology. As a high-tech innovative enterprise engaged in the R&D and manufacturing of medical devices, Scivita Medical operates across fields including optical diagnosis and therapy, multi-dimensional imaging, high-performance materials, and precision manufacturing. Its product portfolio encompasses both flexible and rigid endoscopes. The company holds distinct advantages in the research and commercialization of cutting-edge technologies in the medical endoscopy field, possessing capabilities in ultra-high-definition imaging (such as 4K imaging), 3D imaging, special light imaging (such as fluorescence imaging), ultra-thin endoscopic imaging, and disposable endoscopic consumable technologies.

According to Frost & Sullivan, the global endoscopic device market is projected to reach $26.98 billion by 2024, while China’s endoscopy market size will reach RMB 42.3 billion, making it one of the fastest-growing subsectors in the global medical device industry. With the gradual worldwide adoption of minimally invasive diagnostic and therapeutic techniques, the endoscopy industry has entered a phase of rapid development.

The endoscopy industry features high technical barriers, involving multiple disciplines and fields. It integrates medicine, optics, materials science, precision mechanics, electronic engineering, and software development, embodying greater technological sophistication than traditional mechanical manufacturing. Currently, the endoscopic equipment market is characterized by an oligopolistic structure, with international brands holding a significant market share due to their first-mover advantage and mature technological capabilities. Scivita Medical Technology Co., Ltd. has successfully achieved breakthroughs in key areas such as optical imaging and image processing for endoscopes, thereby breaking the technological monopoly held by international brands.

Scivita Medical accurately addresses genuine clinical needs by integrating innovative technologies across multiple disciplines, developing high-quality Chinese products recognized by clinical experts both domestically and internationally. Scivita Medical’s pioneering “3D Image Imaging Device,” which converts 2D to 3D, obtained NMPA and CE certifications in July 2018, and became the first domestically produced 3D image imaging device approved for marketing by the U.S. FDA in September 2019. The company’s independently developed “4K Ultra-High-Definition Endoscopic Camera System” received NMPA certification in June 2019, launching as the first domestically produced 4K camera system in China, and obtained CE certification in July 2019. In August 2020, this “4K Ultra-High-Definition Endoscopic Camera System” became the first product from China to receive U.S. FDA clearance.

Furthermore, Scivita Medical Technology Co., Ltd. possesses a portfolio of single-use electronic endoscopes with international competitiveness. Multiple products from its single-use electronic endoscope lineup have entered clinical use, regulatory registration, or commercial sales stages in China, the United States, Europe, and other regions. With the advent of the global era characterized by the disposabilization of endoscopic consumables, Scivita Medical will leverage its disruptive single-use technology and leading technical advantages to compete on the global stage alongside international brands.

Dr. Zhang Yi, Co-founder of Scivita Medical“The founding management team of the company sincerely thanks top-tier industry investment institutions and strategic industrial partners for their recognition and support. In the coming years, endoscopic products will undergo a comprehensive iteration from ‘high definition’ to ‘ultra-high definition,’ and achieve a breakthrough from ‘reusable’ to ‘single-use.’ Leveraging world-leading technology, robust and sustainable R&D capabilities, support from investment institutions, and continued attention from the industry, Scivita Medical Technology Co., Ltd. will evolve into a platform enterprise with a comprehensive layout of innovative products in endoscopy and related fields. We aim to achieve domestic substitution of high-quality products and international competitiveness for innovative products, striving to build an independently developed endoscopy brand rooted in China and leading globally. The original intention behind establishing Scivita Medical was to address clinical pain points, make diagnosis and treatment safer and more effective, and ultimately benefit every patient and their families. Scivita Medical will continue to make unremitting efforts toward this goal.”

Yi Nuoqing, Co-Chief Investment Officer of Hillhouse and Head of Biopharmaceuticals and Medical Devices at Hillhouse VenturesIt stated: “With the advancement of tiered diagnosis and treatment, the development of minimally invasive surgery, and population aging, clinical demand for endoscopes is rising rapidly, creating substantial potential for domestic substitution. Scivita Medical Technology Co., Ltd. holds a leading market position in China and a globally competitive stance. It is a domestically developed independent brand that has deployed both electronic and optical endoscopy systems, and possesses technological capabilities in ultra-high-definition imaging, 3D imaging, special light imaging, ultra-thin endoscope imaging, and single-use technologies. Hillhouse aims to provide long-term support to outstanding entrepreneurs with innovation capabilities and management experience, such as Dr. Zhang Yi and Dr. Chen Dong, helping Scivita Medical continue its R&D innovation, achieve high-quality domestic substitution, actively participate in international competition, and benefit more patients.”

Dr. Fei Chen, Managing Partner at Lilly Asia Venturesstated, “The endoscopy sector is characterized by exceptionally high technological barriers. We are highly optimistic about Scivita Medical’s substantial technical expertise and innovative R&D capabilities in both rigid and flexible endoscopy. The company’s independently developed 4K ultra-high-definition endoscopy system was the first to receive approval from China’s National Medical Products Administration (NMPA) and FDA clearance, earning strong recognition from clinical experts. We believe that Scivita Medical, leveraging its distinctive product solutions and forward-looking industrial strategy, will emerge as a leader in technological innovation within the endoscopy field in China and globally.”

Dr. Zhiyun Yu, Partner at Matrix Partners China“Endoscopic products feature high technical barriers, and the domestic market has long been monopolized by foreign giants. Leveraging its robust technological capabilities, Scivita Medical Technology Co., Ltd. has reached or surpassed the standards of these international leaders in next-generation categories such as 3D, ultra-high-definition, and single-use endoscopes. We look forward to the company’s continued progress and the swift clinical adoption of its products, thereby delivering clinical benefits to doctors and patients in China.”

Dr. Shi Yonghui, Managing Director of Corporate Development and Venture Capital, Medtronic Greater Chinastated, “Alleviating pain, restoring health, and extending life for patients worldwide is Medtronic’s global mission. Medtronic China has been committed to supporting the application and development of innovative medical technologies in the local market. Since establishing its venture capital fund and innovation accelerator in China after 2016, it has invested in and incubated more than ten medical technology enterprises. This strategic minority investment in Scivita Medical Technology aims to foster multi-level strategic cooperation between the two parties in the field of endoscopy, jointly delivering high-quality medical solutions to countless patients in China.”

Yan Di, Vice President of Chuangban“It was stated: ‘The current domestic production rate in the endoscopy industry is less than 10%, indicating a strong demand for import substitution. We are delighted to see that Scivita Medical’s endoscopic products have broken the technological monopoly held by foreign companies, addressed the pain point that domestic products have been unable to penetrate the high-end market, and filled the gap in the high-end endoscopy market. Scivita is a domestic brand equipped with both rigid and flexible endoscopy technologies. We believe that Scivita Medical is poised to become a leader in the field of endoscopy, contributing to the further advancement of clinical medicine.’”

Wang Zhi, Partner at Shanghai Weihao Chuangxin Investment Management Co., Ltd.stated: “We are highly optimistic about the trend of medical endoscopy systems evolving toward ultra-high definition and disposability, driven by the miniaturization of CMOS image sensor chips. This trend is poised to break the long-standing monopoly held by European, American, and Japanese enterprises in the medical endoscopy field, creating opportunities for Chinese companies with global perspectives and innovative technological capabilities—such as Scivita Medical Technology Co., Ltd.—to achieve leapfrog development. We believe that Chinese companies will deliver innovative, high-quality medical endoscopy products in this field, thereby benefiting more patients.”

GL Ventures is the venture capital fund under Hillhouse Capital that focuses on early-stage innovative companies. It primarily specializes in venture investments across four key sectors: biopharmaceuticals and medical devices, software and hard technology, consumer internet and technology, and emerging consumer brands and services. Biopharmaceuticals and medical devices have long been a core investment focus for Hillhouse. Over the past decade, Hillhouse has invested in more than 200 outstanding enterprises in the fields of biopharmaceuticals, medical devices, and healthcare services. We aim to partner with companies as “friends of time,” jointly driving innovation and development in the broader healthcare sector to benefit more patients.

Lilly Asia Ventures (LAV), established in 2008, is a leading venture capital fund focused on investments in the life sciences and healthcare sectors, with offices in Shanghai, China; Hong Kong, China; and Silicon Valley, USA. LAV is committed to being a trusted partner for outstanding entrepreneurs seeking smart capital, co-creating exceptional companies that combat diseases and improve human health through breakthrough products.

Matrix Partners China is one of the most active early-stage venture capital firms in the market. Over the past decade since its establishment, it has remained deeply rooted in the local ecosystem, steadfastly investing in Chinese entrepreneurs. Its primary investment focus areas include healthcare, new technology and advanced manufacturing, mass consumer goods, and B2B/trading platforms, with a portfolio comprising more than 700 companies. Matrix consistently adheres to the belief that investors and entrepreneurs are partners, seeking win-win cooperation with founders who share similar values and mutual trust. Positioning itself as a “proactive investor who understands entrepreneurs best—offering help without causing disruption,” Matrix has built a post-investment service team centered on addressing the pain points of its portfolio companies, committed to creating value through active post-investment management and value-added services.

Headquartered in Dublin, Ireland, Medtronic is a global provider of medical technologies, services, and solutions, alleviating pain, restoring health, and extending life for more than 70 million people worldwide each year. With over 90,000 employees, Medtronic serves physicians, hospitals, and patients in more than 150 countries and regions around the globe. By collaborating with partners worldwide, Medtronic jointly advances the development of healthcare. Medtronic has established venture capital funds and innovation accelerators in China to support the growth of local medical technology enterprises.

Chuangban Fund focuses on early- to mid-stage investments in the healthcare and medical industry. The fund is committed to investing in innovative enterprises driven by core products, technologies, and markets, while respecting the underlying logic of each project. Its investors include the Shanghai Government Guidance Fund, the Putuo District Government Guidance Fund, Zhangjiang High-Tech, and others. We aim to partner with passionate entrepreneurs and business leaders to jointly promote innovation and development in the pharmaceutical and healthcare sectors.

Shanghai Weihao Chuangxin Investment Management Co., Ltd. has received investment and support from Will Semiconductor, a leading enterprise in China’s semiconductor industry. The firm focuses on equity investments in high-quality companies within the pan-semiconductor sector. Its management team possesses extensive experience in both industry practice and investment within the hard technology sector, continuously identifying and empowering high-growth enterprises in the pan-semiconductor field.