RayMemo Vacuum Secures Tens of Millions in Series B Funding, Enabling Seamless Domestic Replacement of Imported CT Tubes

VCBeat has learned that Raymemo (Raymemo Vacuum Technology Wuxi Co., Ltd.) recently completed a Series B financing round worth tens of millions of yuan, with investment from Zeyu Capital, Proxima Capital, and Tibet Ruishang. The funds raised in this round will primarily be used to support R&D for its product platform, expand industrial production capacity, and promote market outreach.

Founded in September 2017, Raymemo is an innovative high-tech enterprise engaged in the design, development, manufacturing, and service of Class II medical devices. Its key products include high-end X-ray tubes, CT tube assemblies, and static CT X-ray source modules. Notably, Sherpa Capital served as the lead investor in Raymemo’s Series A financing round.

As the X-ray source for CT equipment, the CT X-ray tube is the most critical and expensive consumable in a CT system. Its operation and maintenance costs account for half of the total cost of the CT system, and its performance directly impacts the image quality and service life of the CT scanner.It is estimated that by 2020, the installed base of CT scanners in China will reach 31,000 units, with the overall market for CT X-ray tubes valued at approximately RMB 5 billion. With increasing applications in cardiovascular disease, oncology, and infectious diseases (such as COVID-19), the expanding CT market will drive rapid growth in the CT X-ray tube sector.。

However, the CT X-ray tube industry has high entry barriers. Domestic manufacturers primarily focus on maintenance and the production of low- to mid-end X-ray tubes, and mass production of CT X-ray tubes has not yet been achieved in China. Furthermore, the CT X-ray tube market has long been monopolized by international giants such as GE, Siemens, Philips, and Varex, which account for more than 95% of domestic usage. Very few Chinese enterprises are capable of manufacturing CT X-ray tubes, indicating substantial potential for import substitution.

Encouragingly, Raymemo’s RS350 and RS500 CT X-ray tubes have obtained medical device registration certificates and production licenses at a record-breaking pace. They have also passed ISO 13485 and ISO 9001 quality management system certifications, ensuring consistent product quality. The RS350 and RS500 CT tube assemblies are innovative products independently developed by Raymemo, which holds full intellectual property rights to these products.

Raymemo Introduction: "The RS350 and RS500 CT tube assemblies can seamlessly replace imported products and rapidly integrate with hospitals’ existing mainstream imaging systems., thereby ending the current reliance on imports in this field, breaking the monopoly held by foreign companies, and truly achieving domestic production. Meanwhile, our independently developed X-ray tube for static CT will help original equipment manufacturers achieve breakthroughs with next-generation CT systems.”

Raymemo stated, “The domestic industry is just emerging. Compared with major international brands, Raymemo’s advantage lies in delivering high-quality products at affordable prices, thereby offering society cost-effective solutions. Meanwhile, we provide rapid and responsive services tailored to the specific needs of hospital imaging diagnostics, significantly reducing hospital downtime.”

Currently, Raymemo has completed the production line layout and design for its factory platform. The funds raised from financing will be used to procure additional large-scale equipment to meet production capacity demands. Additionally, its market operations have already begun serving end customers, laying the groundwork for a future surge in both production capacity and sales volume.

Raymemo told VCBeat, “Following this financing round, the company will rapidly complete the R&D of its product platform, expand industrial production capacity, and meet customers’ personalized needs. We aim to better serve society and improve the diagnostic and treatment experience for more people by offering high-quality, cost-effective products.”

Notably, Raymemo boasts comprehensive teams for design and development, production, and after-sales marketing support. All core team members have overseas work or academic research backgrounds. As one of the first groups of industry practitioners in China, the Raymemo team has been deeply involved in the entire product lifecycle, from inception to completion and from internal components to external features. To date, Raymemo has been granted one invention patent, over 30 utility model patents, and more than 10 design patents and software copyrights.

Throughout its journey from inception to establishment, Raymemo’s dedicated research and development efforts have earned it numerous accolades. For instance, in 2018, Raymemo won the Excellence Award and secured first place in the Biopharmaceutical Category at the Wuxi Innovation and Entrepreneurship Competition. In 2019, it was selected for the municipal Gazelle Enterprise Cultivation Pool, and in December of that year, it received Class B funding for innovation and entrepreneurship from Jiangsu Province, merit-based support for scientific and technological activities from Wuxi City, and special overseas talent recruitment funding under the “Pioneer Talent Plan” of Huishan District. In 2020, Raymemo was honored with the titles of “Jiangsu Dual-Creation Talent” and “Taihu Lake Talent.” These multiple honors demonstrate strong recognition of Raymemo by the government, investors, the industry, and customers alike.

Zeyu Capital stated, “Raymemo is one of the very few companies in China capable of independent R&D of CT X-ray tubes. The team possesses comprehensive industry know-how and has established significant competitive barriers. Within less than two years of its establishment, the company obtained the medical device registration certificate for its core product. Upon completion of industrialization, it is poised to thoroughly break the import monopoly on CT X-ray tubes and achieve full localization of CT equipment manufacturing in China. As a long-term strategic investor, Zeyu Capital will continue to accompany and support the company’s development.”

Shalpa Capital, the lead investor in Raymemo’s first funding round, stated: “Raymemo possesses comprehensive design and manufacturing expertise for X-ray tubes, along with an extensive sales network. Meanwhile, Raymemo is also positioning itself in next-generation global X-ray tube technologies. We believe the company will become a leading player in both the Chinese and global X-ray tube markets.”

We can see that Raymemo is an outstanding enterprise with fully independent intellectual property rights, truly winning the market through product quality. We also look forward to seeing what an exciting path Raymemo will embark on in the future!