YiYu Medical Completes RMB 200 Million Series C Funding Led by Sequoia China and BOC Investment, Files for IPO

December 22, 2018 – Shanghai Ewell Technology Co., Ltd. recently announced that it has completed a C-round financing of RMB 200 million. The round was led by Sequoia Capital China and BOC Investment, with participation from Bencao Capital and Nuokai Investment. Existing shareholders Morningside Venture Capital and Zhangjiang Hi-Tech Investment also provided strong support for this financing round.

“With the completion of our Series C financing, the company will launch more innovative products related to artificial pancreas systems and intensify its expansion into overseas markets,” said Mr. Yang Cuijun, Chairman and Founder of MicroTech Medical. “MicroTech’s latest-generation products have already surpassed several major multinational competitors in overall technology. Our next step is to focus on market development, strengthening global channel distribution and building our marketing team, so that more patients with diabetes can access world-class products.”

“YiYu has received substantial support and assistance from numerous investors throughout its growth journey,” said Mr. Yang Cuihua, Director and Co-Founder of YiYu Technology. “YiYu strives to meet the IPO listing requirements by 2019 and achieve a public listing by 2020, thereby delivering returns to our investors, shareholders, and the broader society.”

“Accumulate strength over time and unleash it when the moment is right; ten years of sharpening a single sword.” Gu Cuiping, Managing Director at Sequoia Capital China, stated, “The CGM and artificial pancreas markets represent a hundred-billion-yuan opportunity, but they are characterized by significant challenges in technological integration and high competitive barriers, long dominated by a handful of multinational corporations. Through a decade of dedicated effort, MicroTech has achieved technological catch-up. We have strong confidence in the MicroTech team and look forward to their bringing greater benefits to diabetic patients worldwide.”

Han Li, a senior executive at BOC Investment, stated, “Chinese enterprises are rarely seen in the high-end medical device markets of Europe and the United States. We are pleased to witness Yiyu Company’s breakthrough achieved through entirely independent innovation, and we will firmly support its future development.”

Founded in 2008 and headquartered in Zhangjiang, Shanghai, Yiyu Technology is dedicated to providing diabetic patients worldwide with real-time continuous glucose monitoring (CGM) systems, intelligent drug delivery systems, and artificial pancreas therapy systems that deliver an exceptional user experience through independent innovation.