Raymemo Completes ￥100 Million Series B+ Financing

(VCBeat) July. 12, 2021 -- Raymemo Vacuum Technology Wuxi Co., Ltd. ("Raymemo"), a leading manufacturer of X-ray tube assemblies used in CT scanners (hereinafter referred to as "CT tubes") in the industry, announced that it had completed an extended Series B financing of several hundred million yuan. This round was led by Fortune Venture Capital, with participation from Sherpa Healthcare Partners, Zeyu Capital and other new and existing investors. 

The funds raised will be mainly used for the development of new static CT tubes and the upgrade of existing products. Bairong Capital served as the exclusive financial adviser in the latest round.

According to the financial report of Varevision in 2020, CT tubes can be replaced every 2 to 4 years on average during usage. However, due to the high utilization rate of CT scanners in China, some hospitals even replace two tubes within a year. In addition, with the impact of the global epidemic, the number of newly added CT equipment in China in recent years continues to increase at an annual growth rate of about 20%, and the replacement market of CT bulb tubes will be broader in the future. In general, the annual market size of CT tubes in China can reach 10 billion yuan.

Raymemo was founded in September 2017 and completed a Series B financing in 2020. The 3.5MHU and 5.0MHU products of Raymemo have obtained the registration certificate and production license of Class II medical devices, passed ISO13485 and 9001 system certification, and have realized large-scale production and sales. It is expected that the company will obtain 2-3 registration certificates of related products each year to further expand the product line.

Raymemo is the only CT tube manufacturer in the world with two major product lines: the mainstream CT tube and the static CT tube. In the field of mainstream CT tubes, Raymemo now has two platforms of 3.5M and 5.0M. As for static CT tubes, Raymemo has developed a number of tubes as annular scanning x-ray sources used in the 6th generation CT for Nanovision, the leading manufacturer of static CT scanners.

Founded in April 2000, Fortune Capital is one of the earliest market-oriented venture capital firms in China. For the past 14 years, Fortune Capital focuses its investments on leading companies in four key sectors: TMT (Media oriented), Consumer Goods/Services, Modern Agriculture and Clean Tech.

Fortune Capital is ranked among the highest performing VC/PE firms in China. In addition to providing capital, Fortune Capital provides its investee companies with personalized value-added services.

Sherpa was founded in 2018 and has now become an influential healthcare VC firm in the industry. Sherpa has invested in leading companies in many key areas, such as Pharma, GeneTech, MedTech and Medical services. From 2011 to 2020, the team has gone through 4 vintage year cycles of multiple U.S dollar funds and RMB funds and made over 100 investments, with a total of 1 billion U.S dollars (including the RMB equivalent).