In the warm March, not only the weather warms up, but also the primary healthcare market in China.

PharmaCube InvestGoInvestment and financing databases show that in March this year, 137 institutions invested in China's primary healthcare market, resulting in a total of 84 financing events.The total disclosed amount has nearly doubled compared to February this year, reaching 7.37 billion yuan.Overall,In the first quarter of this year, there were 296 financing events in China's medical and health primary market, with a total disclosed amount reaching 19.3 billion yuan.

Among these active institutions, Qiming Venture Partners, Hefei Industrial Investment, Guoxin Asset, Fosun Healthcare Capital, Lilly Asia Ventures, Xiamen Innovation Fund, Pudong Venture Capital, Shenzhen Venture Capital, Legend Capital, Guangzhou High-tech Zone Investment, and Guofang Capital made the most investments in March.Qiming Venture Partners, Hefei Industrial Investment, Fosun Healthcare Capital, Lilly Asia Ventures, Xiamen Innovation Fund, Pudong Venture Capital, and Shenzhen Capital Group have all made investments in the first three months of this year.

What tracks and directions are attracting these active investment institutions? What changes have occurred in these tracks? How will the investment story develop next in 2025?

The answers to these questions may be hidden in the financing events of March this year.

From the perspective of the investment sector,Innovative drugs and medical devices remain the two major "cash-attracting" sectors, collectively securing 5.734 billion yuan in financing, accounting for nearly 78% of the total amount.

From the perspective of financing rounds,In the early stages, such as seed rounds and angel rounds, financing events gradually become active, accounting for more than 45% of the total number of events.This shows that the market continues to support innovative ideas and startup teams in the healthcare field.

At the same time, Series C and later-stage financing also accounts for a significant proportion, which, for most institutions choosing to "walk on two legs," is also a necessary measure to reduce risk.

Early-stage innovative drug confidence returns

Since the IPO tightened over the past two years, investors have remained cautious about early-stage investments in the innovative drug sector.But the financing event of over 100 million yuan in March this year shows that investors' confidence in early-stage projects in the innovative drug field is gradually returning.

Among the 16 financing events exceeding 100 million yuan, there were 7 in the pharmaceuticals field and 6 in the medical device field. Among them, there were 3 early-stage projects in the innovative drug field.

Data Source:PharmaCube InvestGo Financing and Investment Database

These three early-stage projects are precisely a microcosm of the most investor-favored tracks in the innovative drug sector.

Rona Therapeutics(Rona Therapeutics) was founded in 2021 and is committed to solving metabolic and degenerative diseases with nucleic acid-based therapies. Currently, Rona Therapeutics has advanced multiple best-in-class siRNA therapies into clinical or IND-support stages, including PCSK9 siRNA for the treatment of hypercholesterolemia and APOC3 siRNA for mixed dyslipidemia.

One of the challenges in nucleic acid therapeutics lies in nucleic acid delivery, particularly in delivering nucleic acid drugs to tissues or organs outside the liver. To address this, Rona Therapeutics has developed a proprietary extrahepatic delivery platform for neurodegenerative diseases, aiming to fully unlock the potential of nucleic acid delivery beyond the liver.

Based on the excellent technical platform and rapid progress presented, Rona Therapeutics has also gained favor from multiple investment institutions.

On March 14 this year,Rona Therapeutics Announces Completion of $25 Million (Approx. 180 Million Yuan) Pre-B Financing Round. This round of financing was led by Guanghua Wutong, with participation from Lilly Asia Ventures, Jiangyuan Investment, and Boyuan Capital, among other institutions.

This financing also shows that the capital market is optimistic about the future development of the nucleic acid drug track.In addition, in the financing events in the innovative drug field in March this year,Four are in the nucleic acid drug track, and three of them target early-stage projects.

DanCheng PharmaceuticalsAlso established in 2021, Rona Therapeutics is dedicated to the development of a new generation of "synthetic lethality" drugs. Its core product, the PARG inhibitor (DAT-2645), is the first innovative product of its kind in China to be approved by the Chinese NMPA and the U.S. FDA for Phase I clinical trials. This product is currently undergoing dose-escalation studies in Phase I clinical trials in China.

While building a world-leading proprietary intellectual property "synthetic lethality" drug discovery platform and translational medicine platform, Danqing Pharmaceuticals has advanced multiple "FIC/BIC" candidate drug pipelines to the IND stage.

March 3,DanCheng Pharmaceuticals Announces Completion of New Round of Financing Worth 150 Million Yuan. The round was led by Kangjun Capital, with participation from AstraZeneca-CICC Healthcare Fund, Guofang Innovation, Panlin Capital, and other investment institutions, while Sequoia China continued to increase its investment.The financing will be used to accelerate the clinical research of Danqiao Pharmaceuticals' core pipelines, expand innovative technology platforms, and implement global strategic layouts.

"Synthetic lethality" is a hot direction in the field of innovative drug research and development for tumors in recent years, and also a new breakthrough in tumor drug research and development.Drugs representing "synthetic lethality" as "FIC/BIC" are the core focus of investors.

Also founded in 2021Yufang BioRona Therapeutics is a biotechnology company focused on the research and development of gene therapy drugs. Leveraging its self-developed next-generation telomere precision regulation technology platform, it develops gene therapies targeting major indications in cardiovascular, neurological, and renal fields from the perspective of aging, addressing significant unmet clinical needs and extending human lifespan.

Yufang Bio has set its first drug R&D target on heart failure that is unresponsive to standard drug treatments, developing JV101, an original "global new" gene therapy drug targeting telomeres in cardiac muscle cells. This investigational drug is expected to effectively restore telomere homeostasis, regenerate mitochondria to restore cardiac muscle cell function, and reverse the progression of heart failure. Currently, the project officially submitted an IND application to the National Medical Products Administration (NMPA) by the end of 2024, with plans to further advance clinical development.

March 10,Yufang Bio announces completion of over 100 million yuan Pre-A round financing. This round of financing was led by GF Innovation, with participation from Hongke Baishi, Feibiao Xiayan, Jiangbei Technology Investment, and veteran professional in the biopharmaceutical field, Wu Yu (Henry WU). Existing shareholders, Shanghai Biomedical Innovation Transformation Fund under Shanghai Industrial Capital and Shanghai Jincheng Muhe Fund, continued their support.The funds will be used to advance the clinical development of Yu Fang Bio's core cardiac gene therapy pipeline, JV101, and to expand research into multiple indications for heart failure.

The gene therapy track, as well as the cell and gene therapy (CGT) track, has consistently been a hot spot for investment in the innovative drug sector this year, remaining highly active from 2024 to the present.The cell and gene therapy track, which has entered the commercialization stage, is already a pioneer in cutting-edge technologies that have experienced a wave of investment enthusiasm, and the next wave will further test investors' insight and patience.

Catch the "AI Pharmaceutical" Express

The emergence of one innovative AI tool after another has not only taken everyone by surprise but also left many people unprepared. Watching the "express trains" related to AI speed past one by one, quickly hopping on board has become the aspiration of many investors.

Insilico MedicinePossibly one of the companies closest to going public in the "AI pharmaceuticals" field recently, this might be a good choice for investors who pursue cutting-edge technology while being highly risk-averse.

March 15,Insilico Medicine Announces Completion of $110 Million (Over 800 Million Yuan) Series E Financing Led by Value Partners' Private Equity Fund, Pudong Venture Capital, Pufa Group, Xichuang Investment, and Yixing State Control.The funds raised from this round of financing will be used to drive breakthroughs in Insilico Medicine's AI platform upgrades and drug pipeline innovation.

For this financing of over 800 million yuan, Insilico Medicine stated that, on the one hand, the funds will be used to refine its proprietary artificial intelligence models and algorithms, while upgrading and expanding its leading automated robotic laboratories to further achieve and optimize the automation of the R&D process. On the other hand, the company will focus on advancing the clinical validation of its core candidate drug for the treatment of idiopathic pulmonary fibrosis (IPF) and accelerating the exploration of other self-developed and collaboratively developed drug pipelines.

In Insilico Medicine's Series E financing round, we noticed the presence of multiple state-owned capital and corporate venture capital (CVC) entities. Such investments at a relatively later stage naturally place greater demands on the financial capacity and stability of the investors.

Synthetic Biology: Progress and Prospects

Founded in 2022EnorkineAppeared in the financing events of over 100 million yuan in March this year with a nearly 150-million-yuan Series A round of financing.And its synthetic biology track is also one of the hot investment areas in recent years.

EnogenTech's predecessor was Zhejiang Luchuang Biotechnology Co., Ltd., established in 2015, a synthetic biology company dedicated to the research, development, and production of green bioproducts. Currently, EnogenTech has five subsidiaries, each focusing on R&D, pilot testing, production, and sales, respectively, forming a new integrated model for research, production, and marketing operations.

The founder of the company, Chu Xiaohuo, has been engaged in the technical development and management related to synthetic biology for a long time. He has received several National Science and Technology Progress Awards, enjoys special government subsidies, and has successfully transformed multiple technologies, developing more than twenty new products for the market.

Enochi products involve daily chemical raw materials, dietary supplement ingredients, amino acids, pharmaceutical intermediates, and natural fragrances. On March 5,Enoch Biotech Announces Completion of RMB 150 Million Series A Financing. This round of financing was led by Zhangjiang Haoheng and Hongsheng Capital, with participation from Fitu Ventures, Hefei Industrial Investment, and Xincheng Fund. Leading domestic industrial listed company Hengxing New Materials participated in the strategic investment.

The funds from this round of financing will be mainly used for the upgrade of Enogen's technology platform, accelerating the application of new quality productivity technologies such as large AI models in core areas like enzyme mining and optimization, fermentation process optimization and scale-up, and promoting product industrialization.

Enoch Biotech stated that the company has completed the construction of its R&D center, pilot workshop, and scale-up production base, providing a strong guarantee for large-scale production. This round of financing will help the company further improve its technology platform and production facilities, enhance R&D and production efficiency, and accelerate the commercialization process of multiple products urgently needed in the market.

From the products and layout of InnoKey, it can be seen that,Synthetic biology is not a single technology but a convergence of multiple technologies and disciplines. This also means that investment in the synthetic biology field cannot follow the approach of investing in a single cutting-edge technology track, posing more challenges for investors.

As investors in EnnoBio's Series A funding round have said, EnnoBio has solid full-chain capabilities from product development to commercialization and its layout in multiple fields such as natural fragrances and pharmaceuticals for health is highly forward-looking. Currently, with the rapid growth of market demand for green biomanufacturing, EnnoBio’s technology and products align perfectly with this trend. This investment not only reflects optimism about its short-term commercial potential but also emphasizes its long-term role in driving the entire synthetic biology industry.

The investment in the synthetic biology industry also needs to be viewed with an eye toward incremental development.

Medical Devices, Holding Up Half the Sky

As the difficulty of investing in innovative drugs surges, medical devices have become a "fallback strategy" for some investors. The proportion of financing and investment events in the fields of innovative drugs and medical devices reflects the current investment mindset of most investors.

According to the PharmaCube InvestGo investment and financing database,In March this year, there were 28 financing events in the medical device field, with a total financing amount of 2.917 billion yuan.From the perspective of calculating only the financing amount,The average amount of financing per financing event exceeds 100 million yuan,The money-making ability of the medical device field is impressive.

In March this year, among the investment and financing events, the company that received the highest amount of financing unsurprisingly came from the medical device field.

On March 25, Rona Therapeutics announced the completion of an over 1 billion yuan Series A financing round. The round was led by CBC Group, with participation from the Beijing Medical and Health Industry Investment Fund and Beishang Capital.

A Round Financing Surpasses 1 Billion Yuan: Investors' Recognition and Remarkable Capability of Rona Therapeutics. Rona Therapeutics is a leading Asian medical technology group, dedicated to building a global medtech platform in the field of highly prevalent chronic diseases.

The funds from this round of financing will be used to increase investment in R&D and innovation, promote new product development and technological breakthroughs, and expand into new clinical treatment areas. Meanwhile, Rona Therapeutics stated that it will further expand its production scale and enhance capacity and supply chain efficiency.

And its internationalization capability might be one of the key reasons for its popularity among investors.In terms of global layout, Ruiqiao Dingke Group will adopt a two-pronged strategy of "bringing in and going out" — cooperating with top multinational companies, innovative enterprises, and channel partners worldwide to explore international markets; introducing global innovative achievements into China's medical system, especially penetrating the grassroots medical market, to provide accessible and affordable innovative medical solutions for medical institutions and patients worldwide.

Senior Managing Director of CBC Group, Head of Equity Investment and Medical Device & Services Investment, Ryan Lu, stated that against the backdrop of accelerated global healthcare technology innovation, Raybridge Dingtai Group is redefiningChina Medical DevicesThe industry's innovative model.

Looking back at the investment institution that was most active in March this year——Qiming Venture Capital's three investments clearly demonstrate investors' strong preference for medical devices: all three of its investments were in medical device projects, each with financing exceeding 100 million yuan.

March 3,Innovative Medical Device EnterprisesParamedicalAnnounced the completion of nearly 100 million US dollars in Series C financing. The round was co-led by Qiming Venture Partners and existing shareholder Lilly Asia Ventures, with OrbiMed and Gaorong Capital significantly increasing their investments.The funds from this round of financing will mainly be used to promote Pulnovo Medical's global clinical trials, overseas business, and strategic development plans.

Founded in 2013, Pulnovo Medical focuses on providing breakthrough therapies in the field of pulmonary hypertension and heart failure to enhance patients' resilience. As a pioneer of original Chinese medical devices incorporated into international guidelines, Pulnovo Medical leverages its extensive clinical resources to advance scientific exploration of groundbreaking technologies and expand commercialization with an international perspective. The company strives to create superior solutions at different stages of heart failure to slow and improve disease progression for heart failure patients.

March 12,Tupai MedicalAnnounced the completion of a Series E financing round totaling 500 million RMB, jointly invested by the Social Security Fund Zhongguan Village Independent Innovation Special Fund, Beijing Robotics Industry Investment Fund, and Qiming Venture Capital. This is also the largest single financing amount in the history of publicly disclosed private market investment and financing events in China's ophthalmic medical device field.

It is reported that the funds raised from this round of financing will continue to be used for enriching Tupai Healthcare's product portfolio and strengthening its market layout worldwide. After completing this E round of financing, Tupai Healthcare will aim to become the "first stock" of ophthalmic medical devices on the STAR Market.

In the four years since its ophthalmic OCT product was launched, Tupai Medical has installed over 500 units in China, maintaining a leading market share. In July 2024, after Tupai Medical obtained the first EU CE-MDR certification for an OCT product in China, it quickly entered the European market and became a popular "best-seller."

Similarly, on March 3,Unique MedicalAnnounced the completion of a Series C financing round of nearly 150 million yuan. The round was led by Tasly Capital, with continued support from existing shareholders Qiming Venture Partners, SND Holdings, and Kangyu Capital.The funds raised from this round of financing will be used for the research and development and commercialization of Wushuang Medical's new generation of products.

Unique Medical is a leader in the research, development, and production of Cardiac Rhythm Management ("CRM") medical devices in China, committed to building a high-end CRM medical device brand in China. The company's product line covers Implantable Cardioverter Defibrillators, Insertable Cardiac Monitors, pacemakers, and more.

As can be seen from the above three major financing events in the medical device field,Hard technology, internationalization, and import substitution are the three essential conditions for medical device companies to gain capital favor.

In March 2025, the primary healthcare market in China showed signs of recovery, with a significant increase in both the number and amount of financing events. Popular sub-sectors such as innovative drug development, the integration of AI and biomedicine, and medical devices attracted substantial capital.

Perhaps after the baptism of a harsh winter, investors and entrepreneurs will be able to more keenly seize the opportunities of spring.