JD Health-backed Kingstar has bagged over $43 million in a Series C round, while SDIC Venture Capital has led Primon Medical’s Series B round. Also, tool manufacturer PMT has secured $36.1 million in a Series D round.
JD Health-backed Kingstar bags over $43m Series C funding
Healthcare IT solutions provider Kingstar Winning Software Technology has notched 300 million yuan ($43.3 million) in a Series C round led by China Taiping Medical and Health Equity Investment Fund, an equity investment under China Taiping Insurance Holdings, the longest-running insurance brand in the country.
The round, joined by Cathay Capital, SND Financial Holdings, a subsidiary of China Electronics Corporation (CEC), and Tiliang Investment Management, enables the firm to expand its R&D, according to a filing filed by Shenzhen-listed Winning Health, the parent firm of Kingstar, on Tuesday.
Following the deal, Winning Health will see its stake in Kingstar drop from 36.82% to 28.04%.
The firm had snapped 150 million yuan ($22.2 million) in an equity financing round from JD Health, the online healthcare unit of e-commerce giant JD.com, in October 2020. Founded in 2012, the Shanghai-based firm counts the National Healthcare Security Administration as one of its clients. Its business has since covered 70% of the provinces and cities across China.
SDIC Venture Capital leads Primon Medical’s Series B round
Surgical suture manufacturer Primon Medical has sealed a 200-million-yuan ($28.9 million) Series B round led by SDIC Venture Capital.
The round saw the participation of Huatai Zijin Investment, Nanjing New Industry Investment Group, and Nanjing Innovation Capital Group, among others; existing shareholders including Alwin Capital re-upped.
The Nanjing-based firm, also known as Polymer Medical Technology, intends to use the proceeds on product R&D, marketing, business expansion across areas like general surgery, neurosurgery, and medical cosmetology, general manager Liu Ping said in a release on April 24.
Founded in 2016, the firm previously secured undisclosed funding in a Series A round in May 2022 led by Alwin Capital.
Zhongbo Capital joins PMT’s Series D round
Prosper Precision Machine Tool, also known as PMT, a precise machine and tool manufacturer, has secured 250 million yuan ($36.1 million) in a Series D round.
State-affiliated investors including Beijing Industrial Development and Investment Fund, a 2-billion-yuan ($289.3 million) fund that targets investments across next-generation information technology, integrated circuit, and smart manufacturing, greentech, as well as China Merchants Capital, joined the round.
The round, which also saw the participation of local venture capital firm Zhongbo Capital, will enable the firm to ramp up R&D and manufacturing capacity, according to a release on April 24.
As the firm’s manufacturing base in Zhuzhou, a city located in China’s Southern province of Hunan, commences operation, the Beijing-based firm expects its business to “climb further”, according to the release.
Founded in 2006, the firm is preparing to apply for an initial public offering (IPO) in the Shanghai Science and Technology Innovation Board, also known as STAR Market, without disclosing details.
Previously, the firm snagged “several hundreds of millions” yuan in a funding round in June 2022 joined by Shenzhen-listed Lizhong Sitong Light Alloys Group, and CICC Capital the private equity (PE) fund management platform of Hong Kong-listed investment bank China International Capital Corporation (CICC), among others.