Changmugu Medical Receives $84.3 Million in Series B Financing, Jointly Led by CICC Capital, IDG Capital and CDH VGC
Beijing Changmugu Medical Technology, a provider of integrated solutions for orthopedic intelligent surgery, issued a document on November 10, announcing that it had recently completed a Series B round of financing in which it secured 540 million yuan ($84.3 million).
This round of financing was jointly led by CICC Capital Kai Tak Fund, IDG Capital and CDH VGC under CICC Capital, and was followed by previous shareholders including Yuansheng Venture Capital and China Development Qihang, which continued to increase. Yikai Capital was the exclusive financial adviser for this round of financing.
According to the article, this round of financing will be mainly used to accelerate the research and development, clinical trials, production expansion and global marketing of orthopedic AI solutions and surgical robots. This round is the second financing injection for Changmugu in 2021 after its Pre-B round of financing of 120 million yuan in February. In less than a year, Changmugu has completed total financing of 660 million yuan.
Changmugu introduces itself as an orthopedic artificial intelligence and surgical navigation solution service provider, founded in 2018 in Silicon Valley, where the Changmu Medical District of Harvard University and Stanford University are located. Now it is headquartered in the Beijing Economic and Technological Development Area (BDA). For many years, it has focused on the research and development of orthopedic AI solutions and digital systems, and has provided integrated intelligent surgical application solutions such as AI-assisted diagnosis, customized surgery planning, surgical robot and postoperative evaluation for the orthopedics departments of hospitals.
SEE ALSO: Huawei Officially Approved to Produce Medical Devices
Liu Yikun, managing director of IDG Capital, said: “China has a large population and an increasing group of elderly people. Traditional surgical methods are difficult and take a long time, which is difficult to be rapidly popularized in hospitals at all levels and cannot meet the increasing demand for joint replacement. Therefore, efficient and convenient orthopedic digital surgery solutions have become the future development trend.”