Chinese medical technology firm magAssist has completed a C round of financing worth nearly 500 million yuan ($78 million), led by Sequoia China, followed by CDH Innovation and Growth Fund and Cenova Capital.
This new funding will be mainly used for R&D, clinical trials and production expansion of several existing and new product lines.
MagAssist was established in the Suzhou High-tech Zone in May 2017, later setting up branches and offices in Beijing, Shanghai, Guangzhou, Shenzhen and Wuhan.
Po-Lin Hsu, Founder and CEO of magAssist, brings nearly 16 years of experience in artificial heart research and development. He is also a professor at Suzhou University and the first Chinese board member of the International Society for Mechanical Circulation Assistance (ISMCS), an authoritative organization in the field of artificial hearts with a history of nearly 30 years.
Starting from the field of cardiac failure, magAssist is committed to building a life support platform for multiple organ failure. The firm owns the most abundant vitro life support system for acute and severe diseases in China. Its past shareholders include Guoqian Venture Capital, Northern Light Venture Capital, Med-Fine Capital, TigerYeah Capital, SND Financial Holdings and others.
At present, four product lines of magAssist have been officially disclosed, including interventional artificial heart, in vitro artificial heart, a new generation of portable extracorporeal membrane oxygenation (ECMO) and a heart transport platform.
In 2019, there were 29.7 million patients with cardiac failure in the world, and it is expected to reach 38.7 million in 2030. According to ReportLinker, the global market for cardiac failure treatment devices is expected to reach $14 billion in 2025.