China’s TowardPi Medical Technology has closed its Series E funding round at 500 million yuan ($68.9 million) ahead of its planned initial public offering on Shanghai’s Nasdaq-style STAR Market.
The Beijing-headquartered company set its sights on a STAR Market IPO after it closed the Series E round from three investors, including Qiming Venture Partners, according to a statement shared by TowardPi’s existing investors on WeChat.
The 10-billion-yuan ($1.4 billion) Beijing Robot Industry Development Investment Fund also invested in the deal, alongside the state-funded Zhongguancun Independent Innovation Special Fund.
The Zhongguancun Independent Innovation Special Fund is bankrolled by China’s National Social Security Fund (NSSF), a government-controlled fund built to support China’s welfare system. Managed by Legend Capital, the fund was started in July 2023 with an initial corpus of 5 billion yuan ($688.7 million).
Founded in 2017 as a project incubated by Beijing’s elite Tsinghua University, TowardPi focuses on the R&D and production of high-end ophthalmic medical devices, with imaging diagnostic and treatment equipment as its core.
Positioning itself as a Chinese rival to established global players like Carl Zeiss and Alcon, TowardPi provides global medical institutions with self-developed products and solutions powered by optical imaging, artificial intelligence (AI), and precision manufacturing technologies.
With research and production facilities in Chinese cities like Shanghai, Suzhou, and Tianjin, the company currently has about 400 employees, including over 100 R&D professionals.
The Series E financing will support TowardPi in advancing the upgrade of its medical products, accelerating breakthroughs in diversified application scenarios, and driving its expansion into overseas markets.
The new investment marks the sixth funding round completed by TowardPi, which has accumulated about 1.36 billion yuan ($187.3 million) in private financing since its inception.
In June 2024, TowardPi closed its Series D round at 200 million yuan ($27.5 million) from lead investor MPCi, formerly Matrix Partners China, and Shenzhen-based GTJA Investment Group.
Shanghai Sun Rock Capital Management led TowardPi’s 300-million-yuan ($41.3 million) Series C round in late 2022, with participation from other domestic investors like Tao Capital and Kunlun Capital.
