Rainbow Medical, which specializes in seed and incubator investments in medical device start-ups and developing breakthrough medical technologies, has raised $25 million from investors in China. Rainbow Medical has also opened a China office to promote strategic collaborations.
Rainbow Medical co-founder and CEO Efi Cohen-Arazi said, “We opened the office in Shanghai to capitalize on China’s fast-growing market for our products and to foster collaborations with Chinese medical device companies.”
He added, “These investments by leading Chinese industrial and financial entities are an expression of the high esteem with which they view our technologies and the products we are developing. There is a strong demand in the fast-growing Chinese healthcare industry for Rainbow Medical’s breakthrough technologies.”
Participants in the current financing round include China’s largest private insurance holding company Ping An, investment and financial management company YongJin, the Chinese telecommunications giant ZTE Corporation, and Chinese venture capital funds.
Rainbow Medical will invest these funds in seeding start-up companies based on intellectual properties owned by Rainbow Medical as well as to provide additional funding for Rainbow Medical’s existing portfolio companies.
These portfolio companies include: Nano Retina, the developer of an ultra-small artificial retina designed to restore vision to the blind; Enopace Biomedical, the developer of a minimally-invasive aortic neuro-stimulator for the treatment of Chronic Heart Failure, BlueWind Medical, the developer of a minimally-invasive wireless neuro-stimulation implant platform for the treatment of a wide range of neurological indications, GluSense, the developer of an implantable continuous glucose sensor for diabetes patients, and Vascular Dynamics, the developer of an implantable stent-like device for the treatment of hypertension.
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015