Access Medical Systems (AMS), the parent company of Matrix Partners China-backed ET Healthcare, has raised over $100 million in a new funding round co-led by Sequoia Capital China and GL Ventures, per an announcement.
The round also saw the participation of a clutch of new investors Dr. Kai-Fu Lee’s Sinovation Ventures, US-based Kaiser Permanente, investment firms WisdoMont and Qianlong Capital.
Existing investors like Matrix Partners China, Qiming Venture Partners, and Legend Capital also made follow-on investments.
Investment bank Gelu Capital facilitated the transaction.
While AMS plans to use a significant part of the corpus to spruce up its technology innovation, it has also earmarked a portion to expand its product R&D, overseas market and manufacturing capacity, it said in a statement.
Since its inception in 2004, AMS specialises in areas of critical care, obstetric and gynaecology and has produced a pipeline of medical devices for cardiology, diabetology and vascular diagnostics.
The company owns two flagship brands – ET Healthcare, Gator Bio. While ET Healthcare is an in-vitro diagnostics company that manufactures central laboratory analysers for hospitals and clinics, Gator Bio caters to life sciences and offers instruments to accelerate new drug developments.
Its clients include Hong Kong-listed pharmaceutical firm Simcere, biotech player GenScript Biotech, Thousand Oaks Biopharmaceuticals, Shanghai Jiao Tong University School of Medicine, among others.