The round was co-led by China Life Insurance and SDIC Fund Management and valued the medical device developer at more than $5bn post-money.
China-based medical imaging equipment developer United Imaging Healthcare has raised RMB3.3bn ($505m) in a series A round co-led by insurance provider China Life Insurance, China Money Network reported today.
China Life provided the capital through an unnamed investment subsidiary, co-leading the round with SDIC Fund Management, a private equity firm majority-owned by the Chinese government’s investment holding firm, State Development & Investment Corporation.
The round also included the Chinese state-owned Capital Venture Investment Fund, Citic Securities, CMB International, which invested through a private equity division; China International Capital, through private equity unit Zhongjin Zhide; and China Development Bank’s CDB Capital unit, through an unnamed fund.
Founded in 2011, United Imaging is working on imaging devices that use computerised tomography, magnetic resonance imaging and digital radiography. It has also developed a full-body positron emission tomography (PET) scanner to track the body’s internal metabolic processes.
The investment values United Imaging Healthcare at $5.05bn post-money. The company will use the money to boost research and development activities and to improve its products.
United Imaging expects its PET scanner will be available for clinical applications in 2018. The device, which the company claims is the first full-body scanner of its kind, is able to monitor a body’s response to drugs and toxins in real time.
