IntoCare Medical Technology (Suzhou) Co.,Ltd. (hereinafter referred to as “IntoCare”), a global pioneer in Powered Surgical Staplers, today announced the completion of up to 100 million RMB round D financing led by Qiming Venture Partners.
The proceeds will be used for product R&D, clinical research, marketing promotion, and the launch of new offices and production sites.
Founded in 2015, IntoCare is a high-tech company focusing on the manufacturing and commercialization of innovative surgical instruments. The company is committed to becoming one of the most innovative and dynamic surgical instrument companies in China. With its precise and profound insights into clinical demands, IntoCare has been persistently innovating in surgical product development. The company name “IntoCare” derives from “Insight and Innovation to Caring”.
IntoCare is the first company globally that has launched a full range of intelligent powered stapling solutions. It is believed that its technical advantages in the powered stapling segment enable it to compete with Johnson & Johnson and Medtronic, the two medical device titans.
IntoCare’s founding team, R&D and technical teams have a strong background and extensive industry experience in well-known multinational companies. Since its inception in 2015, IntoCare started building three major product lines and a seven-year product plan. Over the past years, the company reached the below milestones:
The completion of these milestones marks the launch of IntoCare Powered Stapling Solution in China and globally. The solution allows intelligent interaction between different types of staplers, bringing general GI, colorectal, and thoracic surgery marching into an intelligent and power-platformed era. It also marks China’s stapler system has entered an era of intelligent powered control, contributing to the transformation towards a more intelligent medical devices industry.
Staplers, as surgical instruments, are widely used in surgical operations. According to the report "Overview ofthe Development of the Stapler Industry", China’s stapler market size has increased from 4.827 billion RMB in 2015 to 9.479 billion RMB in 2019, with acompound growth rate of 18%. It is predicted that China's stapler market demand will reach 19.058 billion RMB by 2024, with a compound growth rate of 15% (2019– 2024).
IntoCare continues to carry out technological innovation and product research and development. As of May 2021, IntoCare had applied for 277 patents, 117 of which had been authorized patents. Nearly 60% of the patent applications are for invention patents.
With its strong R&D capabilities and the recognition of various regulatory certifications, IntoCare’s products have been marketed and sold worldwide, covering major markets including Europe, the Middle East, Africa, North America, among others. The products have been highly recognized in top-ranking hospitals in China and have won multiple provincial procurement bids.
Ms. Zhang Hui, CEO of IntoCare, said, “Since its inception, IntoCare has always been committed to helping doctors better serve patients in China and globally with excellent andinnovative products. In the past six years, IntoCare, with its ‘Made-in-China’ products, has reversed the world's impression of Chinese surgical products. At present, the company's self-developed Powered Stapling Platform has been at the forefront of the world and has been unanimously recognized by the industry. In the future, IntoCare will continue to uphold the ‘insight into demand’ spirit and ‘self-development and innovation’ creeds, and provide more products with intelligence, safety, efficacy and efficiency to serve the doctors and patients, and become aleading world-class enterprise."
Mr. William Hu, Managing Partner of Qiming Venture Partners, said: “Qiming Venture Partners started investing in IntoCare at an early stage. We have witnessed IntoCare’s efforts and achievements in the powered stapling segment. IntoCare Powered Stapling Platform is now in a leading position on a global scale. We are excited to see that Chinese medtech companies can build products that can rival global titans in product design. We believe that powered staplers will become an increasingly popular option for surgical doctors and gradually earn the mainstream position. IntoCare has established a structured R&D platform and commercialization plan and has begun international expansion. We look forward to seeing more successes with the company."
Mr. Li Huaijie, senior partner of Oriza, said: "IntoCare’s founding team has an in-depth understanding of the powered stapler. Product development is expected to address a large market and benefits patients both in China and globally. IntoCare’s craftsmanship enables it to build innovative products. We firmly believe that the company has the potential to become a leader in this field. Oriza and its GP, Qiming Venture Partners, jointly invested in this fundinground, which is another successful practice of Oriza’s concept of 'an outstanding fund management team in the spirit of discovering, support and companionship'. It is also another support in the investment of Oriza’ s GP fund. I hope this cooperation will further enrich Oriza investment ecology. We will leverage our advantages in capital and industrial resources to provide continuous support for IntoCare."
Qiming Venture Partners led the investment with participation from Oriza Holdings, Oriza FOFs and YuanBio Venture Capital.
Source: IntoCare Medical
