HICREN has Finished the Pre-C Round of Financing Reaching RMB 100 Million
Recently, Ningbo HICREN Biotechnology Co., Ltd. (hereinafter referred to as HICREN), an innovative orthopedic minimally invasive platform enterprise enabled by robots, completed a Pre-C round of financing totaling RMB 100 million, which was jointly invested by "Hangzhou Bay Venture Capital" and " Ningbo Jierui". This financing will be mainly used for the research and development, registration and marketing of the company's orthopedic surgical robots and innovative minimally invasive consumables.
As a leader in the technology of percutaneous curved vertebroplasty & kyphoplasty system, HICREN is the first production enterprise in China to obtain domestic and EU approval for the percutaneous curved vertebroplasty & kyphoplasty products to enter the market. In recent years, the company has continued to explore and develop, with innovative MIS technology and new material application products as the core, providing a "1+3+1" orthopedic overall solution centered on the "robot + consumables + device" architecture. HICREN has laid out innovative product tracks in fields such as orthopedic surgical robots, a full range of percutaneous vertebroplasty & kyphoplasty products, intervertebral fusion and non-fusion, spine implants, bone repair materials, sports medicine, surgical devices and consumables, and artificial intelligence.
At the beginning of 2021, HICREN completed a B round financing of hundreds of millions yuan to comprehensively promote product research and development and resource integration. The company carried out more than 50 product research and development projects throughout the year, and achieved a year-on-year growth of 160% compared with 2020. In November 2021, HICREN reached an agreement on technical and commercial cooperation with Interventional Systems (INS), a European innovative surgical robot company, to exploit the Chinese orthopaedic microsurgical robot market together. Thus, in December of the same year, Sino-Europe Microrobotics (Shanghai) Co., Ltd. was established in Shanghai to fully form the portfolio of minimally invasive orthopedic products enabled by robots.
In the "1+3+1" strategic development direction of HICREN, the vertebroplasty product line is the main series of the team's overall effort. While the first generation of curved vertebroplasty products have been rapidly spread on the market and obtained compliment, the whole line of products including percutaneous curved vertebroplasty/kyphoplasty, traditional vertebroplasty/kyphoplasty and spine cement have been covered by the network and medical insurance in nearly 20 provinces. The spinal fusion and internal fixation product line has obtained 3 registration certificates and will be rapidly introduced to the market in 2022. At present, it has been clinically applied in a number of tertiary hospitals and has been well received. The sports medicine product line is expected to obtain two registration certificates between the end of 2022 and the first quarter of 2023, and more differentiated and innovative products will be introduced in succession. The active equipment and related consumable product line has obtained 4 registration certificates, and joint research and development with universities and KOL hospitals on more products are being carried out to constantly improve the overall solution under this strategic development direction. Based on the cooperation with INS in the core hardware of robots and the intelligent robot technology reserve owned by HICREN, the surgical robot product line will take the micro-robot as the carrier, and focus on solving the pain points of the existing products in the market, such as complicated operation, long operation time, large space occupancy, poor malleability and high price, so as to form a cost-effective product portfolio featuring "speediness", "accuracy" and "small size". It also fully enables product lines such as vertebroplasty, spinal fusion and internal fixation, sports medicine, active equipment and related consumables. At present, the team has completed the research and development of the bone cement robot and the first generation spine robot, which is expected to be officially launched at the end of next year. On the basis of the first generation of products, the second generation of spinal robot has been fully and intellectually upgraded, and the prototype has been completed. The sports medicine robot project will also be launched soon.
Mr. Ma Yan, Chairman and general Manager of Ningbo HICREN Biotechnology Co., Ltd., said: “The successful completion of this round of financing will further promote the research and development, registration and listing of a series of orthopedic surgical robots and innovative minimally invasive consumable products of HICREN. We look forward to more partners with development vision and industry insight to join us, to help the company continue to deepen in the direction of product research and development, resource integration, team building, capacity expansion and market promotion, and to join hands to build an innovative enterprise of orthopedic minimally invasive platform innovative enterprise enabled by robots.”
Mr. Shi Tianjie, Executive Deputy General Manager of Ningbo HICREN Biotechnology Co., Ltd., said: “As a high-quality scientific and technological innovative enterprise in the New Area, the sales volume of orthopedic consumable products of HICREN is gradually expanding. Meanwhile, after entering the field of orthopedic surgical robots, HICREN will build a closed-loop business model of "robot + equipment + consumable", which is helpful for the sales of the whole line of products of the company. It is expected to become one of the local listed enterprises in the New Area.”
Mr. Sun Guozhi, Chairman of Qianwan Holdings Group, said: “HICREN is a leading enterprise in the field of percutaneous curved vertebroplasty in China, with good continuity in production, registration and research product lines, and broad potential for future development. The investment will further promote the development of life and health industry in Qianwan New Area and improve the industrial layout of the Group.”
About Hangzhou Bay Venture Capital
Ningbo Hangzhou Bay New Area Emerging Industry Venture Capital Co., Ltd. (“Hangzhou Bay Venture Capital”) is a wholly-owned subsidiary of Ningbo Haichuang Group Co., Ltd. (hereinafter referred to as "Haichuang Group"). As a state-owned holding company subordinate to the Ningbo Qianwan New Area Administrative Commision, Haichuang Group functions as an important resource allocation platform, investment and financing platform and capital operation main body of Hangzhou Bay New Area, and plays an important role in the improvement of industrial structure, urban quality and regional functions of the New Area. The group focuses on the development of industrial sectors, which mainly cover the investment and construction of various industrial parks, pioneer parks and processing zones, supporting infrastructure, community construction for supporting industries, technical services, financial services and other industrial chain investment and cultivation. The group is also responsible for the investment management of industry-related government funds.
About Ningbo Jierui
Ningbo Jierui Equity Investment Co., Ltd. (“Ningbo Jierui”) is a wholly-owned subsidiary of Ningbo Qianwan Holding Group Co., Ltd. (hereinafter referred to as "Qianwan Holding Group"). Qianwan Holding Group is a state-owned investment holding company affiliated to the Ningbo Qianwan New Area Administrative Commision. It is responsible for promoting the comprehensive development of urban land and infrastructure construction in the New Area, and strives to become a professional, diversified and market-oriented urban operation service provider integrating urban investment construction, comprehensive operation and industrial driving forces.