CNY 200 Million, Sequoia China and BOCIG Lead MedTrum Tech Series C
MedTrum Tech received series C funding in amount of CNY 200 million (USD 29 million) led by Sequoia China and BOCIG (Bank of China Investment Group).
December 24, 2018/EqualOcean/- MedTrum Tech announced the series C funding in amount of CNY 200 million (USD 29 million) led by Sequoia China and BOCIG (Bank of China Investment Group) and followed by 3E Bioventures(本草资本) and Nuokai Capital(诺恺投资).
In 2008, MedTrum was funded Shanghai by a group of scientists, engineers, and experts from different fields. MedTrum has dedicated to improving and simplifying diabetes management, including CGM (Continuous Glucose Monitor), intelligent drug delivery system, and artificial pancreas system treatments.
In November 2014, Sequoia China participated in MedTrum’s series B funding, which was only two months from MedTrum’s series A’s closure. After four years, Sequoia China co-led the series C funding and GU Cuiping(顾翠萍), the managing director of Sequoia China, claimed, ” CGM and artificial pancreas are markets worth hundreds of billions, and had been monopolized by several global enterprises. We are glad to see that MedTrum has caught up the enterprise and made such breakthroughs in techs with a decade of hard efforts. We have faith in MedTrum to bring good news for more suffered diabetes patients.”
According to WHO’s report published in 2016, diabetes is listed as 1 of 4 NCDs(Non-Communicative Diseases) targeted by world leaders since the losses brought by diabetes hinder the human social development. Each year, approximate 1.6 million deaths are directly caused by diabetes, and by now, over 422 million adults are suffered from diabetes. Obesity is a major cause of diabetes and the fact is shocking that currently, 1 in 3 adults is overweight and 1 in 3 is obese. And obesity’s tendency is climbing and hence diabetes. The estimated GDP losses caused by diabetes from 2011 to 2030, directly and indirectly, will total USD 1.7 trillion. Besides the billion-sized markets of CGM and artificial pancreas, the welfare of millions of diabetes patients could also be better off. Whether from an investment angle or humanity perspectives, MedTrum is doing good work.