Genesis MedTech raises Series B funds to develop new products

Genesis MedTech has raised growth financing from Series B funds to accelerate the research and development of various products as well as the marketing of current products.

The financing round, led by growth equity company General Atlantic, saw participation from CITIC Capital among others.

Genesis noted that most of the investors from Series A financing provided additional investments.

Apart from the marketing of various products, along with research and development, Genesis plans to use the funds to boost its business in emerging global markets. The aim is to improve access to the company’s medtech products.

Genesis Medtech chairman and CEO Warren Wang said: “Our open platform is quintessential in enabling us to bring the world’s leading products and technologies to doctors and patients.

“We will also invest in adding premier talent, consolidating our R&D capabilities, incubating new technologies and continuing to pursue solutions that answer the real needs of patients and healthcare practitioners – delivering impact where it is needed most.”

As part of the Series B funding, General Atlantic’s Healthcare for China managing director and head Lefei Sun will join the Genesis board of directors.

Sun said: “We believe Genesis’ capability set is highly differentiated through the combination of its technology, product and team, with a comprehensive portfolio underpinned by a scalable and integrated platform.

“This latest round of funding will enable Genesis to continue to tackle disparities in medtech accessibility across global markets.”

Based in Singapore, Genesis focuses on developing multi-therapy medical device products for various markets. The company has established a network for marketing and supplying its products.

Genesis’ portfolio includes various surgical, neurovascular, peripheral vascular and cardiovascular products.

Last month, Genesis signed a strategic distribution agreement with LivsMed for the sale and supply of the ArtiSential line of products in the Chinese and Singapore markets.

Source: https://www.medicaldevice-network.com/news/genesis-series-b-funds/