China's diabetes therapy startup MicroTech Medical raises $88 million led by Tencent

Helping diabetes patients lead better and healthier lives.


Carl Adrian

8 Dec, 2020

China's diabetes therapy startup MicroTech Medical raises $88 million led by Tencent | BEAMSTART News

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MicroTech Medical, a Chinese company focusing on healthcare, has raised $87.9 million in a funding round led by Tencent, IDG Capital Partners, and Taikang Asset Management.

Other investors that participated in the round include Qiming Venture Partners, Lilly Asia Ventures, CD Capital, Shanghai Guofang FOF Equity Investment Management.

Founded in 2011, MicroTech Medical develops products for diabetes therapy and diagnostics. The company is based in Hangzhou and has a research and development center in Silicon Valley.

MicroTech Medical's Diabetes Therapy and Diagnostics products.

There are currently over 463 million adults who have diabetes today, and that number is expected to reach over 700 million by 2045.

Moving forward, MicroTech Medical plans to use the fresh funds to expand its existing product line-up to new markets, as well as develop new technologies that can be commercialised.

The company is also looking to develop a closed-loop artificial pancreas, enhance its cloud-based blood glucose data management system, invest in research and development, and grow its global sales team.

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Also Mentioned


Tencent

Tencent is a Chinese internet service portal offering value-added internet, mobile, telecom, and online advertising services.


IDG Capital Partners

Primarily focusing on investing in China related VC & PE projects.


Qiming Venture Partners

Qiming Venture Partners is a China-based venture capital firm specialized in building new companies in China.

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